Atlanta Metro Market Report for 6.16.20
Hi there! It's DeElla to bring you some real talk on real estate and another Atlanta Metro Market report. Especially in these tumultuous times, we want to keep our eye on what is happening in our shifting real estate market so that we as buyers, sellers and investors can make the best decisions. In this market report we are looking at single family detached home data in the metro Atlanta area.
Last week's data shows the total number of active listings declining slightly with under contract listings rising. Weekly closings were mostly flat to somewhat declining.
New active listing, the "just listed" is encouragingly up by 8.2% over new active listings last year at the same time. This may mean that the opening up of the State is having a positive effect on the market.
New pending, or active under contract listings have increased for the second week in a row after months of decreases. This means that we are seeing more contracts written and accepted over the last two weeks. This may again be due to the opening up of the State and buyers and sellers adjusting to our new "normal" and getting on with the necessity of buying or selling their property.
Closed listings, properties that have sold, are still lagging compared to last year. The most recent numbers look worse than they are because of the lag time that we see in reporting sales to the MLS. There is also reason to hope that these closed numbers will improve as the new active listing are increasing as well as the increase over the last two weeks of pending listings.
I find this to be very interesting. The withdrawn listings, that means someone put their house on the market and for whatever reason took it off again, have been consistently down compared to last year. I interpret this as the people who have their house on the market now are serious about selling their home. In the super hot market we had last year, we saw people listing properties "just to see."
Last, but certainly not least, let's take a look at price reductions. Out of 10315 Active listings in the metro Atlanta area 3653 or 35.4% of those took a price reduction. That means that over a third of the properties that are listed are over priced for the market.
I hope this information was helpful! I am definitely seeing some light in this shifting market with the uptick in new pending listings and an increase in the new active listings. Check back next week for some more real talk on real estate when we take another look at the Atlanta Metro market.