Real Estate Market Update - June 20177/20/2017
Berkshire Hathaway HomeServices Georgia Properties
Real Estate Advisor – June 2017
We are providing this monthly real estate advisor to keep you informed about the latest trends and issues in the real estate market. Remember that real estate is local and every market is different. Contact us to find out the specific details for your local area. If you know someone else who might be interested in receiving this report or who may benefit from our expertise, please let us know. Better information helps our clients make better real estate decisions!
The weather is getting warmer and so is the Metro Atlanta real estate market. Pendings are up and closings are up. Below is the summary for Metro Atlanta with data through May 2017.
- Year-to-date pended sales through May were up 4.3% versus last year. Year-to-date closings were up 4.9% versus last year and up 2.4% from last May.
- The average sales price for May was $304,000 - up 2% from last month and up 5.6% from last year. 2017 is on track to be the highest average sales price on record.
- The listed inventory for May was up 5.8% from last month and down 5.7% from last May. But the limited availability of desirable properties is still driving multiple offers and very quick sales in select areas.
- Overall months of supply for May was 2.7 months. Six months is considered normal. Luxury properties are taking longer with homes above $1 million averaging 10.3 months and properties over $2 million averaging 25 months to close. These numbers indicate a seller’s market under $500,000 and a buyer’s market over $1 million.
- The latest Case-Shiller Index for Atlanta (5/30/17) was essentially flat compared to the previous month. Metro Atlanta home values are up 63% from the bottom of March 2012. Increased homes values are building equity and getting sellers back into the market.
Click here for a more detailed set of charts including the National Real Estate Market, Metro Atlanta Real Estate Market and Trends for Georgia Real Estate.
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