Welcome to 2019!
Just like we did last year, we thought we'd take a quick look back at 2018 and check out some of the stats for Real Estate in the Atlanta Metro area. As Realtors, we routinely use the FMLS and GAMLS systems when working with our clients and wanted to share some interesting insights you might enjoy.
MLS stands for Multiple Listing Service - a private online database that Realtors use to get the most updated information on listings. Other free and public online websites like Zillow/Trulia/Realtor take this information and aggregate it on a national scale, however they are not always as up-to-date and don't include the private remarks that only Realtors can see. If you'd like to search the FMLS system, you can do it on our website here:
Search ALL Metro Atlanta Real Estate.
Let's get started, shall we? All the info below was taken from FMLS which covers all of Georgia but mostly Metro Atlanta. These stats are for residential properties only (detached and attached) and does not include commercial, land or developed lots, and also excludes private transactions that didn't make it onto the service. Where relevant, we'll compare year over year numbers and see what's changed.
How many new listings were there?
2018 was a record year! In the past year there were a total of 124,973 new listings, only about 5,000 more than the previous year. This was the highest number of new listings in the past decade, just higher than the 122,002 listings of 2010, at the peak of the great recession. The strongest month was June with 12,633, followed closely by the month of May.
What was the total sales volume?
A second record was set for total sales volume which for the year was $26,298,202,429. That is much higher than the low point of the past decade, which again goes to 2010 at close to $9.5B and just over $1.5B higher than the previous year.
Here's the chart:
How many properties actually sold?
The total number of sales in 2018 was the second highest in the past decade, coming in at 87,377 properties sold, just 379 less than the previous year. Looking back at 2010 we see the low point of the decade at nearly half the number of sales with 49,788.
What's going on in the luxury market above $1M?
We wanted to highlight the Atlanta luxury market and take a look at new listings and sales above the $1M mark. We keep track of the luxury market in our "Dekel Report" which is being revamped and will now come out on a monthly basis and showcases new listings and sold listings. You can also check out the archives. Look out for the first edition of 2019 in February!
In the past year 3,646 new listings hit the market and 1,311 sales closed at a sale price over $1M, just a little under 200 more than we had in the previous year. These sales totaled nearly $2B bringing the average sale price to just over $1.5M. The months of March/April peaked at 389/391 new listings, while June had the most closed sales at 167 for over $256M.
Here's the chart:
What was the highest sale last year?
The most expensive property sold was once again outside the city in Canton and sold for $9.25M in cash (asking price was $13.5M and though FMLS shows that it sold in 361 days it was actually previously listed in august 2016 for a year). You can check it out here.
The top sale in Atlanta was in Buckhead and sold for $8.925M. This 9,955 square feet estate had been on the market for 236 days and was originally listed at $9.5M. You can check it out here.
There's lots more where that came from!
We know some of you would love to find out more details about what's going on in the real estate market, so we've created a way for you to create your own custom market reports. You can set up reports by zip code (here's the 30339 Market Report), by city (here's the Smyrna Market Report) or even by subdivision (here's the Vinings Estates Market Report).
If you'd like more detailed information or need any help buying or selling real estate, please Contact Us. We wish you all a wonderful year in 2019!