Q2 Mid-Year Review

The close of Q2 2023 marks a full year since interest rates increased beyond 5.25%. Rising mortgage rates and historically low inventory levels are the two primary factors that continue to shape the landscape of the real estate market in Metro Atlanta. Consumers and would-be sellers keep a trained eye on mortgage rates and inventory levels to make the best predictions and decisions regarding the timing to buy or sell a home. The waning prospect of lower interest rates in the near future coupled with a more urgent need for a home has pushed many “patient” homebuyers off the sidelines, leading to a more robust Q2 2023.

As a whole, the second quarter closed with positive numbers and stability. There were 15,773 closed sales in Q2 2023, which is 26% more than the 11,709 in Q1 2023. The average sale price increased by 11% from $463,918 to $515,579, months of inventory increased slightly from 1.8 months to 2.0 months, and the average days on the market decreased by 32% from 44 to 30. Month-over-month (MOM) in April, May, and June, new listings increased marginally while closed and pending sales saw small gains and losses, leading to overall stability for Q2 2023 and gains over Q1 2023.

Comparing current quarter data to our benchmark year of 2019, we find that there is a distinct correlation between the number of new listings, pending sales, and closed sales. While there were 28% fewer closed sales and 31% fewer pending sales in Q2 2023 vs Q2 2019, there were 34% fewer new listings. The fact remains that while inventory levels and new listings remain suppressed, pending and closed sales will continue to decline.

By the end of June, interest rates returned to 6.97%, and forecasts by Freddie Mac, Fannie Mae, the Mortgage Bankers Association, and the National Association of REALTORS have become more conservative with an increase in the average Q4 2023 30-year fixed rate from 5.7% to 6.1%. Would-be home sellers who would prefer to make a move remain reluctant to give up their historically low interest rate, while homebuyers who must make a move have begun to adjust to the new normal of current mortgage rates and are making decisions to purchase. Homes that are priced appropriately and meet or exceed market expectations are quickly being consumed by homebuyers looking for the right opportunity. Consequently, inventory levels remain low or decline MOM, and we remain in a seller’s market.

Below is an overview of Q2 2023 at a glance:

• 15,773 Homes Sold
• $515,579 Average Sale Price
• 2.0 Months of inventory
• 30 Average Days on Market

As the market update reveals its dynamic nature, it becomes evident that now is the perfect moment to shine the spotlight on our real estate brokerage’s exceptional top performers. Thriving amidst shifting trends, these outstanding individuals have mastered the art of adaptability, showcasing unparalleled expertise that continues to yield remarkable results for their esteemed clientele.

Individuals – New Listings Taken by Volume

1. Ken Covers
2. Andy Griffith
3. Tristain O’Donnell
4. Michael McLeod

Individuals– New Listings Taken by Units

1. Tristain O’Donnell
2. Andy Griffith
3. Cheryl Skebe
4. David Hollingshead
5. Ken Covers

Individuals– Closed Sales Volume

1. Ken Covers
2. Stacy Tunick
3. Tristain O’Donnell
4. Keisha Trower
5. Ian Oliver

Individuals–Closed Sales Units

1. Andy Griffith
2. Tristain O’Donnell
3. Jacquee Mason
4. Sarah Strohschein
5. Sacha Rady

Developer Services– Closed Sales Volume

1. Susie Proffitt
2. Tyler Russell
3. Michael McLeod
4. Erik Dowdy

Developer Services– Closed Sales Units

1. Tyler Russell
2. Erik Dowdy
3. Susie Proffitt
4. Michael McLeod

Teams – New Listings Taken by Volume

1. The Robinson Group
2. The Babusak Realty Group
3. The Colony Group
4. Intown Advisors
5. The McCorvey Team

Teams– New Listings Taken by Units

1. The Robinson Group
2. The Babusak Realty Group
3. The Colony Group | Intown Advisors (tie)
4. The McCorvey Team

Teams– Closed Sales Volume

1. The Robinson Group
2. The Colony Group
3. The Babusak Realty Group
4. Intown Advisors

Teams–Closed Sales Units

1. The Robinson Group | The Babusak Realty Group (tie)
2. Intown Advisors
3. The Colony Group

From showcasing excellence in real estate sales to crafting iconic properties, our dedicated Developer Services team at Engel & Völkers Atlanta continues their pursuit of growth, namely with the recent launch of sales at The Harman, a distinct Monte Hewett Homes community in East Atlanta.

Located at the intersection Moreland and Ormewood Avenues, The Harman is a collection of new townhomes boasting a combination of urban living and quaint community, with easy access to the Atlanta BeltLine.

The Harman offers a collection of three townhome styles, Ormewood, Glenwood and Edgewood, ranging in size from 1,565 to 1,613 square feet with prices starting in the high $500,000s. Each townhome is completed with high-end features, including quartz kitchen and bathroom countertops, Whirlpool kitchen appliances, Smartlocks for secured home access, plentiful interior and exterior lighting, hardwood floors, and Monte Hewett’s signature build quality. To learn more, visit www.owntheharman.com.

In addition, Engel & Völkers Atlanta is expecting the announcement of two additional new communities within the upcoming months. Check back here for routine updates regarding the forthcoming announcements.

With a successful end to our second quarter, we are excited to progress into another quarter of growth, expansion, and new beginnings for our future home buyers and sellers. To learn more about homes selling in your neighborhood or your dream location, reach out to your Engel & Völkers Advisor or visit evatlanta.com for more detailed information about trends in your area.

Source: FMLS InfoSparks, Greater Atlanta Area (Cherokee, Clayton, Cobb, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Henry, and Rockdale Counties) All home types, All price points, Rolling 3-months as of June 2023