Our community saw a very steady rise in the number of home sales month-over-month
through May of 2022. After the crescendo of 87 homes sold in May, the numbers began
to drop at almost the exact rate they had risen. This comes as no big surprise as 30-
year fixed mortgage rates more than doubled from an average 3.22% in January to 6.7%
by the end of September.

The good news for buyers is that we are finally starting to see sale prices in Sandy
Springs falter, and even drop, in the high end of the market. While the highest priced
home to sell in Sandy Springs this quarter was over $5 Million, the prices for the next 9
sales fell a bit from Q2. Last quarter we saw all 10 top sales at $3 Million or more, while
Q3 saw only 4 sales above $3 Million. Moving forward, we expect to see inventory
improve while prices adjust to a more reasonable level.

Here are number of sales and average close price for single family homes in Sandy
Springs year to date.

MonthNumber of SalesAverage Close Price
January52$953,008
February55$1,064,302
March66$1,197,725
April69$1,074,433
May87$1,074,997
June68$1,294,836
July65$1,051,942
August54$1,073,675
September52$1,118,206

Attached housing for 3rd quarter, 2022 shows the same basic trajectory as single family
housing, illustrating that prices across the board have been affected by the mortgage
rate hikes. Steady increases have transitioned into price fluctuations in Q3. Further
correction in prices should continue as inventory will hopefully increase making this a
good market for buyers again.

Number of sales and close price for attached housing YTD in Sandy Springs:

MonthNumber of SalesAverage Close Price
January69$315,544
February69$292,659
March78$341,959
April82$354,669
May103$415,504
June73$412,615
July56$309,262
August86$362,443
September66$350,767

As inventory rises, bidding wars begin to go by the wayside, and home prices start to
drop, we will see our seller’s market begin to transition into a buyer’s market for the first
time in several years.

And finally… The top 10 home sales in Sandy Springs for the 3rd quarter of 2022: