The Atlanta REALTORS® (ARA), the largest association of its kind in Georgia, released its October 2018 Market Brief on residential housing statistics in metro-Atlanta. The Market Brief, compiled by First Multiple Listing Service (FMLS), provides the only regionally focused synopsis of monthly sales and home prices for single-family residential properties. Covers 11 counties: Cherokee, Clayton, Cobb, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Paulding and Rockdale.
Demand: October residential sales were at 4,448, a decrease of 2.9% from the previous year.
Price: Average and median sales prices continue to gain traction and outpace 2017’s figures, with positive gains. The median sales price in October was $263,000, an increase of 9.1% from last October. The average sales price was $324,000, up 6.9% from the previous year.
Supply: Atlanta area housing inventory totaled 14,947 units in October, an increase of 5.3% from October, 2017. New listings totaled 4,962, up 12.7% from October, 2017 and up 2.7% from the previous month. The month’s supply over a 12-month period decreased to 3.0 months.
A Word from 2018 Atlanta REALTORS® President Bill Murray: “Price growth and inventory have been stable for many months, and the positive economic signs are that the market will continue to be strong into next year. These healthy trends, however, depend on homebuilders adding new inventory to keep pace with demand.”