North Metro Atlanta, and specifically Cherokee County, continues to be a hot real estate market with more homes sold last month than any other month in the last 5 years.
The trail post marks the halfway point as the first half of the 2015 trek is complete. Monthly market analysis urges the real estate journey forward for the home stretch. The adventurers (consumers) and guides (the REALTOR) are rewarded with a view of an improved real estate market currently performing at peaks not seen in years. Bad memories from that treacherous path known as the Great Recession are pushed further into the past.
New Listings increased 7.7 percent to 726. Pending Sales were up 16 percent to 516.
Inventory levels shrank 12.2 percent to 1,597 units. Prices continued to gain traction. The Median Sales Price increased 9.9 percent to $219,900. Days on Market was down 22.6 percent to 24 days. Months Supply of Inventory was down 18.8 percent to 3.37 months.
Having six months of 2015 data logged in our journals is great, but it is still just the halfway point for the year. Forecasting market trends can be as dicey as the weather, but with interest rates managing to remain low into the summer months, the outlook is promising, even if rates go up later in the year. Metrics like inventory and percent of list price received at sale are two of the better understudies to watch this year.
Advice from the Broker
Becky Babcock has this advice for local Buyers & Sellers…
Buyers should focus on creating custom searches to auto-alert them anytime a new listing comes on the market that matches their criteria. With inventory remaining low, it’s critical to be pre-approved and ready to make an offer as soon as the right property hits the market.
Sellers should request a current market analysis before placing their home on the market. A pricing difference as small as $10,000 can be the difference from selling too low or pricing too high and not selling at all.
The data shows properties in North Metro Atlanta with an extensive Marketing Plan should sell if priced correctly to align with buyer expectations for features, conditions and location.