The May Monthly Real Estate Market Report is out. Metro Atlanta is struggling with low inventory in many price points. Active homes for sale are only slightly higher than a year ago. Price points from 400,000 and under are in a sellers market. The realistic side to real estate is that if a home is in great shape and is priced correctly it is going under contract in less than 30 days. If a home is on the market for 60-90 days then there is a reason for this. It could be price or condition of the home.
If you are thinking about selling, now is great time especially in the lower price points. With the lack of inventory, sellers are getting higher prices (at list price or above) and better terms. As a seller, you must think about timing in the market. Within lower price points, inventory cannot keep up with demand. This is a window for sellers. Will it be here for a long time? Who knows.
The lack of inventory means that the buyers have to act more aggressively and quickly. If you wait to decide on a property, you could lose out. I have had many buyers that have been out bid or missed out because they wanted to think about it. The best thing to do if you find a home, get it under contract, and then during due diligence review everything and make sure this is the right property. Due diligence is a free look at the home. Take advantage of that. Since the market is more competitive, when you do put an offer in, do not try to lowball or have a lot of stipulations. Be fair in your evaluation of the property and recent sales and put in an offer that is competitive.
Monthly Real Estate Market Statistics
- Active listing are slightly up from last year (+2.2%)
- Sold properties are higher (+11.7%) from 8,238 to 9,202
- The total amount of distressed property sale is down (-10.5%) in the last three months -from 22.3% to 11.8% of overall sales
- Months of supply of inventory is lower (-8.2%)
- Original list price has increased from $214,000 to $230,000
- Median sales price as increased from $187,450 to $216,895
- Days on market is up one day from 67 to 68. Basically flat