Did someone say Fall is around the corner?
Happy September! Can you believe we've finally made it through the majority of the summer heat? Labor Day is over, schools are back in session, and we are entering the fall market as September begins. In this blog post, I'll share some important real estate statistics from August, focusing on three key metrics: average days on market, average sales price, and supply. These metrics will help us understand the current state of the market and what it means for buyers and sellers.
Market Statistics
1. Average Days on Market: Let's start by discussing the average days on the market. In August, we saw a trend similar to June and July, with the average days on the market holding steady at around 29 days. It's not uncommon to experience market quietness during the summer months, especially in July, which was notably sluggish.
2. Month Supply: While we did experience a slight 0.2 point rise in the month's supply of inventory, we are still hovering at a low 2.5 months of inventory. As a reminder, anything below four months indicates a strong seller's market. A neutral market typically falls within the range of four to six months of supply, and anything above that leans toward a buyer's market. Given our current supply, it's safe to say that this is still very much a seller's market.
3. Average Sales Price: In August, the average sales price was just above $475,000, compared to just above $467,000 in July. High demand typically leads to higher prices, and with our current low inventory, this trend is expected to continue.
Understanding the Market
If you're contemplating whether it's a good time to sell your property in the Atlanta Metro area, the answer is a resounding yes. Our inventory remains low, and demand continues to drive prices upward. As always, if you have any questions or need assistance in navigating the real estate market, please don't hesitate to reach out. We're here to help you interpret the statistics and make informed decisions.
Upcoming Event
As always, we're here to assist you with all your real estate needs. Let us know how we can help. Happy September, and here's to a successful fall market!