June sales in North Fulton — flat

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Comparing sales of residential detached homes year-over-year, it looks like despite being right in the middle of the selling season, sales are relatively flat compared to the previous year.

Currently there are 378 homes that closed last month, compared to 388 in June of 2013. Because we are only a little over a week into July (at the time of writing this), all of the lags have not been reported – lags being those homes that closed on the last day of the month but have not been updated in the multiple listing service yet.

Once the lags have been reported, we will likely see a small uptick in the number of homes sold over last year but not what you would expect in a recovering market.

Still, those lags won’t have a large effect on the numbers in the following chart.

We’re pretty flat across the board with the same percentage of homes selling quickly, the same number selling in six months or more, even the same number of luxury home sales.

The only real difference is with the percentage of homes selling under $250,000 and a slightly smaller number in the sweet spot for North Fulton, $300K-$600K, which is why the average sales price and median sales prices jumped 3.2 percent and 4.1 percent, respectively.

What does it all mean?

First, demand has softened some from last year. Second, sales prices are still rising, but at a slower rate than they have been earlier in the year. Last, and no surprise, homes in the lower price points make up a smaller percentage of sales because fewer are available due to higher asking prices.

Biz-7-16