Atlanta home sales were unchanged in October as the local housing market continued to its unpredictable pattern in 2017. After 20 consecutive months of year-over-year increases prior to 2017, home sales this year have been up in five months, down in four months, and unchanged in one month.
The one constant in the market has been the average home sales price, which continues its unabated rise. The average sales price in October was $310,420, up 6.7 percent from $290,868 in October 2016. Lower than normal inventory and stable demand continued to force home prices upward, although inventory has increased from spring to fall.
The geographical area of analysis for Atlanta included Cobb, DeKalb, Forsyth, Fulton and Gwinnett counties. Among the areas in those counties that performed notably well in October were Buckhead, where single family detached home sales rose 20.7 percent, Smyrna-Vinings (+25 percent), close-in East Cobb (+26.4 percent) and Sandy Springs north of I-285 (+40 percent). Areas in which single family detached home sales performed poorly compared to 2016 included the Atlanta Intown markets (Ansley Park, Midtown, Morningside, Va-High), where single family detached home sales fell 50 percent, and Dunwoody (-21.2 percent).
Condo and town home sales were hot in Brookhaven (+24.2 percent), Sandy Springs north of I-285 (+65.5 percent) and on the Westside (+38 percent).
Beacham & Company, REALTORS registered another record sales month in October with a 49.1 percent increase in closings and a 48.5 percent rise in dollar volume sold compared to October 2016. Beacham agents remained optimistic about the near-term future of the housing market too; a majority of them responding to an internal survey think that housing market activity (including showings and offers) feels average-to-above average for this time of year.
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Beacham & Company, REALTORS is Atlanta’s top-selling luxury real estate office. The firm was founded in 2006 by Glennis Beacham, one of Atlanta’s most celebrated real estate agents. The company sells nearly $1 billion in real estate annually among its 100 agents who are the most productive in the state by dollar volume sold.