To state the obvious, we’re dealing with a lot of stuff right now. Teaching kids at home, social distancing, sheltering in place and the most important one, where can we find toilet paper! With all this going on I wanted to give everyone a little insight on how this market could be affecting your homes value. Note that all values below are taken from FMLS, First Multiple Listing Service.
Home Inventory levels
Through the end of March, home inventory levels across metro Atlanta and in particular Dunwoody are still at historically low levels. In metro Atlanta, there’s a 2.8 month supply of homes on the market. That’s 3.4% lower than the same time period last year. Looking at Dunwoody, there’s a 2.3 month supply, that’s 21% lower than March 2019. Consideing that anything below a 6 month supply is a sellers market, that’s good news indeed for your homes value
You would think with our shelter in place policy that showings would be down. If you think that you’re half right/half wrong. For metro Atlanta, showings are up 2% in March from the same time period of last year. In Dunwoody, showings are down 22% through March from the previous year.
Sales % to List Price
So, should you be worried about the value of your home? The good news is not at this time. Through March, sellers have averaged getting a whopping 98% of their list price. That’s for metro Atlanta and Dunwoody as well. With all the turmoil, the last 45 plus days why such a high percentage? I think its because of buyer pent-up demand. Low inventory of homes on the market has been the case since mid last year. Many solid buyers haven’t been able to buy homes yet because of being out bid or didn’t get picked in a multiple offer situations. So even in this market those buyers aren’t hesitating to making deals when the right house comes on the market.
Good news if you’re thinking of buying that new home. As of mid April, mortgage rates are hovering near record lows. On a 30-year mortgage, it’s 3.28%; on a 15-year, it’s 2.8%. This great news not only for buyers but sellers too!
RRT in the News!
From the April 10 Atlanta Business Chronicle…
Take a virtual tour of this 1928 Morningside charmer!
Located just STEPS from Piedmont Park, the Beltline and Orpheus Brewing. $649,000 We are providing safe touring experience.
If you are thinking about selling or know someone who is I would greatly appreciate the opportunity to talk.
I’ve been in this business for a lot of years and have seen a lot of ups and downs. The real estate market was extremely strong going into this crisis, and I’m confident and hopeful that it will bode well for a relatively quick rebound.
Stay well and stay safe,