Demand: May residential sales were at 5,289, an increase of 3.4% from the previous year.
Price: Average and median sales prices continue to gain traction and outpace 2015's figures, with positive gains. The median sales price in May was $250,000, an increase of 4.2% from last May. The average sales price was $307,000, up 3.7% from the previous year.
Supply: Atlanta area housing inventory totaled 15,235 units in May, a decrease of 1.4% from May 2015. New listings totaled 5,428, up .4% from May 2015 and down 2.7% from the previous month. The supply for sales over a 12 month period increased to 3.4 months.
A Word from 2016 ABR President Lane McCormack: "May sales results continue to show a healthy increase in both closed units and average sales price. Coupled with the April adjusted sales figures now reflecting a sales increase of 6.7% over the same time last year, the overall Atlanta market seems to be experiencing healthy growth and absorption of existing inventory. In many markets in the city, inventory levels are still low relative to the demand, so I encourage you to reach out to your Realtor for a price evaluation should you be willing to consider selling your home by a professional."