What pandemic? The strength of the north metro Atlanta housing market is summarized in 5 charts. These are a graphic representation of what we already know; the housing market could not care less about the pandemic. The military’s “7Ps” directly applies for both sides. Buyers must be ready to act immediately when opportunity presents itself, sellers that understand how to properly present their homes will find success.
Charts below examine four very popular north metro Atlanta housing markets; Alpharetta, Roswell, Marietta and Sandy Springs. A three year look back provides data to compare pre-covid to covid impacted 2020. The charts below represent key indicators of these markets and provide a graphic representation of what the market has been to this point.
North Atlanta Housing Market Months of Inventory
The inventory shortage is real; in most markets sellers enjoy control things. 3-5 months is a balanced market, 0-3 is a seller’s advantage. There are homes out there; the shortage is in well presented, accurately priced homes. There’s a lot of overpriced garbage out there, those desirable ones are where the competition is. That usually makes for happy sellers and frustrated buyers.
Number of Homes for Sale in North Atlanta
Consistent with months of inventory, the physical number of homes on the market in these areas are down significantly. We saw a slight bump up between ’18-’19; typical market taking advantage of a strong economy and low rates. 2020 slammed the brakes; sellers can sell but then they become buyers, many apparently feel it’s best to stay put and ride the year out. Drops from ’19 -’20 are drastic.
Days to Sell a Home in North Atlanta
Homes that sell tend to do so quickly. 2018 was a very fast moving market, 2019 saw days “increase” slightly (but all under 30) and 2020 dropped back to just below rates seen in ’18. This is a graphic indicator of just how fast this current market is moving. This is broad data, those highly desirable homes are going in the single digits.
No “Deals” for Buyers in North Atlanta
Buyers are not getting “deals” in this market; paying retail is success. The number of distressed homes on the market at this time is very low, even those are being closely negotiated. Many sellers are pushing list prices (why not?) and are finding frustrated buyers to pay them. There are buyers that tire of losing bidding wars; they will pay what it takes to secure a home. Not always sound, but sometimes understandable.
Home Price Trends in North Atlanta
Home prices in these markets are responding as expected, with one exception. Roswell and Marietta were largely flat from ’18-’19, both show healthy gains over the last year. Alpharetta has been strong over the three years. Sandy Springs enjoyed a modest bump ’18-19 but has slightly pulled back over 2020.
The current north Atlanta housing market continues to run contrary to the covid impacted economy. Like the stock market, “why” is a common question but for those in it, that’s a question for later. Right now, success favors the well educated and well prepared. Of course, that includes working with experienced professionals whether buying or selling. Remember, sellers will become buyers upon closing and buyers will sell that house one day. Every real estate market is always in motion…