Metro Atlanta, designated by the United States Office of Management and Budget as the Atlanta-Sandy Springs-Roswell, GA Metropolitan Statistical Area, is the most populous metro area in the US state of Georgia and the ninth-largest metropolitan statistical area (MSA) in the United States. It is the core of the broader Atlanta–Athens-Clarke–Sandy Springs Combined Statistical Area. Its economic, cultural, and demographic center is Atlanta, Georgia’s capital and largest city. The Atlanta Combined Statistical area spans up to 39 counties in north Georgia and one in North Carolina. It had an estimated population of over 6.2 million people. Atlanta is considered an “alpha world city”. It is the third largest metropolitan region in the Southeast behind Greater Washington andSouth Florida.
The latest data from realtor.com® shows that the 2016 home buying season is in full swing, with homes in April moving 8 percent more quickly than last year, even as asking prices continue to hit new record highs.
Homes on realtor.com stayed on the market for only 67 days in April, moving 6 days faster than a year ago and 7 faster than last month – pointing to solid momentum this spring. The median priced home was listed at $247,300, 9 percent higher than one year ago and 3 percent higher than March. For-sale housing inventory is increasing on a monthly basis, but remains lower than one year ago.
Jonathan Smoke, chief economist of realtor.com, says:
“Our full read on April inventory and activity on realtor.com clearly show a robust buying season has fully bloomed this spring. Close to 550,000 new listings came onto the market in April, which helped total inventory grow 3 percent over March. However, since the median age of inventory fell again by 7 days after falling a whopping 22 days in March, we know that sales are picking up faster than inventory. As a result we have 3 percent fewer homes available for sale compared to last year and homes stay on the market 6 fewer days. Pent-up demand, lower mortgage rates, and strong employment continue to power the strongest and healthiest real estate market we have seen in a decade.”
- Median age of inventory in April ended at 67 days, down 8 percent year-over-year and down 9 percent from March.
- Median listing price for April reached a record high of $247,300, a nine percent increase year- over-year and a three percent increase month-over-month.
- Listing inventory in April showed a three percent increase over March. However, inventory decreased three percent year-over-year.