Here at HomesinAtlanta we like to keep you up to date on the Atlanta real estate market. So this week we’re focusing on the 3rd quarter condo market and it’s been hot. This first graph shows sales are up vs 2013 and 2012.
And while year over year sales are above last year they have been declining recently, mostly due to a lack of inventory, not a lack of demand.
Breaking it down by price point now. Condos above $750k are still in a buyers market. Condos under $100k look to be soft too but that’s just because the under $100k market supply has dried up.
Lets take a look at supply vs demand. This graph shows how many units are coming on the market vs units coming on the market. This slide shows that once we hit 6 months of supply we’re in a buyers market. But we’re nowhere close to that. We’re closer to a 3 month supply, a definite sellers market.
Check out the long view! In September 2014 40% more units were sold than September 2009 but we have nearly 70% fewer units for sale.
Condo sales in Atlanta continue to be strong. HomesinAtlanta expects a small slowdown during the Winter months but we’ll be back to current levels by early Spring. We’ll stay a seller’s market for the near future due to a decent buyer demand combined with a lack of inventory. Got any questions or would like to know more? Just drop us a question here.