Market Update
A nd it ’ s on - we ’ re headed full speed into the Spring 2024 real estate market . Much is on the radar ; interest rates , the economy , an election , and fundamental changes expected with how homes are bought and sold . The frenzied media manages to be consistently wrong with their analysis and predictions ; the Fed continues to hold rates as inflation continues to affect the economy . Home buyers held off waiting for a rate drop that never came , freezing out not only them but some sellers as well . Now the spring scramble is underway and if ever there was a need for experienced guidance , now is the time !
With Q1 ‘ 24 in the books , the greater Atlanta market continues to settle back into its pre-pandemic routine . Buyers have largely acclimated to the interest rate changes , the realization that 3-4 % won ’ t soon be seen has been accepted . The holiday hangover always affects January , but by March the early spring market was rolling . Q1 ’ 24 saw continued strength across Atlanta with most areas seeing balanced conditions , while some areas are again seeing fierce competition for quality listings .
As things settle , some semblance of order and pattern returns . The challenge of owners reluctant to give up their low rate remains . Compared to Q1 ’ 23 , the total number of listings in Q1 ’ 24 increased , but only slightly . This quarter saw a year-over-year modest bump in homes for sale of 4.5 %. The majority of these of the “ life happens ” variety ; those sellers that have a change of life mandating a move . The number of homes under contract and the number of closings dropped as well . We saw pending contracts drop 8.6 % and closings drop 9.8 % from Q1 ’ 23 to Q1 ’ 24 . This most reflects the interest rates , buyers being more deliberate and of course , fewer quality listings .
Home prices in Greater Atlanta are not sagging , in fact they continue to push higher . Two years removed from the start of the rate hikes ; we see expected seasonal dips but there is no sag to home values in this market . Q1 ’ 24 saw prices increase across the board over Q1 ‘ 23 ; listing , contract and sale prices were all up . Active list prices were up 5.8 %, pending contracts prices up 8.2 % and sale prices up 8.8 % quarter over quarter . Some micro markets are up even more as buyers face stiff competition and multiple offers . The Greater Atlanta area has been and continues to be one of the strongest , best-balanced markets in the nation .
Ansley Real Estate is an industry leader . We embrace transparency , it ensures both buyers and sellers understand the critical role an experienced agent plays . Buying or selling a home is one of the largest financial commitments a person will make , often a life-changing event . The responsibility that every Ansley agent bears in that process resonates with us . Success does not come from an app or “ ala carte menu of services .” Success comes from using seasoned full-time professionals - there is no substitute for the experience of Ansley ’ s agents .