Beacham & Company, REALTORS set a record for sales in October with nearly $50 million in closed dollar volume. The firm also surpassed its number of sales for all of 2017. Beacham has now set all-time sales records in nine out of 10 months in 2018 and in every year of its existence.
Overall, the local housing market was down in October with 6,822 sales versus 6,962 in October 2017 which represents a decline of two percent. Year-to-date, Atlanta home sales in Cobb, DeKalb, Forsyth, Fulton and Gwinnett are up two percent due to gains in the first half of the year. Sales growth for homes of more than $1 million slowed in October to 8.8 percent but remain up 19.1 percent year-to-date.
The slowdown in home sales has led to a 7.7 percent in U.S. housing inventory year-over-year according to a recent Inman News article, while price reductions are up 15 percent from a year ago – both good signs for buyers. However, slowing new home construction due to soaring lot prices and labor shortages are working in seller’s favor. Robust new construction helps to keep resale prices in check. House flips are a growth opportunity for Millennial buyers and investors alike.
Look for more analysis on the current state of the Atlanta real estate market later this month in the fall issue of The Beacham Insider. To receive your copy, email firstname.lastname@example.org.
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Beacham & Company, REALTORS was founded in 2006 by Glennis Beacham, one of Atlanta’s most celebrated real estate agents. The firm has 100 agents who average $7 million in sales per agent – more than any other Atlanta real estate firm. In 2017, closed $600 million in home sales.