By Bill Adams, MBA, CCIM, CRB, ALC
Welcome back to another update on the Intown Atlanta real estate market. Keep reading for the latest stats on the market as of March 2022.
In March, the average sales price for the overall Intown Atlanta market was $628,182, an increase of 15% over the past year and 27% over the last 24 months. Over the last month, the average sales price was up only $2,262 or .36%. This could be a sign that price appreciation in the market is beginning to slow down. The number of units sold in the Intown Atlanta market declined by 7% over the past 12 months to 2,421 houses. This also is a sign that the supply of houses continues to be constricted.
The number of days on the market fell to 28 days which was a decrease of 34% over the last year and two days less than February’s average. As I mentioned in February’s market report, the number of days on the market is a good indicator of market competitiveness. Fewer days on the market favor sellers and more days on the market favor buyers. In a “normal” market, where there is an equilibrium between buyers and sellers, the days on the market might be 40 to 60 days.
As our company just celebrated its 43rd anniversary in March, I still remember when most houses in the Intown Atlanta market were selling for well under $100,000. One could purchase an unrenovated house in Cabbagetown for around $4,000 or a house in similar condition in Candler Park for $20,000.
As you see in this report those days are long gone. Today, the average sales price in Cabbagetown is $610,744 and in Candler Park it is $744,243. To get an idea of the economic impact that residential real estate has on the economy of Atlanta, the total sales volume over the past year for the 39 Intown Atlanta markets that we survey was more than $1.5 billion.
These sales create jobs in the real estate, legal, banking, construction, insurance, building supplies, furniture, appliance, and real estate-related service industries. The ripple effect of these home sales touches all the retail real estate sectors, industrial sectors like distribution facilities and storage, as well as the office market. These “rooftops” truly play a major role in the dynamic Atlanta economy.
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