Every quarter Lesley and I pour through our latest real estate statistics and present our aha’s to our family of Atlanta real estate offices. It really is one of my favorite meetings each and every quarter because I get to geek out on all that’s going on statistically while making sure that we communicate the key points to our agents who in turn educate our clients. This quarter’s presentation was marked by a very unique set of statistics that you need to know about. Never before have we seen this scenario. Here’s what you need to know…
Last quarter 15,681 homes sold in Metro Atlanta. That’s a lot of homes, but we believe the number could’ve actually been even higher with more inventory on the market. Here’s why…10,389 of those sold homes sold without a price reduction for 100% of their respective list prices in 9 days on the market (median averages). That means that over 66% of our sold market got their list price, y’all. Holy wow! I’ve never seen that number at 100% ever. It’s quite a testament to our market of the moment that has us setting records in sales numbers, median sales prices, months of inventory and days on market.
This is no doubt the market to get top dollar for your property, but you still can’t price frivolously. According to the stats by merely taking a price reduction, you’re costing yourself over 7% off your list price. Get the agent wrong and the price wrong, and now you’re taking a nearly 9% penalty off your list price.
With homes selling so close to the list price, some buyers are asking, “Where are the deals?” If you’re looking for a great deal in this market, you may have to settle for 9-10% off the original list price and look at the homes that have been on the market for 6+ months according to these statistics. Even then, I’d argue that it’s not even a deal because if it had been priced correctly out of the gate, it would’ve sold. With such a high percentage of the homes selling for list price, it says that even the marginally good homes are being gobbled up at a record pace.
Bottom line is we need inventory. With more homes on the market, we should see a return to a more balanced market. Until then if you are a seller, grab your opportunity! If you’re considering a move in the next 1-3 years, you have to consider this to be a sign. If you’re a buyer, you need a specialist on your side who can help you identify the best of the inventory, is accessible to get you in on the first couple of days on the market, and help you negotiate the most acceptable terms before you have competition on the property. Securing a great piece of property is a win in today’s market. As you’ve heard me say in the past, the best time to buy a great piece of property is always, regardless of the market.
Call The Peters Company today for a free home value analysis. We’re pulling these every day for our friends and past clients with no strings attached. www.ThePetersCompany.com
Written by Andy Peters