Nearly seven months ago, I wrote about market conditions in the million dollar+ market in Sandy Springs. Specifically, I focused in on homes priced $999,000 and higher in the Heards Ferry Elementary School district. At the time, there were 119 homes on the market, and 33 had sold in the previous eight months. This was equal to 29 months of supply.
That being said, how do things look, seven months later?
There are currently 91 homes for sale in this particular sub-market, an inventory reduction of 24%. Granted, there are a number of variables that I’m not tracking- which homes sold in the previous months (and what were their sales prices), how many of the listings expired, how many of the listings were withdrawn, how many new listings have come on the market in this price point, etc… but it’s a healthy market indicator to see inventory levels continue to drop.
Of course, if you’re selling your home, the rubber meets the road at the closing table. Over the last six months, this sub-market is averaging 4-5 sales per month with a sales price of $900,000+. If you’re the owner of one of these 91 homes in Sandy Springs currently on the market, what are you (and your Realtor) doing to be one of the 4-5 that sell?
* All data sourced from First Multiple Listing Service