Back From The Dark Days to Atlanta Leading The Way – Dow drops 1,000 points in March, a good day back in March, as panic gripped the financial markets due to Covid-19, and residential real estate felt like it hit a brick wall.
Atlanta Residential Real Estate Stronger Than Ever – Year-over-year going into the Memorial Day holiday and thus a slight pause in market activity, buyer activity increased 3.9%, and is up 31% since January of 2020. Open Door returning to the market next week proves it, and they view Atlanta as a bell-weather market for the East Coast. Love or leave them, a company will not make such a move unless they see the value in Atlanta real estate.
Buckhead Atlanta’s Strength Revealed – The week leading up to Memorial Day showed a slight decline in the number of new listings, for all of Atlanta, and specifically for Buckhead and Midtown houses, and the later’s condominiums and town homes. For Buckhead, the decline in house listings WAS ONLY one house. That is great since the effective working week was shortened by two days – people wanting to finally feel justifiably hopeful about relief from Covid-19. Better yet, Buckhead Atlanta condominium listings increased 15% week-over-week while the rest of the market declined 21% and Midtown dropped 29%.
May 17, 2020 Back on April 27, 2020 I predicted and posted that the Atlanta housing market would come back strong. Well, it definitely has, and the number of new listings as recorded by the First Multiple Listing Service support this fact.
Jubilant Feeling of Georgia Re-Opening Confirmed – First Weekend of May New listings for both houses and attached homes (condominiums and townhomes) saw their biggest increase the weekend that Georgia Governor re-opened the state. Houses saw a 32.7% increase in new listings while attached homes experienced an 81.5% increase.
Condominium Listings Leading The Way – 218% Increase As you can imagine with all the precautions and concerns about contracting Covid-19, attached home listings were dramatically lower than house ones from the end of March of until the May 1st re-opening. During this gloomy period, there were 193 new listings, and now since approximately May 1st, 420 new ones. Count as that as a 218% increase homes coming on the market. Admittedly, these numbers still languish compared to house ones, as 506 houses were added to the market at this time.
Line of Delineation -Weeks of April 19th – 25th & April 26th-May 2nd The number of houses coming to the market stayed in the weekly range of 102-109 prior to April 26th. Since then, the lowest number has been 154 last week and jumped to 194 for this one, a 25% increase. For condominiums and town homes until the 26th, numbers fluctuated in the range of 56 to 79. Now, as of the line of delineation, the lowest number was the weekend Georgia re-opened, 118 units. Since then, the listings have increased to 143 and now 159 for this past week.
House Market Retaining Strength – Its second highest growth in the number of listings took place this past weekend at 25.9%, after a slight dip 3.4%. That hiccup followed a 32.7% increase during the weekend of the re-opening.
Buckhead Atlanta and Midtown Atlanta Markets – They have followed the same patterns as the overall Atlanta ones.