East Cobb by the Numbers: Real Estate Market Report
The Atlanta Journal Constitution reported that Metro Atlanta home prices jumped 9.9 percent on average during the past year. (AJC Feb. 25, 2018) The article goes on to say, “Part of what is driving the increase is the worsening mismatch between supply and demand: growing population, job creation and wage growth has meant an increase in demand that has far outpaced the listing of homes for sale.”
So what is happening locally in East Cobb? In 2016, the average sales price was $364,799 with 2,972 homes sold and average days on market was 40 days. In 2017, the average sales price was $383,425 with 2,704 homes sold and days on market was 38 days. This is a sales price increase of 5.1% increase year over year.
At first you may ask why are East Cobb’s homes not hitting the 9.9% price increases like Metro Atlanta? The measurement for Metro Atlanta encompasses all of Cobb, Dekalb, Fulton, and Gwinnett. The median sales price for Cobb County is $265,000 according to the Atlanta Journal Constitution. (Feb. 25, 2018) East Cobb is well above the Cobb median sales price.
Homes in East Cobb listed under $450,000 took 18- 39 days to sell in 2017. It was a different story for East Cobb homes listed over $500,000 in 2017. Still a sellers market for sure, but these higher priced homes spent between 46- 139 days on the market.
So what would a healthy market look like? When the number of listed homes generally represents about six months of sales. Right now in East Cobb for February, we have 549 active listings in East Cobb with five months supply of inventory. (FMLS Data)
Here is a great chart that shows the List Price, the Average Days to Sell and the Sale Price average for homes in that listing category. As you can see listings over 600,000 take a few more days to sell in East Cobb as the number of buyers drop off as compared to homes listed below 450,000.
Remember: location, location, location! East Cobb is still the place folks want to call home.