Market Update
T he dog days of Summer are officially here , the heat and humidity arrived a bit early this year . We all feel it , but it seems that buyers and sellers around the Greater Atlanta real estate market are taking it in stride . It ’ s two years since the Fed rate adjustments began and it appears that the market has finally stopped anticipating any drastic mortgage rate drops . Buyers are getting on with it and sellers seem to be as well , inventory continues to rise as everyone settles in . As Yogi Berra observed , “ it ’ s like déjà vu all over again ”.
Q2 of most markets tends to be the most active , this is true of Greater Atlanta . Many buyers sat on their hands during Q1 , waiting for the promised rate cuts that never arrived . They jumped into fray in Q2 , fully aware that home prices were not declining . The message is crystal clear ; for qualified and prepared buyers , buy when the right opportunity is found since waiting will only add to the cost . Sellers continue to acknowledge the market , the majority pricing their homes more accurately .
Context matters , so before we compare Q2 ’ 24 to Q2 ’ 23 , let ’ s broaden the scope . The median sale price of a home in Greater Atlanta during Q2 ’ 24 blew past the previous high set in Q2 ’ 22 , settling at $ 465K . The same is true for median list price ($ 450K ) and median contract price ($ 465K ); both high water marks . Compared to Q2 ‘ 23 , we see list prices up 2.3 %, pending contract price up 4.5 % and sale price up 6.7 %. Buyers getting off the fence likely pushed prices harder , sellers being more realistic resulted in a more reasonable list price jump .
Comparing Q2 ’ 24 to Q2 ’ 23 , we see a 20.8 % increase in the number of listings and a drop of 4.2 % for homes under contract and a drop of 4.9 % for sales . However , both sales and pending transactions increased when compared to the last three quarters . A 3 % -5% difference is negligible given all the factors at play . Listings were up as usual in spring markets , this increase is likely due to “ life happens ” events and sellers looking to attract the eye of the increased number of spring buyers . Contracts and closings may be starting to find their balance , Q3 and Q4 will be interesting to see .
As summer rolls on , all eyes and ears are on the Fed and the economy . Once again there is chatter of a possible rate cut in early fall . The professional agents and staff at Ansley ignore the noise . We are market experts , in the data , at the micro market level with a finger on the pulse . Those changes ? We ’ ve always operated under robust “ consumer first ” company policies ; nothing changes for us . We are seasoned professionals with a simple mission ; to ensure that every buyer and seller finds success and acts with complete and unbridled confidence .