In spite of declining home sales in Sandy Springs, prices of single-family homes have continued to rise. However, we are seeing prices flatten during the first half of 2023 for the condo and townhome market in our community.
While the number of single-family homes sold in Sandy Springs the first 6 months of 2023 dropped 27%, prices rose almost 12% from the first half of 2022. Tight inventory is preventing the price decreases we expected to see from the mortgage rate hikes.
The condo and townhome market here, shows a slightly larger drop in number of homes sold at 32%, but an almost flat average sales price at less than 1% increase from the same period last year.
So, what does this mean for sellers? Right now is the perfect time to sell! While homes that are new or renovated are typically the first to sell in this market, some sellers are now able to get away with doing slightly less work in more dated properties as inventory is low and buyers in lower price ranges are more forgiving than in recent history.Scroll down past our market stats for the first half of 2023 to see the Top 10 Sales in Sandy Springs for Q2!
|Year||Jan – June 2022||Jan – June 2023||Difference YOY|
|Single-Family Homes||Total Sold||397||302||23.9% Decrease|
|Average Sales Price||$1,126,550||$1,255,596||11.5% Increase|
|Condos/Townhomes||Total Sold||474||329||30.6% Decrease|
|Average Sales Price||$355,373||$357,774||0.68% Increase|