Market Update
Q1
2023 is in the books , and the greater Atlanta area real estate market is thankfully nothing like the calamitous national headlines suggest . 2022 was a wild ride ; the jackrabbit pace of the first half followed by the snail ’ s pace of the second . What would Q1 2023 look like ? Prices and inventory remain the key focus and while the market eased a bit , overall , it ’ s still a seller ’ s market .
A look back over the past three years allows for proper context . Median prices in Q1 2023 are up 26.2 % from Q1 2020 ; up 14.2 % from Q1 2021 and up 0.5 % from Q1 2022 . The Atlanta area enjoys a solid and diverse economic base ; the mix provides strength other markets lack . The challenge remains quality inventory . Both listings and sales are down and inventory isn ’ t likely to jump anytime soon . Bottom line , Atlanta continues to be a destination , demand will remain .
Buyers seem acclimated to historically attractive rates in the 6-7 % range . As usual , those best prepared and with clear objectives tend to be successful . Sellers are receptive to short due diligence periods and most like buyers without finance contingencies . For those buyers in competition with others , it ’ s a beauty contest . Make the offer strong and simple ; instill confidence in the seller that the transaction will close .
For sellers of accurately priced and well-presented homes , it is likely to feel like Q2 2022 . For those sellers with aspirational prices or those with other challenges , buyers are likely to pass . Today , there is much less “ stretch ” for buyers ; few want to or can-do work , and high rates mean every dollar matters . On those highly desirable listings , buyers know to bring their best up front . On the others , the rush to buy has eased . The overall result is a decrease in the number of sales and an increase in days on market but when the data is parsed , the listing dichotomy is clear .
The in-depth area analysis of Q1 2023 vs . Q1 2022 follows . Numbers are noise without context ; this breakdown allows for a more focused look at the submarkets . The late 2022 shift saw many companies fail ; these “ reinventors ” and “ disruptors ” spectacularly imploded over the last year . Absent in them is the pride and professionalism which Ansley Real Estate is built upon . Ansley clients act with confidence , bolstered by support staff and agents that provide hands-on guidance and employ skills honed by doing the hard work , every day . The trust clients place in Ansley Real Estate is never taken for granted .