The Atlanta REALTORS® (ARA), the largest association of its kind in Georgia, released its February 2016 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: February residential sales were at 3,165, a decrease of 8.6% from the previous year.
Price: Average and median sales prices continue to gain traction and outpace 2016's figures, with positive gains. The median sales price in February was $230,000, an increase of 6.5% from last February. The average sales price was $283,000, up 5.2% from the previous year.
Supply: Atlanta area housing inventory totaled 14,819 units in February, an increase of 13.6% from February, 2016. New listings totaled 4,023, down 4.1% from February, 2016 and down 2.0% from the previous month. The month's supply over a 12-month period remained the same at 3.1 months.
A Word from 2017 Atlanta REALTORS® President Bill Rawlings: "A trend of steady positive growth in the real estate market continues although low inventory continued for Metro Atlanta into 2017. Inventory has been hovering at just over three months of supply for several months. Although median home prices feel that pressure and continue to rise over last year's median and average prices, a trend of steady positive growth continues. The real estate market is well positioned for the latest rise in interest rates, and it should remain strong well into 2017.”
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The data in this report was compiled by First Multiple Listing Service (FMLS). For more information on details of this month's report, please contact the Association at 404.250.0051.
*Each month, the numbers reported for the previous month are updated to reflect additional recordings.