Demand: February residential sales were at 5,094, a decrease of 3.2% from the previous year.
Price: Average and median sales prices continue to outpace 2020’s figures, with positive gains. The median sales price in February was $315,000, an increase of 16.7% from last February. The average sales price was $380,500, up 16.4% from the previous year.
Supply: Atlanta area housing inventory totaled 7,571 units in February, a decrease of 50.6% from February 2020. New listings totaled 6,957, down 11.5% from February 2020 and up 3.1% from the previous month. The month’s supply over a 12-month period decreased to 1.2 months.
A Word from 2021 Atlanta REALTORS® President Cynthia Lippert:
“The unprecedented seller’s market in Metro Atlanta seems unlikely to slow down anytime soon based on February numbers,” stated Cynthia Lippert, 2021 President of the Atlanta REALTORS® Association. “The flattening of sales volume in year over year comparison is a reflection of the continued inventory shortages which are far from meeting buyer demand.”
“It could take a year or more to bring inventory levels back up to meet the demand,” Lippert estimates. “That’s the solution to rebalancing the market.”
“The good news for sellers is that it’s still the best time we’ve seen to sell a home. However, even in a hot market, it’s imperative to work with a professional REALTOR® throughout the process. Amazing results aren’t a given without strategic marketing and proper advice.”