The market shift seems to be upon us here in the Metropolitan Atlanta area. Average Sales price dropped for the first time in two years from $400,000 to $390,000. Days on the market went from 6 to 7 days which doesn't seem like a big jump but this number always lags. Months supply of inventory is now at two months which is up one full month since January and at its highest level in two years. Closed sales were also down with 3,000 less sales than July 2021.
What does all of this mean to you? It is still a sellers market, however slowly changing to a balanced market. I have seen more price reductions on listings in the past two weeks than I have in quite some time. The interest rate hike has definitely had an impact on buyers and affordability. This is not all gloom and doom though, it is an expected shift and I expect values to stay strong moving forward. We just will not see 20 offers on every listing so good news for buyers who have been extremely frustrated the past few years.