Market Update
A s we turn the corner into the final stretch of 2023 , what have we learned from all of the expert national housing prognosticators ? Simple , we ’ ve learned that their national opinions are largely conjecture ; one size does not fit all . National markets continue to adjust ; some leveling in a controlled way , others giving back much of the value gained over the last few years ; not here . Despite continued economic tumult , the Atlanta housing market remains on a solid footing . Greater Atlanta remains one of the top regions in the nation and this economic diversity is a significant asset as the economy shakes out .
Q3 in our market is historically very transitory . While Q2 tends to be the busiest time of year , Q3 slows due to vacations and the start of school . Q3 of ’ 22 was on the leading edge of the interest rate rise , Q3 of ’ 23 is smack in the middle of rates pushing into the upper 7 %’ s . While the experts trumpeted the return of rates in the 5 % -6 % range , we don ’ t see that happening in the foreseeable future . Buyers and the market continue to adjust to rates in the mid to upper 7 % range .
Volume in the greater Atlanta market for Q3 ’ 23 is down from Q2 ‘ 22 . The number of listings are down 15 %, homes under contract are down 13.9 % and sales are down 17.7 %. That ’ s not a surprise , folks holding those low rates are content and buyers facing higher rates are more selective . Marketing times are up as well , + 19.5 % from Q3 ’ 22 to Q3 ’ 23 . The average days on market is now 28 ; up , but still below the “ balanced ” market range of 30-60 days . Average price increased from Q3 ’ 22 to Q3 ’ 23 at a reasonable + 5.2 %. An additional key point is that the Q3 ’ 23 price point is statistically even with the record high price point of Q2 ’ 22 . This is demonstrative strength ; despite rapid rate bumps , continued inflation , and shrinking inventory - average home prices remain near record high levels .
Home buyers should adjust to the current environment . It ’ s critical to focus on where the opportunity for success is greatest . Target desired areas and price points , set realistic expectations , have finances in order and act when opportunity presents itself . Home sellers need to objectively assess their home ; while the market leans their way this is not early ’ 22 . Have a plan ready and when the right offer comes , take it !
The last several years have been uncharted territory for buyers and sellers ; this is true for agents and the real estate industry as well . As the market contracts , agents are leaving in droves . Recognized companies have lost over a billion dollars as they look to reinvent what is a rather simple process . They repeatedly fail to understand that intimate local knowledge and networking always beats an algorithm . The foundation for success remains a simple one ; clearly define the objective and work with experienced professionals like those at Ansley Real Estate .