North Fulton mid-year housing report

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There are many differences between North Fulton east of Ga. 400 and west of Ga. 400 when it comes to housing. For instance, there are more homes on 1-plus acre lots on the west side because sewer is less prevalent, which keeps density of housing down further. Also, in general, the age of the housing stock is a little older on the east side.

But looking at the mid-year snapshot of home sales for both sides, the numbers are almost identical.

We have seen a drop in the number of overall transactions from last year in all of metro Atlanta, with home sales down 5 percent in all of North Fulton.

Forsyth County, by contrast, saw a 25 percent drop in the number of sales for the first half of this year.

Average sales prices are up about the same amount, but the median sales price on the east side of Ga. 400 saw a far greater jump up.

This is due to a big change in the number of sales over $1 million and lower-priced homes; both dropping by about half from last year, resulting in the median price rising so much higher.

What isn’t reflected in the charts above are inventory levels.

While sales transactions are down equally in both areas, inventory levels are up but not equally. Inventory levels on the west side are up over 17 percent while they only rose 8 percent on the east side.

In all of North Fulton, housing inventory is up over 12 percent from last year.

With inventory up and sales down it begs the question — why. Are sellers asking too much?

Are properties in poor condition?

Are buyers pulling back because of the economy or interest rates?

Maybe the answer is all of the above.

RN-8-13