It looks like we may have some good news in the Atlanta real estate market this week. As we have gotten further into the COVID19 crisis and shelter in place order, the market has hit a little slump. Fortunately though it hasn’t been nearly the slump that some predicted, at least not here in Atlanta. And now, the latest reports are showing that things may be picking back up.
In the last reports released by Keller Williams this week, we see an uptick in pending sales in the past 7 days. Pending listings are a more accurate indicator of the current market because the information is delivered in real time when agents change the status of their listings to pending.
On the other hand, the data for sold listings is lagging. It can take up to a month or more for home sales to be recorded. That makes it difficult to know if the numbers we are seeing today are really accurate.
Be sure to check out the slides below for a better representation of this. You will see the numbers indicate that the Atlanta home sales are very low for the past two weeks. However, if you examine the pending listings slide you will see that those numbers have actually increased in the same time period.
Another positive that we’re seeing as it relates to the Atlanta real estate market is that new active listings are not flooding the market like we normally would see in a housing market shift. This obviously is a byproduct of this specific event.
The numbers of on-hold listings has also reduced in the past few weeks. There was a drastic spike in this stat at the end of March and now it is starting to decline.
I would attribute these two factors to the fact that buyers are sellers are becoming more comfortable with doing business through our new virtual systems. And real estate professionals have gotten better at educating their clients and the public on how to implement these new systems effectively.
The safety of our clients is always our top priority. We are learning and improving our processes constantly in an effort to keep everyone healthy and safe, while also continuing to help our clients buy, sell and invest. If you have any questions or comments please feel free to reach out to me anytime.