Metro Atlanta housing sales plunge almost 26% in April due to coronavirus, but prices went up

Metro Atlanta housing sales plunge almost 26% in April due to coronavirus, but prices went up

The single-family residential housing market in metro Atlanta continued to take a beating in April due to the coronavirus pandemic, with total home sales plummeting nearly 26% compared to last year’s numbers, according to a recent market report. Average and median prices of home sales, however, increased.

Housing sales in April totaled 4,071 units, a dive of 25.8% from April 2019’s sales of 5,490 units, according to the new April 2020 market report from First Multiple Listing Service (FMLS). The market brief records data of single-family residential properties in 11 metro Atlanta counties.

New listings fared even worse with a total of 3,716 in April, a steep drop of 32.2% compared to April 2019. Month-to-month numbers also show dire declines, as April’s new listings dipped more than 18% compared to March’s new listing totals.

The numbers are not surprising as local Realtors braced for the declines. Staggering unemployment numbers, a volatile stock market and a statewide month-long shelter-in-place order contributed to an uncertain future for the housing market that accounted for $92.5 billion, or 16.2%, of the state’s economy in 2018.

“As expected, the housing market in Atlanta experienced a significant reduction in sales for April with a [25.8]% decline from 2019,” said Jennifer Pino, president of the Atlanta Realtors Association, in a news release. ARA released the report on May 12.

“Total sales in May should continue to reflect a reduction from 2019 but with the removal of the shelter-in-place order at the end of April, activity has rebounded quickly and pending sales project a strong summer market,” she said.

Housing inventory in the metro Atlanta area housing also dwindled from last year, with 11,994 units recorded in April, a decrease of 13.4% from April 2019. The month’s supply over a 12-month period increased to 2.4%, according to FMLS.

Counties that finished April at the top for sales and prices were Cobb, DeKalb, Fulton and Gwinnett, according to the FMLS report. Sales in Cobb totaled 682 units sold at a median price of $325,000 and average price of $367,000. In DeKalb, 528 units were sold at a median price of $335,000 and average price of $389,000.

In Fulton, there were 744 unit sold in April at a median price of $405,000 and average price of $506,000. Units sold in Gwinnett totaled 823 at a median price of $277,000 and average price of $312,000.

Median and average home sales prices outperformed last year’s and last month’s numbers on average throughout metro Atlanta, according to the report. A rundown of key numbers:

Annual comparison

• Total home sales for April 2020: 4,071

• Total home sales for April 2019: 5,490

• Comparison: Decrease of 25.8%

• Median sales price for April 2020: $305,000

• Median sales price for April 2019: $280,000

• Comparison: Increase of 8.9%

• Average sales price for April 2020: $366,000

• Average sales price for April 2019: $347,000

• Comparison: Increase of 5.5%

Monthly Comparison

• Total home sales March 2020: 5,081

• Total home sales April 2020: 4,071

• Comparison: Decrease of 19.9%

• Median sales price March 2020: $293,000

• Median sales price April 2020: $305,000

• Comparison: Increase of 4.1%

• Average sales price for March 2020: $354,000

• Average sales price for April 2020: $366,000

• Comparison: Increase of 3.4%

 

 

By   – Reporter, Atlanta Business Chronicle, Atlanta Business Chronicle

 

https://www.bizjournals.com/atlanta/news/2020/05/12/metro-atlanta-housing-sales-plunge-in-april.html

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