How is the Housing Supply Around Atlanta?
The housing supply around Atlanta remains largely balanced. While the spring rush depleted several areas and shifted the market strongly in favor of sellers, things seems to have returned to balance as fall '16 approaches. Months of inventory (MOI) is a good general barometer for market activity. This is an estimate of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. The greater Atlanta market is considered to be balanced with between a 5-7 month MOI; under that range tips the scale towards sellers and over that towards buyers. We review another good indicator of trends with our post of How Close to List Price are Buyers Around Atlanta Paying? We examine MOI charts for 5 very active north Atlanta markets - different results should be expected if micro markets within these areas are examined. We cover 15+ major markets in detail around North Atlanta can pull appraisal level data for most markets in Georgia.
Dunwoody continues to run "hot" as even the high points favor sellers. This is one of the stronger areas right now with demand across all price points. Limited new construction should keep the market tight.
East Cobb always enjoys the mad spring - early summer rush as buyers set up for the highly desirable schools. Still a nod to sellers but data seems to indicate the rush has slowed.
Milton is another highly desirable area and has the same rush for schools. Note the major MOI swings; a sharp drop for the first half as buyers lost the edge but the bump back has started. New construction is impacting the data here as builders have been very busy.
Roswell has been hectic but has remained favorable to sellers; the bump up is still below 3. This is due to schools, location and limited inventory - however there are several new communities underway so MOI may increase.
Sandy Springs experienced significant swings as well; the first half of the year saw a sharp move toward neutral with a slight nod to sellers. This has since moved back to neutral and may start to favor buyers.