Residence costs in Metro Atlanta rose in November, however gross sales fell

Residence costs within the Atlanta metropolitan space continued to climb in November, with sellers retaining the sting in negotiations, in keeping with a Remax report.

The median promoting value of a home bought on the Atlanta subway final month was $ 251,500, up 7.1% from the identical month a yr in the past, estimated Wednesday the nationwide actual property firm.

However the variety of properties bought within the 28-county area fell 6.1% from November 2018.

This appears to be resulting from the truth that the provision – the variety of properties listed on the market – continues to be restricted. Residential listings signify three.2 months of present gross sales, in comparison with four.1 months of provide a yr earlier, in keeping with Remax.

Brokers say there isn’t any scarcity on the demand facet, which is the pool of potential patrons. Nonetheless, many of those potential patrons are renters searching for "starter" properties and the scarcity of listings is worse on the backside of the market. This forces new patrons to bid in opposition to one another, driving up costs.

Houses on the market have typically been extra plentiful in greater value ranges.

Remax breaks down costs and gross sales for 5 counties.

Final month, essentially the most energetic of those foremost counties was Fulton County, the place 1,186 properties had been bought, adopted by Gwinnett with 968 gross sales.

Fulton additionally had the best median promoting value for a house: $ 325,000.

The a lot smaller Clayton County market skilled the biggest improve in gross sales, but in addition the biggest improve in costs. The median value of a home bought in Clayton was $ 159,450, up 13.9% from a yr in the past.

Remax information reveals a steady improve within the variety of pending gross sales, that are contract properties whose gross sales haven’t been finalized.

This could imply elevated gross sales within the coming months. Nonetheless, pending gross sales elevated earlier this yr with out producing any improve in closing gross sales.

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