From Michelle Cavaliere – Keller Williams Realty Intown Atlanta
Total home sales in the City of Decatur dropped significantly in the 1st quarter of 2017 compared to Q1 2016. Overall, the market was driven by increased sales of condominiums and townhouses, while single-family home sales saw a notable decline versus last year.
Q1 2017 vs. Q1 2016
- A 25% decrease in the number of homes sold vs. Q1 2016.
- An 8.6% decrease in the average sales price and a 10.4% decrease in median sales price vs. Q1 2016.
- A 30% decrease in the number of sales greater than $500,000 compared to first quarter of 2016.
Sellers continue to receive almost full list price for their homes with the sales price to list price ratio holding steady at approximately 99%.
Days on market saw a significant decrease over Q1 2016 to just over 6 weeks.
Elementary School Districts
The quarterly home sales distribution by elementary school zone for Q1 2017 vs. Q1 2016 is shown below.
The Winnona Park school zone saw a large decrease in homes sold in Q1 2017 vs. Q1 2016. Sales in the other elementary zones remained fairly level with their corresponding Q1 2016 numbers.
Residential Detached vs. Attached
Single-family home sales decreased 42% vs. the same time period last year. Average sales price increased approximately 3% vs. Q1 2016, while the median single-family home price increased 9% compared to the same time period last year.
Both three bedroom and four bedroom homes were equally popular in Q1, though we’ve been flipping between these two bedroom counts for quite a while now.
Condominium and townhouse sales were almost equal in number single-family sales this quarter accounting for 46% of the total homes sold. This is a huge jump from the 1/3 of total sales trend we’ve seen since we began tracking these stats (Q1 2015).
Average sales price decreased slightly by 2% vs. Q1 2016, however median sales price for condominiums and townhomes increased 29% over the same time period.
Two-bedroom floorplans were the most popular layout sold for condos and townhouse properties.
Summary and Looking Forward
The Decatur real estate market felt the effects of low inventory, with several overall categories showing decreases compared to Q1 2016. However, when broken out into single-family homes vs. condos and townhouses, the market showed very healthy gains in median sales price and decreases in days on market. Q1 was clearly a seller’s market and that will likely not change as we head into Q2 and peak selling season.