Bill Adams, Founder, Adams Realtors & Adams Commercial Real Estate
Welcome to our October 2023 Intown Atlanta market report. This month I’ll share the monthly real estate statistics then review the reduction in sales transactions across 35 of the markets in this report.
For October 2023, the Average Sales Price for the overall Intown Atlanta market is $727,231, a year-over-year increase of 6% and a 21% increase over the past two years. However, it is also a decrease of $2,111 from September’s Average Sales Price which indicates a weakness in the market.
The Average Number of Days on the Market is up to 35 days, a 29% year-over-year increase and a good indicator of a slow market. The Number of Units Sold over the last year is 1,580. This is a year-over-year decrease in sales of 29% and a 39% decrease over the past two years. The drop in transactions is a direct result of high mortgage interest rates and limited inventory.
Next, this month I would like to focus on sales – or lack thereof – in the 39 markets in this report. Only four of the Intown markets experienced an increase in transactions over the last 12 months.
- Cabbagetown +28%
- Reynoldstown +23%
- College Park +11%
- Adair Park +9%
The other 35 markets all suffered decreased sales. The markets that experienced the largest year over year percentage decline in transactions are as follows:
- Peoplestown -58%
- Ormewood Park -52%
- Capitol View -51%
- Lenox Place -50%
- Great Lakes -46%
- Poncey Highland -44%
- Hapeville -42%
Comparing the number of sales over the last year with the number of transactions that occurred two years ago, the markets that experienced the largest percentage decline in sales are as follows:
- Lenox Place -73%
- Peoplestown -72%
- Glenwood Estates -71%
- Chosewood Park -70%
- West End -66%
- Ormewood Park -62%
- Poncey Highland -58%
Some of these markets, such as Lenox Place and Poncey-Highland, are so small that any movement up or down in the number of sales can be greatly exaggerated percentage wise. Neighborhoods like Ormewood Park and West End are larger markets and their decrease in transactions are comparatively substantial.
When you view our market spreadsheet, black is “good” and red is “bad”. You will notice that the three columns on the right, Days on the Market, Number of Units Sold and Sales Volume, are filled with red numbers. These columns are a good illustration of how soft and slow the housing market has become. The column on the left, Average Sales Price, is still mostly filled with black numbers. Let’s keep an eye out as I expect there might be more red numbers in that left column – meaning more reductions in Average Sales Price – over the next few months as the market continues to weaken.
Please contact me at 404-688-1222 if you have any questions or need help navigating the Intown Atlanta housing market. Questions or comments about this market report? Reach me at firstname.lastname@example.org.