May and June are historically the highest sales months of the year here at The Peters Company in terms of volume. We generally consider the second and third quarter make up 60% of our annual business, and those quarters are quarterbacked by May and June. In fact The Peters Company will sell over $33M in real estate in May and June combined this year. That’s as much real estate as we sold in the entire year of 2014! So let’s take a look at the market of the moment in May, one of the year’s strongest months.
Inventory – the Atlanta inventory is down nearly 10% over last May. This is a trend we’ve seen all year as dropping inventory has led to strong price appreciation.
Median Sales Price – while its true homes are selling for more money, higher priced homes are also selling which is contributing to this figure. The median sales price in Atlanta is up almost 8% to $274,000. This is the highest median sales price I’ve ever seen in Atlanta.
Days on Market – of the homes that are selling, the number of days the home is active on the market has fallen over 24% to just 31 days on the market. By the way, condos are down to 14 days on market, which is a 30% fall from last year.
Total Distressed Property – short sales and foreclosures make up a mere 1.9% of the market these days. That’s down from 3.5% a year ago. Distressed properties are nearly non existent in Atlanta right now.
While signs of a shift in the market are not obvious at this point, we know that this kind of strong appreciation is not particularly sustainable long term. We like to see a 4% appreciation per year on average, and we are at almost double that now. I believe the rest of 2018 and 2019 look very positive. We are encouraging anyone who is considering selling over the next 3-5 years to seriously think about selling in the next 12 months.
It’s never too early to talk with us so we can help you make the best decision to satisfy both your short and long term goals. Contact us today at our brand NEW website,. We look forward to the opportunity.
Written by Andy Peters