Atlanta in July: Market Statistics by the Numbers
As we step into the new month, it's time to reflect on the real estate market's performance in July. With the back-to-school season kicking off, we also take a closer look at how the education industry and families with children might be impacted. Follow along as we dive into the market statistics and trends to understand the current state of affairs in the Atlanta real estate market.
Market Statistics
1. Average Days on Market: In July, we saw a slight variation between the average and median days on the market. The average days on market came in at approximately 29, while the median days on market were around 11. This difference highlights that some properties might have taken longer to sell, affecting the overall average. However, important to note that the days on market have stabilized since the beginning of the year, showing a steady trend compared to June.
2. Month Supply: An essential indicator of market demand and inventory, stood at 2.4 months. This figure denotes the number of months it would take to sell the current inventory at the current sales pace if no new listings were added. The slight increase in the month's supply indicates that more listings entered the market, providing buyers with a slightly broader selection. Nevertheless, it's essential to note that we remain in a strong seller's market!
3. Average Sales Price: The average sales price experienced a gradual downtick, dipping from around $482K in June to approximately $469K-$470K in July. Despite this, it is not a significant cause for concern. The market is showing signs of steadiness rather than any drastic fluctuations, which is a positive indicator for both buyers and sellers.
Understanding the Market
The steady trends observed in the real estate market can be attributed to various factors:
1. Seasonality Returns: Over the last year, rising interest rates significantly impacted the real estate market. Now, with a full twelve months of data, it becomes apparent that seasonality is making a comeback. The market is adjusting, and buyers are becoming savvier, understanding the potential for lower rates in the future.
2. Buyer Confidence: Many are seizing the opportunity to enter the market and capitalize on property appreciation. Furthermore, with the possibility of lower interest rates predicted for quarter one of 2024, buyers feel assured about refinancing when the time is right.
Guidance for Buyers and Sellers
For buyers, the current steady market offers a favorable environment to invest in properties. Seizing the opportunity now can lead to significant appreciation in the future, especially with the potential for lower interest rates on the horizon. Make sure to stay informed about the market and consult with a real estate professional to make well-informed decisions!
For sellers, the strong seller's market remains in place, but competition might slightly increase with a growing inventory. To stand out, ensure your property is well-prepared and priced appropriately. Partnering with an experienced real estate agent can help you navigate the market and optimize your selling strategy.
In conclusion, the real estate market is showing stability and steadiness as we enter August. The trends observed in July indicate a balanced environment for both buyers and sellers. While the month's supply has seen a slight increase, we remain in a strong seller's market. Buyers are educated and confident in their investment decisions, and the seasonality of the market is making a return.
As always, our team is here to assist you with interpreting the data and navigating the market. Happy August, and we'll see you next month with more market updates!