From Michelle Cavaliere of 4 Walls Realty – Keller Williams Intown Atlanta
Very low inventory of homes for sale, and high demand, translated into impressive 1st Quarter gains for City of Decatur home sales.
Q1 2016 vs. Q1 2015
- 16% increase in the average and median sales price vs. Q1 2015.
- 54% increase in the number of sales greater than $500,000 compared to first quarter of 2015.
- 24% increase in the number of homes sold vs. Q1 2015.
Sellers received almost full list price for their homes with the sales price to list price ratio at 99% in Q1, a small increase from Q1 2015.
Days on market saw a significant increase over Q1 2015, but this is still a low number by historical and national standards.
Elementary School Districts
The quarterly home sales distribution by elementary school zone for Q1 2016 vs. Q1 2015 is shown below.
The Winnona Park school zone saw the largest increase in homes sold in Q1 2016 vs. Q1 2015.
Residential Detached vs. Attached
Single-family home sales dominated the market, increasing 33% vs. the same time period last year. Average sales price jumped 12% vs. Q1 2015, while the median single-family home price increased 3% compared to the same time period last year.
Three bedroom homes were the dominant home sold, with 4 and 5 bedroom homes tied for second.
Condominium and townhouse sales were almost equal in number to Q1 2015 and accounted for just less than 1/3 of the total home sales in Q1 2016. Their share of the total home sales has held at approximately 1/3 of the total sales since Q1 2015.
Average sales price increased 14% vs. Q1 2015, however median sales price for condominiums and townhomes decreased 13.3 % over the same time period.
Two-bedroom homes continue to be the most popular for condos and townhouse properties.
Summary and Looking Forward
The Decatur real estate market had a strong first quarter in 2016, outperforming the same time period last year in nearly every metric. Lack of inventory likely drove the price gains. Next quarter brings us into peak selling season where we’re likely to see the continued effects of the lack of inventory for sale.