Wednesday, April 14, 2021 / by Joel Madden
Spring 2021 saw the Atlanta housing market lean into the strongest Seller’s market that we’ve seen in decades!
March saw 1,941 active condo and townhome listings, down 42% from the 3,349 active listings one year ago. Pending sales are up 75% over this same time last year, and closed sales from the prior 3 months are up 13% over 2020. With more demand and less inventory, average sale price is up 10.1% over 2020, and days on market are down to 35…. A 27% reduction over 2020.
Single family detached home sales are even crazier. March 2021 saw just 3,480 available homes in Metro Atlanta, down from 11,051 at this same time last year or a 68.5% reduction! Pending sales are up 25% and sold homes over the last 3 months are up 4.5% over 2020, to 12,019 closed sales. Sales prices are currently 15.% percent higher over this time last year, and days on market have dropped by 64%... to an average of just 18 days.
WHAT DOES IT ALL MEAN?
Homes in good condition and priced correctly are under contract in single digit days, most often with multiple offers. Sellers are seeing contracts significantly over list price and with extremely favorable terms. The market for Buyer’s isn’t quite as rosy. Competition for the available homes is intense, requiring Buyers to present extremely compelling offers if they hope to have a chance at the home. Buyers who are able to make all cash offers, or present offers with no finance or appraisal contingency, escalation clauses, and offer option money stand the best chance at securing a home.
For better or worse, we expect we will be in a Seller’s market for the foreseeable future. The good news is if you are a seller and want to sell your home, there has never been a better time to get the highest price and the most favorable terms. If you are a buyer, we’ve got the knowledge and expertise to navigating an extreme market and can help you get into your next home. At RPM Home Advisors… we are here to help!