The Metro Atlanta real estate market is off to a mixed start in 2017. Pendings show strong momentum but closings are slightly down from last year. Inventory is lower - making it harder to find the right property. Below is the summary for Metro Atlanta through February 2017.
• Year-to-date pended sales through February were up 8.8% versus last year. Year-to-date closings were down 2% versus last year and down 9.8% from last February.
• The average sales price for February was $269,000 - up 1.9% from last month and up 5.9% from last year. The annual ASP for 2016 beat the record posted back in 2006.
• The listed inventory for February was down 1.8% from last month and down 5.4% from last February. But the limited availability of desirable properties is still driving multiple offers and very quick sales in select areas.
• Overall months of supply for February was 4.4 months. Six months is considered normal. Luxury properties are taking longer with homes above $1 million averaging 18.3 months and properties over $2 million averaging 91 months to close.
• Metro Atlanta home values are up 61% from the recent bottom of March 2012 and up 2.42% from the average index last year. Increased homes values are building positive equity and getting some sellers back into the market.
If you would like to continue receiving real estate market updates for Metro Atlanta and surrounding areas, find me and LIKE ME on Facebook: Janice Slaven, REALTOR Suwanee, Buford and Braselton markets.