October 2020 Market Update

As we continue to navigate through unprecedented times, we have kept a close eye on the market’s unique trends since the nation’s Covid-19 related closing in March. Regardless, we’ve noted mostly positive outcomes with reasonable trajectory still in the funnel.

While across metro-Atlanta, trends of decreasing inventory and growing demand have resulted in rising prices in almost every segment of the market. Home inventory is down 44% from this time last year, and as Atlanta continues to be a haven for newcomers, we can be sure that inventory will steadily dwindle as homes are snatched up. This does not include first time homebuyers or people looking to purchase their second property.

With low inventory down a staggering 21% since 2019, sales are happening ubiquitously and pending sales are up an immense 25% since last year. In fact, the amount of pending sales has not dropped below 25% since May. Single family homes have had the worst shortages, seeing an astonishing 51% decline in for-sale homes since last year. Townhomes have had a major shortage as well almost as significant as single-family inventory which is down 21% YoY.

On the contrary, condominium sales have been the exception. Inventory has jumped by 6% and pending sales are up 23% year over year. We’ve noted an increase in demand for these type of homes, likely due to the influx of newcomers to the city and first-time home buyers. 

So, what does this all mean? Demand for homes is very high and continues to rise; there is very little inventory to meet the unforeseen buyer needs. If you are considering selling or if you’re looking into relocating, our experienced we can assist you with all of your needs – contact us to speak with one of our knowledgeable Advisors today!