Last year, U.S. consumers seemed to be operating with a renewed but cautious
optimism. The stock market was strong, wages were edging upwards and home
buying activity was extremely competitive. Not much has changed in 2018 in
terms of those measures, yet there is a sort of seasoned prudence mixed into
the high emotions that go with a major expense like a home purchase. We are
now several years deep into a period of rising prices and low inventory. Those in
the market to buy a home have caught on. As sellers attempt to take advantage
of rising prices, expect buyers to be more selective.
Atlanta Real Estate Snapshot: January 2018
New Listings decreased 5.3 percent to 12,034. Pending Sales were up 13.9
percent to 9,976. Inventory levels shrank 17.8 percent to 29,820 units.
Prices continued to gain traction. The Median Sales Price increased 7.4 percent
to $196,500. Days on Market was down 7.4 percent to 63 days. Sellers were
encouraged as Months Supply of Inventory was down 24.3 percent to 2.8
Whatever external forces are placed upon residential real estate markets across
the country – whether they are related to tax legislation, mortgage rates,
employment situation changes, new family formations, the availability of new
construction and the like – the appetite for home buying remains strong enough
to drive prices upward in virtually all markets across the country. New sales are
not necessarily following that trend, but monthly increases are expected until at least late summer.
Call Regina Ambrose, Associate Broker for Chapman Hall Realtors, 678-613-5636 if you are buying or selling a Home. As a Realtor® with over 17 years of experience, I am available 7 days a week.