As I mentioned in the last market update, inventory is starting to rise, and it’s something we’re keeping a close eye on. Additionally, more homes are selling than what we’ve seen in the past. Eight years ago, for example, only one out of 11 homes was sold. Right now, one out of every three homes is selling.
There’s a big difference between the macro and micro numbers of our marketplace, though, and I have a few charts to show you in the video above to demonstrate this.
At the 1:17 mark, you can see the latest numbers from a metro Atlanta market overview chart. In the $300,000 to $350,000 range, there is only three months’ worth of inventory, but that changes when you look at specific high school districts and cities. At the 1:50 mark, you can see the same type of chart for just the Roswell area, and in that one, the absorption rate for that same price range isn’t three months—it’s three weeks.
The difference isn’t just exclusive to that price range, either. For the $601,000 to $750,000 price range in the metro market, there is 5.1 months’ worth of inventory. Here in Roswell, there’s just 3.6 months’ worth of inventory in that price range.
It’s also worth noting that the coolest markets in these two price ranges are John’s Creek, East Cobb, Sandy Springs, and Kennesaw, while the hottest markets in these price ranges are Roswell, Milton, and Alpharetta.
The bottom line is this: Our overall market is still healthy, but it’s more and more of a beauty pageant and a pricing war out there.
If you have any other questions about our market or you’d like a snapshot of the numbers in your local community, don’t hesitate to reach out to me. I’d love to help you.