Market Update T he third quarter of 2022 is in the rear-view mirror and look around , we ’ re all still standing . The Atlanta area real estate market is not collapsing and is not at the edge of the abyss , it is moving to normal . No doubt these are very turbulent times , but the third quarter results were rather ... uneventful .
This economy is restless , there are multiple significant concerns . Direct and indirect challenges impact housing around Atlanta . The most obvious direct challenge are the rising interest rates . The significant rise in rates , with more expected , is removing potential home buyers from the mix . Buyers that remain eligible see their buying power eroded and must adjust their expectations . Is that bad ? Painful , yes but the last several quarters were unsustainable , and some degree of control was needed . Against that backdrop , the Atlanta market remains in good shape :
• Q3 sold prices moved down 3.4 % from Q2 but remain up 13.3 % over Q3 2021 and up 32.8 % over Q3 2020 .
• List prices in Q3 slid just a bit , down 1.2 % from Q2 , but remain 10 % higher than Q3 2021 and 22.6 % higher than Q3 2020 .
Significant here is that Q2 was the pinnacle of the last several quarters ; things had to slow , and they did . Slow , as in move to normal ; no panic selling , no loss of homes , no crash .
And what about inventory , surely the increase in rates will stall home sales ? Home sales did indeed slow in Q3 – not stall . Atlanta enjoys advantages other areas lack ; consistently growing population , significant corporate presence , rapidly growing film and media industry , favorable climate and affordability and the world ’ s busiest airport . Interest rate shock saw a 20.6 % drop in the number of homes sold from Q2 , a 28.2 % drop from Q3 2021 and a 32.4 % drop from Q3 2020 - not surprising . Active listings however dropped only 0.9 % from Q2 , are up 1.5 % from Q3 2021 and down 16.9 % from Q3 2020 . There is no flood of inventory ; this is an insanely strong seller ’ s market moving to balance . This is controlled , this is orderly and this is good .
Real estate never sleeps and no matter the circumstances , homes around Atlanta are bought and sold . The last quarter of 2022 and into 2023 will see continued adjustment , this is the time to have expert guidance . Ansley Real Estate is the epitome of professional ; a select group of highly productive agents supplemented by the absolute best staff and support teams . Every aspect of the sales and purchase process continues to be evaluated , refined , and enhanced with the same objective ; can we do this even better ? It is a top down , relentless drive to ensure that each client acts with complete confidence every step of the way . It is how professionals act .