East Atlanta Real Estate Market Report
Q1 2019 (January – March) | Atlanta, GA 30316
It’s time again for the East Atlanta Real Estate Market Report! For the last 5 or 6 years, this Intown Atlanta neighborhood has been in high demand, as more homes were being renovated and charming restaurants and shops popped up in and around the East Atlanta Village.
This was the first time in many years that we witnessed a big drop in home sales and home prices. It could be a sign of things to come or just a slight hiccup in the market. (Even the City of Decatur had a challenging first quarter of 2019, if you’d like to peek at their market report). Regardless, if you are thinking of selling your East Atlanta home in the next year or so, we highly recommend that you read the full East Atlanta Real Estate Market Report below.
If you have questions along the way, we’re right in the East Atlanta Village. Pop by or contact us anytime.
1Q 2019 Summary of the East Atlanta Real Estate Market
37 homes sold in the 1st quarter of 2019. That is a 44% decrease from the same time last year.
East Atlanta Home Prices
The average single-family home price was $324,918. That’s a whopping 7.9% decrease from the same time last year when the average sales price was $353,952.
- The median home sales price of $297,500 was also way below what we would have expected. In 1Q 2018, the median sales price was $345,000, so that’s almost a $50,000 drop (13.8%) year-over-year
- Home sales this quarter ranged from $142,500 to $543,000
- We know these numbers may sound a little scary, but please keep in mind that when you only have a small number of home selling each quarter, the numbers can fluctuate dramatically. It is the first time we’ve seen a drop in the average sales price in quite some time, so be sure to check back for our Spring market update and hopefully, we’ll see the numbers bounce back.
How Fast are Homes Selling?
Single-family homes in the East Atlanta neighborhood sold in 47 days (average) and 25 days (median), which was very similar to the same period last year. On a good note, 24% of the homes sold in the first week.
If you are thinking about selling your East Atlanta home in the near future, make sure you have the latest real estate stats and also get home valuation estimates from at least 2 to 3 East Atlanta real estate agents (like us!). Once you have all the data and estimates in front of you, you’ll quickly see that your home falls within a $10K or $20K price range. If you are able, its a very good idea list your home on the lower end of the range. Here’s why…
Now that the market is shifting from a seller’s market to a buyer’s market, buyers are going to be much more picky about the home they purchase and often won’t even tour a home they perceive to be ‘overpriced’. By listing on the lower end of your home’s fair market value, you should be able to sell your home (much) faster and there is a good chance that it will generate multiple offers and so that you may get more than your asking price.
Are Home Sellers STILL Getting Top Dollar?
Sometimes. The list price to sales price percentage is 94.2% so buyers are negotiating quite a bit more off of the sales price (5.8% on average). Last year at this time, buyers were only negotiating an average of 2.0% off the listing price. It may not sound like much, but on a $400,000 home, that’s a difference of about $15,000.
For those home sellers that did prepare and price their homes correctly when first listed, 22% were able to sell at 100% or more of the asking price.
Most of the East Atlanta homes that sold for the full asking price also sold in the first week they were listed. It is more important than ever to price your home at the fair market value.
Or call us at 404-205-8800 if you have questions about the current real estate market.
Recent Home Sales in East Atlanta
1/1/2019-3/31/2019 || Single Family Home Sales
|1639||Van Vleck Ave||3||2||$389,900||4|
|1816||Pennington Pl. SE||2||1||$142,500||7|
*DOM = Days on Market
Please note: The East Atlanta real estate market data was extracted from the Atlanta FMLS on 5/21/2019 and interpreted by Kerry Lucasse with the Urban Nest Real Estate Group at EXP Realty LLC. Information is deemed reliable but not guaranteed and subject to change. If you would like a complete copy of the most recent home sales in East Atlanta, please leave a message for Kerry at 404-205-8800 and she would be happy to email you a copy of the full report.