August Intown Market Report

By Bill Adams, President

This month the Average Sales Price (ASP) for the market is $768,168, a 7% increase over the last year and a 15% increase over the last two years.  The ASP for August is 3.2% or $23,550 greater than last month’s Average Sales Price.  The Number of Days on the Market increased over the last year to 36 days, a jump of 11%.  In a continuation of a multiyear trend, the Number of Units Sold fell to 1,455, a year over year decrease of 10%.  The lack of sales has had a dramatic impact on Sales Volume which over a two-year period fell from around $1.5 billion to $1.1 billion, a decrease of 30%.

Home prices in Intown Atlanta continue to increase and generally outperform the National and State averages.  Not surprisingly, since the Average Sales Price is $768,168, twenty one of our thirty-nine markets that are included in this report have an ASP of more than $700,000.  One market, Ansley Park, averages over $2 million.  Nine markets, Druid Hills, Glenwood Estates, Glenwood Park, Inman Park, Lake Claire, Midtown, Morningside, Poncey Highland and Virginia Highland, average over a million dollars.  Five of our markets, Candler Park, the City of Decatur, Oakhurst, Old Fourth Ward, and Winnona Park,  average over $900,000 and several of these markets ought to exceed $1 million by the end of the year. Two markets, Great Lakes, and Lenox Place, have Average Sales Prices above $800,000 and four markets, East Lake, Grant Park, Kirkwood and Reynoldstown, have an ASP of more than $700,000.   Five markets, Avondale Estates, Cabbagetown, Edgewood, Ormewood Park and Summerhill,  have average prices over a $600,000 and one market, East Atlanta, averages over a half million dollars.  At the lower end of the price scale, five markets, Adair Park, Capitol View, Chosewood Park, Peoplestown and Westview, have average prices more than $400,000 and seven markets, College Park, East Point, Hapeville, Oakland City, Pine Lake, Sylvan Hills, and West End, have Average Sales Prices over $300,000.  No market has an Average Sales Price of less than $300,000.

As you can see in the report and from my comments above, housing affordability continues to be a problem in the Intown Atlanta market.  If, as I expect, mortgage interest rates begin to fall in the third and fourth quarters of this year, the lower rates will increase demand and unless the supply of available houses for sale expands, prices will continue to increase.

Our team is always standing by to answer any real estate questions you have and to support all of your real estate needs. We’d love for you to be in touch.