We are officially into the spring season, which means the start of the buying and selling season for residential real estate.
As such, I want to provide a national and local market update for all those looking at buying and selling opportunities this spring.
Median home sale prices have started rising again after the winter slow down, up 2% from January. Compared to the same time last year, February 2019 home sale prices are up 7.2.
The number of days homes have been on the market has been decreasing month over month, down approximately 2% since January 2019.
These two metrics, showing an increase in buying and selling activity as early as February, are good indicators that we should see strong Spring activity in the housing market.
The total number of homes for sale has remained relatively flat since the winter months, but inventory is 10% higher than the comparable time last year, indicating a better position for buyers going into the 2019 spring season.
Overall, from a national perspective, I expect prices to continue to rise in the spring albeit at a more moderate pace than years past given increased inventory going into this season. All this gives a slight advantage to buyers looking for a new home this spring.
We’ve had a very rainy start to the year here in Atlanta, which could have taken a toll on buying and selling action, but the Atlanta market maintained some resiliency despite the weather. In fact, the Atlanta market has been more resilient when compared to the national market.
Median home sale prices did not have as extreme of a winter downturn when compared to the national market and prices started rising in January. Because of this, we did not see as significant of an increase when February 2019 prices are compared with February 2018 prices, there was only a 4% increase. I view this as a positive, showing Atlanta as a more stable market and appropriately priced.
Days homes have been on the market in February 2019 is 21% higher when compared to the same time last year.
The total number of homes for sale in February 2019 is 25% higher when compared with the same time last year, again, putting buyers in a good position for the 2019 spring season.
Lastly, homes sold in February 2019 is down 13% when compared to February 2018.
In summary, for the Atlanta market are seeing steady prices with more inventory sitting on the market longer with fewer sales. All these metrics are indicating that we will have a more amenable market for buyer in Atlanta this spring.
I hope this market insight has been helpful for you if you are buying or selling a home this spring. Please do not hesitate contacting me if you have any real estate related questions or you’d like further insight into the Atlanta real estate market. You can contact me here.