2021 was an amazing year for real estate regardless of whether you were a buyer or seller. Sellers enjoyed bidding wars that drove up their end-game equity while buyers enjoyed interest rates as low as 2 percent throughout the year, which mitigated the increasing prices in the market. Let’s take a look at where were when the year started.
We saw a 1.1 percent increase in the number of properties listed as of 12/20/2021 year over year while seeing a decrease in the number of properties actually sold off close to 4 percent. The big story is the number of days on the market, which decreased by 60 percent from 35 in 2020, to 14 in 2021.
Even though inventory remained fairly consistent between 2020 and 2021, the decrease in days on the market was correlated to the number of buyers entering the marketplace. Low-interest rates coupled with huge influxes of people entering Georgia from high-priced markets fueled the scarcity of homes. I have resettled people from Chicago, Scottsdale, New Jersey, Indiana, and other cities/states this year.
|Residential||01/01/2020 – 12/31/2020||01/01/2021 – 12/21/2021||Percent Difference|
|Number Properties Listed||808||817||1.1%|
|Number Properties Sold||742||714||– 3.8%|
|List Price of All Listed Properties|
|Average Original List Price of Solds Only||$344,301||$849,186||146.6%|
|Sold Price of Solds|
|Average SP/OLP Ratio||97.9%||101.3%||3.5%|
|Average Days On Market for Solds||35||14||– 60.0%|
The other big story is a 19.2 percent increase in prices for 2021. Economists are predicting that trend to continue in 2022 with potential similar gains all over the metro-Atlanta area. While these increasing prices are fantastic, it hasn’t been enough to convince many potential sellers to sell.
So where do we go from here? Investors are still coming to Atlanta in huge numbers. I have a new investor coming from Toronto this week to purchase rental properties, as rents, like houses, have skyrocketed. Enjoy the hot market we are in and if you need to move, a top Realtor like myself can help you navigate the market to success.
Contact Jamie Parker at 404-483-7816 for a more in-depth conversation about your needs and he will create customize a plan just for you to help you achieve your real estate goals! www.homesinbrookwood.com