A Quick Update on Our Real Estate Market
The latest stats on the East Cobb real estate market are in.
Supply is up 10% percent. This is due to carryover inventory, not necessarily new homes coming to the market. We ended June with 451 listings, compared to 410 last June. The months of supply went from 1.1 months of inventory to 1.4 months. Anything less than four months is a seller's market, and anything above six is a buyer's market, so we are still very deep in a seller's market.
The number of sold homes is down by 31.2% year over year. We ended June with 328 sold homes, compared to 477 last June. To put that in perspective, the last time we saw 328 homes sell in one month was in October of last year.
The average sales price is up by 18.9% at $594,612 compared to last June and up by 4.9% compared to May. We predict that we’ll see a deceleration in the average sales price’s growth, but we won’t see negative appreciation. However, that prediction will hinge on available inventory and demand.
"We're not seeing drastic changes in the market."
The average number of days on market went down 20%, from 15 days to 12 days. We’ll start to see days on market increase as buyer demand decreases.
The average number of showings is a great way to determine if demand is decreasing. The average number of showings went down by 21.7%. Last June, we had an average of 16 buyers come through, and this June, it was only 12 buyers. There are still plenty of showings to receive multiple offers.
We're not seeing drastic changes in the market, but if you have specific questions about your neighborhood or school district, let us know. Reach out to us by phone or email with any questions you may have. We look forward to hearing from you.