Across metro-Atlanta, the supply of homes on the market has continued to decline. Demand, however, has continued to surge; in some submarkets- exponentially. Not surprisingly, this had lead to a continuation of rising prices in almost all segments of the Atlanta real estate market.
Inventory of single-family homes has decreased steadily, declining by 52% since October of last year. Even though there’s been a consistent and pronounced lack of supply in this home type, demand has only increased. Pending sales are up 19% and closed sales are up over 10% from October of last year. This high demand and lack of supply helps explain the nearly 19% increase in average sale price year over year.
Condos and townhomes are seeing similar trends, although not as drastic as the single-family home segment. Townhome inventory was down 27% and condo inventory relatively flat at 5% year over year. Whether supply has dropped or stayed flat in these segments is somewhat irrelevant when demand comes into the picture. Pending sales for townhomes have risen 29% and condos have catapulted almost 40% since October 2019. The average sale price of townhomes and condos have been 9% year over year.
While inventory levels will continue to remain at historically low levels for quite some time, both pricing stability and unmet demand will keep the Atlanta real estate market healthy and growing for the forseeable future.
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