Is the real estate market up or down?
The Atlanta real estate market is a hot topic. Is it a good time to buy or sell? Are prices still rising? When will they stop?
While we can’t answer every question, looking at the stats year over year is a great place to start. Here are some notable points comparing the stats from this March to March of last year:
There are almost 20% more single family homes on the market this year than last year.
About the same number of homes are going under contract this year compared to last year.
Median sales price is up 6 percent.
The sales to list price ratio is down less than 1 percent.
Days on market are 4.3 percent higher.
What does all of that mean?
If you’re a seller—there’s a little more room for negotiation and it might take a little longer, but when homes sell, they’re selling for more than they did this time last year. If you do things right—get the home in great condition, price it right, and have a great marketing plan—it’s still a strong seller’s market.
If you’re a buyer—inventory is still pretty low, but you have 20% more homes to choose from this year than last year. Interest rates are also down, which makes it a great time to buy.
Check out the video for Justin’s full take on the numbers, and contact us for more information about what it all means for you.