The second half of 2016 is expected to be a bit cooler for home sellers in most areas of north metro Atlanta. While sellers in most of the metro Atlanta real estate market enjoyed a healthy 2015 and a rather hot first half of 2016, data seems to indicate that things are slowing in most areas. There are exceptions to the rule but the broad market has turned and things appear to be cooling off a bit as the housing supply in north Atlanta catches up to demand. This isn’t unusual; as schools open in August we typically see a slump in activity. The question for this year is what happens post Labor Day as the election approaches.
Months of inventory (MOI) is a good general barometer for market activity. This is an estimate of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. The greater Atlanta market is considered to be balanced with between a 5-7 month MOI; under that range tips the scale towards sellers and over that towards buyers. We review another good indicator of trends with our post of How Close to List Price are Buyers Around Atlanta Paying?
Below are MOI charts for 5 north Atlanta markets – this is BROAD and you will see different results if micro markets are examined. Of course we cover 15+ sub markets and can pull detailed data for pretty much anywhere in Georgia.
The Housing Supply in North Atlanta
Dunwoody continues to run “hot” as even the high points favor sellers. This is one of the stronger areas right now with demand across all price points. Limited new construction should keep the market tight.
East Cobb always enjoys the mad spring – early summer rush as buyers set up for the highly desirable schools. Still a nod to sellers but data seems to indicate the rush has slowed.
Milton is another highly desirable area and has the same rush for schools. Note the major MOI swings; a sharp drop for the first half as buyers lost the edge but the bump back has started. New construction is impacting the data here as builders have been very busy.
Roswell has been hectic but has remained favorable to sellers; the bump up is still below 3. This is due to schools, location and limited inventory – however there are several new communities underway so MOI may increase.
Sandy Springs experienced significant swings as well; the first half of the year saw a sharp move toward neutral with a slight nod to sellers. This has since moved back to neutral and may start to favor buyers.
What Will the Atlanta Real Estate Market Do?
Overall, the housing supply in north Atlanta is in balance; the local markets have the variations. Deeper research by price point and down to the school district level gives the best hint at what to expect. But this is not a science; while seasonal swings can be predicted, influences like the national economy, the global economy, local and regional events and of course the election will all play a role.
Selling a home in the greater Atlanta real estate market boils down to three major things; strong appeal, accurate price and broad and effective exposure. It’s critical for sellers to have a feel for the market when their home is going to be listed; ignorance of the trends or simply dismissing them can result in lost opportunities.
The Hank Miller Team Advantage
We provide confidence to our clients buying and selling homes in the North Atlanta real estate market. Our unmatched sales and appraisal experience, relentless drive and ability to manage transactions allow our clients to make sound, decisive real estate decisions. We offer full time, full service, personal, hands-on attention and concierge level service every step of the way for perhaps the most important financial decision you’ll make.
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