NORTH METRO ATLANTA — Cooler weather has not slowed the housing market in north Metro Atlanta.
The most recent numbers from real estate tracking services report that homes continue to sell, values continue to rise, and the demand remains at historic highs for the area.
The numbers also support the recent flood of permits and zoning applications for residential development across the northern Atlanta suburbs.
Tracey Craft, Alpharetta Realtor with the Craft Dolan Team of Ansley Real Estate in Atlanta, said she expects the trend to continue into 2022.
Housing inventory, a measure of available for-sale homes on the market, stands at about one and one-half months in December, about the same level it posted through 2021. That’s a far cry from just three years ago when 2019 began with an eight-month supply.
|Area||Jan./Dec. 2019||Jan./Dec. 2020||Jan./Dec. 2021|
|North Fulton||8/5 months||7/3 months||2/1 months|
|Forsyth County||6/3 months||5/1 months||1/1 months|
Inventories typically dip during the spring and summer when homebuying picks up. That’s true in north Metro Atlanta, but buying and selling hasn’t dipped much since August.
Craft said home inventory is still at historic lows for the area, and there’s no sign the housing market will slow in 2022.
“I’ve been practicing for eight-ten years, and I’ve never seen it like this,” she said. “I’ve never seen something so fast-moving and competitive.”
The high demand has sent some home values through the roof. The price tag on homes has climbed 15% in Forsyth County over the past year. North Fulton real estate has climbed more modestly, but it remains at levels much higher than four years ago.
Craft said she’s seen some properties post 19% gains in value through 2021. And demand is still strong.
Values continue to climb
|City||Median listing price||Median sale price||Yr. over yr.|
“You can put a house on the market now on a Thursday, if it’s move-in ready, you can still sell it by Sunday,” she said.
There are not quite as many offers coming in as there were during the summer, she added, but even so, sellers are getting their list price. Of course, some sellers will want to list high, and those prices are often adjusted downward, she said.
Average days on market
|North Fulton||70-75 days||60-55 days||22-18 days|
“I think we’ve hit a season of reasoning here in this last quarter,” Craft said. “But the buyers are still out there. If you have a move-in ready home, you’ll do really well right now.”
All the while, homebuilders continue to lay plans for more houses.
Alpharetta continues to approve plans from developers seeking to add townhomes and detached homes to its downtown core. Interest is also growing for residential building in the North Point and Northwinds area of the city.
Forsyth County has seen a steady flow of applications for residential building development.
Right now, the greatest obstacle to more homes has been getting supplies to build.
Just last month, the Forsyth County Commission agreed to hold a public hearing on a measure to end certain architectural requirements for lap siding because builders complained they couldn’t get materials to meet the standard.
Craft said that when supply issues and labor shortages are resolved, the housing market will probably level out to a slower pace, with longer due-diligence periods for buyers and more time to secure financing on a purchase.
“The pressure on buyers in 2021 was just crazy,” Craft said. “It was a tough year for buyers.”