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.
| Month | Number of Sales | Average Close Price |
|---|---|---|
| January | 52 | $953,008 |
| February | 55 | $1,064,302 |
| March | 66 | $1,197,725 |
| April | 69 | $1,074,433 |
| May | 87 | $1,074,997 |
| June | 68 | $1,294,836 |
| July | 65 | $1,051,942 |
| August | 54 | $1,073,675 |
| September | 52 | $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.
| Month | Number of Sales | Average Close Price |
|---|---|---|
| January | 69 | $315,544 |
| February | 69 | $292,659 |
| March | 78 | $341,959 |
| April | 82 | $354,669 |
| May | 103 | $415,504 |
| June | 73 | $412,615 |
| July | 56 | $309,262 |
| August | 86 | $362,443 |
| September | 66 | $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.
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