This week, we're breaking down last year's market stats and what they could mean for the real estate market in 2019. Let's dive right into the numbers!
Overall, Atlanta is still a seller's market.
There are 2.9 months of inventory overall in Atlanta. Months of inventory means how long it would take for all the houses that are on the market to sell at the current absorption rate. A balanced market is six months, so at less than three months of inventory, along with a 96.8 sales to list price ratio and average of 32 days on market, it's safe to say that Atlanta is still a great place for sellers.
That said, it's not that simple--above $750,000, it's actually a buyer's market.
For price points between $750,000 and $1,000,000, there are 7.8 months of inventory, and that number grows as prices get higher. That's good news if you're a "move-up buyer", or someone who is selling a house under $750,000 but buying above that price. If you're in that sweet spot, you have a chance to sell your home in a strong seller's market, but buy your next with more inventory to choose from and an opportunity for more negotiation.
But that's just 2018. How does that compare to the year before?
From December 2017 to 2018, there were 14% more houses on the market, but 12% less went under contract. But for the houses that did go under contract, the numbers were strong: from 2017 to 2018, the days on market went down, the median sales price to list price went up, and the median sales price was up 8% overall. What we can take away from those numbers is that if you price right and your house is in good condition, the odds are still still in your favor to sell quickly and for top dollar.
Listen to Justin’s full market breakdown, and make sure to tune into The Landis Look Live on our Facebook page every Wednesday morning at 8:30 EST!