Unveiling the Surprising Shifts in the Real Estate Market - September 2023 Recap
Are you curious about what transpired in our real estate market during the month of September? Well, you're in for a treat because Valerie Gonzalez from Vesta Consulting Group Residential Realty at Keller Williams has some intriguing insights to share. After a long streak of stability, the market in Atlanta experienced some notable changes that kept everyone on their toes. From shifting average prices to an unexpected rise in inventory, let's dive into the fascinating world of real estate and explore what September had in store for us.
A Dip in Average Sales Price:
Throughout the year, we've witnessed an upward trend in the average sales price of homes. August had us rising high at an average of $475,000 and we’ve seen a slight dip in September to an average sales price of $465,000.
Rising Inventory Levels:
One of the most significant shake-ups came in the form of inventory levels. For over three years, we've grown accustomed to a market where the month's supply of inventory remained consistently below two months. This past September, we saw a significant shift as we reached a 2.7-month supply of inventory: the highest level since May 2020.
What Does the Increased Inventory Mean for you?
For prospective buyers, this is excellent news! More homes on the market mean greater choice and perhaps more favorable terms. After all, having a wider selection can put you in a stronger negotiating position. For sellers, it’s even more important to prepare your house for sale early so we can make it stand out amongst the competition!
Changing Days on Market:
For the past year and a half, we'd grown accustomed to lightning-fast sales, with homes spending less than 25 days on the market. However, this past month we saw an increase in days on market just over 32 days.
If you're curious about these market shifts, have questions about how they impact you, or want to explore buying or selling a home, please click below to schedule a no-obligation phone call with our team!