All the news you need to know about the Atlanta market.

Metro Atlanta's real estate market continued its upward trend in March, with pending contracts up over 6% from February. This marks the fourth consecutive month of increasing pending contracts, despite talk of a recession and low interest rates. However, year-over-year data shows some significant changes in the market. Inventory is up 62% from last March, although it may not feel like it to agents. Pending contracts and closings are both down 31%, and this trend is reflected in many real estate teams' numbers.

Despite the increase in inventory, the market remains deeply in favor of sellers. Currently, there is 1.7 months of inventory in the market, meaning that we are still a long way from a balanced market. According to industry standards, a seller's market is defined as anything that has less than five months of inventory. Experts predict that it may be several years before the market reaches a point where supply matches demand due to a shortage of new construction.

The low-interest rates are causing many homeowners to stay put, as they are hesitant to give up a 2.7% to 3% interest rate. However, experts predict that they will eventually sell their homes, although it may take another year or two. In March, 40% of homes had to reduce their prices to secure a contract, and one in four homes failed to sell.

"This marks the fourth consecutive month of increasing pending contracts."

Multiple offers are still common in the current market, although not to the same extent as last year. On average, there are 16 buyers looking at the average home in metro Atlanta, resulting in two to three offers per sale. These numbers are based on data from Cobb, DeKalb, and Fulton counties.

Overall, the market in March continued to favor sellers, and it remains to be seen how the market will evolve in April. We will continue to monitor the market closely in the coming months. Remember, if you have any questions about the Metro Atlanta market or real estate in general, please feel free to reach out to us by phone or email. We would be happy to serve as your resource for all of your real estate needs.