Atlanta Metro April Statistics

[Chris Evans]

I compiled this for my database this morning and thought y'all might benefit from the data. 

The market has exhibited a mix of seasonal patterns and broader economic influences. The median sales price saw an increase of 2.4% between March and April 2023, rising from $370,000 to $379,000. This growth aligns with the expected spring surge in demand and represents a 1.9% decrease compared to April 2022.

However, it's important to note that new listings experienced a significant month-over-month decline of 12.9%. This is the largest such drop during a spring selling season since the onset of the pandemic in March 2020. Despite this decline, our overall market inventory has increased 20.1% year-over-year, with 14,061 homes currently available for sale.

Pending sales were marginally lower month-over-month, but notably, they were 19.7% lower than in April 2022. Amid these decreases, market activity remains robust, indicated by a decrease in median days on the market (DOM) to 14 from a multi-year high of 30 in January.

In response to inflation, rate hikes have been implemented to check rising prices. This development has made home purchases more expensive for potential buyers, thereby increasing inventory levels due to Buyers being outpriced. In April, inventory levels held steady at a 2.0-month supply, a 53.8% improvement year-over-year.

Homes continue to sell at their listed price on average, with a sales price at 100% of the asking price. However, the majority of homes undergo at least one price reduction before selling. In April, homes sold at 99.2% of their original list price, up from 98.2% in March. This indicates that sellers are gradually adjusting their expectations to align with market conditions, resulting in a 2.6% year-over-year decline.

The April 2023 real estate market trends underscore the blend of seasonal patterns and the wider economic context. While the market remains active, with new listings and closed sales still happening, volatility in interest rates and inventory levels may signal a shift in the market's dynamics. The increase in Loan-Level Price Adjustments (LLPAs) and the elimination of recent interest rate reprieves add another layer of complexity to the current market situation.