Last year, the pandemic brought many changes to how real estate agents everywhere provide services to clients. For example, many have developed variations of virtual appointments for buyers and sellers. Zoom-based appointments allow for time to discuss the wants, needs and motivations for moving forward with the sale of a client’s most important asset.
Additionally, showing appointments have changed to include precautions such as masks, gloves and hand sanitizer. Unlike before, we are seeing a rise of instances where buyers are closing on properties without having seen the property.
While this is different for us all, our primary responsibility, and that of all Realtors, continues to be helping clients navigate the sales process, according to their comfort level and concern for safety. With many safety precautions in place, the real estate market has held, and even strengthened. The record low interest rates and a severe housing inventory shortage across metro Atlanta have contributed to the best seller’s market we have seen in years.
We have witnessed the number of homes sold in the Towne Lake area increasing by 20.3% in the third quarter of 2020, as compared with the third quarter of 2019. The active listing inventory available in this area also has decreased, creating a 0.7 month’s supply of homes available in the Towne Lake area. This means that, if no other homes come on the market as of today, it would take less than a month to sell off the current inventory at the current rate of selling. If there ever was a time to consider selling your home, now is it.
According to First Multiple Listing Service (FMLS), in the third quarter of 2019, metro Atlanta’s number of active listings was 14,263. In the third quarter of 2020, the number of active listings plummeted to 7,098, causing a 50.3% decline in active inventory. With the number of homes sold up 9.8% overall from 2019 to 2020 in the third quarter, the market currently has 1.3 months worth of inventory. This is supply and demand 101. The median sales price is around $300,000, and we currently are seeing an overall increase of the median sales price of 12.6%.
*FMLS data for single family detached residences. Data is believed to be accurate, but is not warranted. Data provided by ChartMaster Services, LLC third quarter 2020 results.
By Jason Wilson of Ursula & Associates, a real estate team associated with Keller Williams Realty, that specializes in Woodstock and surrounding areas.