A whopping 225 single family homes sold in Sandy Springs during the 2nd quarter! So far, while this statistic is higher than Q1, the overall number for the first half of 2022 predicts a possible drop in number of sales at year end in our community for the first time since 2018. Looks like the rising mortgage rates may be starting to have their intended effect. This is good news for buyers as it may lead to a leveling off of rapidly rising home prices.
The good news for sellers is that we still saw prices continuing to rise during the 2nd quarter. Sandy Springs has seen a steady rise in average sales price for single family homes year over year since 2018. So far, at the halfway point this year, that trend has continued, but we are curious to see what the second half of 2022 will bring.
While 2021 was a record-breaking year for number of sales of attached housing (condos and townhomes), thus far in 2022, this market seems to be following the same trajectory as single-family homes in both number of homes sold and average home price. There were 257 closings in this category during the 2nd quarter. While total number of sales may be indicating a slump for the year, prices rose dramatically during this first half of 2022. The top 3 sales were each for $1,250,000 and all of these were townhomes built in 2019. There was one other townhome, built in 2018, that sold in Q2 for over $1 Million.
We are hopeful that these numbers will hold out after the major increases we have seen in mortgage rates, but only time will tell.
Here is a look at average sale prices and total number of sales over the last 4 years:
Is the Sandy Springs real estate market so strong that prices can continue to increase in spite of drastically higher mortgage rates? Stay tuned for our Q3 and year end reports!
