An Update on Metro Atlanta's Q1 Market
In terms of Atlanta’s macro market, what’s been going on in the first quarter of the year?
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Here’s the most up-to-date information we have on what’s been happening in Atlanta’s macro real estate market:
In Q1 of this year, the number of sales decreased 6.5% over last year, dropping down to 19,108 homes sold. However, the median sales price is up by 4.6%, leaving us at $275,000. The market seems to be getting back to what we would consider a normal increase in year-over-year sales prices, which economists agree is anywhere between 3% and 5%.
Home sellers in Atlanta are still getting about 97% of their asking price, which is almost exactly the same as Q1 of 2018. Sellers aren’t having to negotiate more or less off of their prices.
The median days on market in Atlanta is 42 days, which is about 2.3% faster than last year.
Now, let’s move onto an important question to discuss: What is the penalty sellers face if they incorrectly price their homes? Our most recent stats show that those who did reduce their sales price did so by an average of around 4.7%.
On average, sellers who didn’t have to reduce their asking price sold their home for 99.3% of their original asking price. If a seller did have to reduce the asking price of their home, they sold it for 93% of their original asking price, on average. That means they sold for 6.3% less than those who correctly priced their homes in the first place. Nevermind the amount of the reduction, or the fact that their days on market was 100 days instead of 14 days—think of the pain they felt to have lost money because they missed the price the first time around!
Overall, the Atlanta real estate market is looking good. I think that we’ll continue to see the median sales price and the average number of home sold increase in Q2, though maybe not as much as they used to.
Stay tuned to my blog for an update on our Q2 market! In the meantime, if you’re ready to list your home or would like an idea of what it’s worth, reach out to us. We’d be happy to let you know what your home could sell for in today’s market.