Decatur Real Estate Affected by Low Inventory in Q1

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

 

Highlights:

  • 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

Residential Detached

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.

Residential Attached

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.

If you are interested in chatting with me about the market value of your home, click here. To see all homes currently for sale in Decatur download my home search app.

Decatur Home Prices Continue to Rise

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

Decatur_2016Q1_summary

Decatur_Q1 2016_infographic

Highlights:

  • 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.

Decatur_2016Q1_Schools

The Winnona Park school zone saw the largest increase in homes sold in Q1 2016 vs. Q1 2015.

Residential Detached vs. Attached

Residential Detached

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.

Residential Attached

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.

Decatur_2016Q1_Det_vs_Att

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.

If you are interested in chatting with me about the market value of your home, click here. To see all homes currently for sale in Decatur download my home search app.

 

Decatur Home Sales Finish 2015 Strong

Decatur Sales Q4 2015

From Michelle Cavaliere of 4 Walls Realty – Keller Williams Intown Atlanta

Fourth quarter sales in the City of Decatur remained very strong, showing less of the often-observed end of year slowdown frequently associated with not wanting to buy/sell during the holidays.

Here’s a look the Q4 2015 data vs. previous quarters and Q4 2014.

2015Q4_Decatur_overall

Again we have two standouts here – the 12% increase in average sales price vs. Q4 2014, and the 38% increase in the number of homes sold vs. Q4 2014.

Sales price to list price jumped back above 98% in Q4 and was just shy of the Q4 2014 SP/LP.

Additionally, there was a 15% increase in the number of sales greater than $500,000 over the number sold last quarter and over the fourth quarter of 2014.

Days on market improved slightly from Q3 to an average of 36 days in Q4, and overall in 2015 properties were on the market a short 37 days.

Elementary School Districts

The quarterly home sales distribution by elementary school zone for 2015 is shown below.

Continue reading “Decatur Home Sales Finish 2015 Strong”

Decatur Home Prices and Sales Surge in Q2

Screen Shot 2015-07-15 at 8.37.17 PM

From Michelle Cavaliere of 4 Walls Realty – Keller Williams Intown Atlanta

Have several houses sold in your neighborhood this summer? Have you watched them sell in what seems like an instant? The second quarter numbers for City of Decatur are in and there are some eye-catching statistics to support those observations.

The table below compares Q2 vs. Q1 this year, as well as vs. second quarter 2014.

Screen Shot 2015-07-15 at 9.39.03 PM

There are two obvious standouts here. The first is the increase in average sales price, which is up 15% over first quarter 2015 and a huge 24% over Q2 2014.  Additionally, the number of sales greater than $500,000 is approximately triple the number sold last quarter and almost 2.5 times the number sold in the second quarter of 2014. Days on market dropped again, falling to an average of 36 days.

Some of you expressed interest in the home sales distribution by school zone last quarter, so here’s the 2015 breakdown so far.

Screen Shot 2015-07-15 at 9.50.03 PM

The Oakhurst Elementary district saw the largest jump in Q2, increasing to 2.5 times its Q1 number. The remaining gains over Q1 were fairly evenly distributed over the other elementary schools and consistent with the increase in total properties sold in Q2.

Finally, looking closer at residential detached vs. attached we again see some definitive trends.

Screen Shot 2015-07-15 at 9.39.46 PM

Residential Attached

Although the proportion of condo and townhome sales held steady at approximately 1/3 of the total sales for Q2, the total number of residential attached sales almost doubled over Q1 2015. This was accompanied by a 20% increase in the average sales price vs. Q1, and a 38% increase over the average sales price compared to the same time period last year. A jump was also seen in the most popular number of bedrooms for condo and townhome properties from 2 to 3 bedrooms.

Residential Detached

The total number of single-family homes sold was 32% higher than the same time period last year. This was accompanied by a 12% increase in the average sales price vs. Q1, and an 18% increase over the average sales price over Q2 2014. The most popular number of bedrooms increased to 4 bedrooms from 3 bedrooms in Q1.

Obviously the Decatur real estate market is very active so far this year with two months still remaining of peak selling season.

If you are interested in finding out the market value of your home, click here. To see all homes currently for sale in Decatur, visit my website.

First Look at 2015 Decatur Real Estate Trends

You’re probably aware that it’s currently a seller’s market here in Atlanta with well under 6 months worth of supply available. Not surprisingly, that’s also true here in the City of Decatur.

Check out the table below for some 1st Quarter 2015 insights specific to the Decatur real estate market compared to the same time period last year.

DM Table 1

While the average sales price is up approximately 1% vs. 1st quarter last year, what really stands out is that Days on Market (DOM) has decreased from 55 to 38 days! Also, while the sale of homes under $500,000 declined slightly year over year, the majority of sales remain under the $500,000 price point.

Digging a little deeper, when you break out sales by single-family homes vs. condos and townhomes, some interesting trends emerge.

DM Table 2

Interestingly, over of sales in Q1 2015 were condos and townhomes vs. ¼ during the same period in 2014. This was accompanied by a 36% increase in the average sales price vs. Q1 last year, while single-family home prices increased just over 1%.

Additionally, two bedroom floor plans remained the most popular choice for condo and townhome buyers, while the most popular number of bedrooms for single-family homes decreased from 4 to 3 bedrooms.

We’ll take another look at what the numbers say at the end of June – 2 months into peak selling season. Let me know if there are any other metrics you’re interested in seeing.

Click over to the 4wallsrealtywebsite to see all homes currently for sale in Decatur.