ATLANTA — Overall home sales in metro Atlanta are down from last year, but Atlanta’s luxury home market is showing surprising strength.
While sales of all single family homes in metro Atlanta slipped 28.5 percent in May, the number of $1 million-plus closings was up two percent according to FMLS. More importantly, the market share of $1 million and up homes sold jumped a whopping 42.9 percent compared to a year ago.
One company uniquely poised to take advantage of the momentum in Atlanta’s luxury home market is Beacham & Company, REALTORS®, a new firm based in Buckhead that specializes in luxury real estate. After just six months in business, the company is already among the top three listing brokers in Buckhead (FMLS area 21) in terms of dollar volume. The company’s average list price is more than $3 million and no other broker averages more than $2.2 million per listing.
Dac Carver, recently named Executive Vice President and Managing Broker of Beacham & Company, REALTORS®, credits the company’s early success to founder and president Glennis Beacham’s ability to recognize that the luxury home market was an underserved niche.
“Our fast start is really validation of Glennis’ amazing insight into the local marketplace,” Carver said. “She understood that the needs of buyers and sellers of high-end real estate were not being fulfilled by the larger firms. Our clients require a higher degree of marketing and professionalism that only a specialty firm like ours can provide.”
While some might theorize that price appreciation has caused the rise in the number of homes sold for $1 million-plus, the fact is that the average sales price in the $1 million-plus market was actually down 5.7 percent in May to $1,480,633.
Carver said the reason the number of luxury home sales has continued to increase is that there are simply more buyers in the $1 million and up price range.
“Atlanta has become a much more culturally vibrant city over the last 10 years and we’re starting to see the results of that,” Carver said. “More affluent buyers are moving here than ever before and many of the empty nesters that used to leave when they reached a certain age are deciding to stay because the city has so much to offer now. Many of them also want to be closer to family.”
Beacham and Company, REALTORS® is a full-service real estate company specializing in the Atlanta luxury real estate market. The company was founded in 2006 by Glennis Beacham, one of Atlanta’s most prolific real estate agents over the last 15 years. For more information about Beacham and Company, REALTORS®, go to beacham.com or call 404.261.6300.