Monday, December 23, 2019 / by Stacy Wilson
So How is the Market?
In Atlanta we are still seeing a large number of Buyers in the market. Interest rates continue to be historically low, along with Buyers pent up demand. Some Buyers simply did not want to enter the market with the strong Seller's Market we have been in for over three years. These "fence sitters" are coming in.
When it says "weak" for Seller traffic, this means we still have less homes on the market than we have Buyers on average.
As we predicted, we are seeing slightly longer days on the market. Meaning, there are still less homes than buyers, but they are taking longer to sell. Not a lot longer. We have gone from an average under 30 days to 30 - 45 days.
Increased Days on Market can be for a few reasons. Inventory did increase and we have a normal seasonality of less homes closing in November than say in July. Yet, closings this November did increase 1% over November 2018 closings. So are we still in a Seller's Market? On average , yes. In all price points, no.
In Atlanta, homes under $500,000 are still in a Seller's Market. Homes from $500,000 - $1 million are in a Neutral Market and above $1 million it is a Buyers Market on Average. Every neighborhood and every home is different. We can help you to identify where your home is and where the home you want to purchase is.
Prices continued to increase all through 2019 and are foretasted to continue through 2020. Even though we expect days on the market to continue toward a more neutral market, we do NOT expect prices to drop. Don't wait. Give us a call today to look at your Hyper-Local Market. 404-978-2273
All graphics and statistics provided by Case-Shiller.