East Cobb Market Report May 2020
Fewer new listings came to market this month than in May 2019. Fewer homes were sold. Homes are taking less days to sell, which means buyers are serious about selecting from the existing inventory. Prices are volatile from month to month, but overall the average sales price is up 4.5% from last year. If you are curious as to what your home would sell for, call me for a free market evaluation.
Days to Sell East Cobb 2020
On average, it took 28 days to sell a home in East Cobb in May 2020. Last May it took an average of 34 days to sell.
Active Number of Listings East Cobb May 2020 is Down
In May, East Cobb had 821 listings. This is significantly down from May 2019 when there was 1098 listings in the same period. Of these 821 listings, 446 of them were new listings for May. Last year that number of new listings in May 2019 was 665. Of these total listings, 87 homes are listed for over $1,000,000. The most expensive listing is for $7,500,000 and the least expensive is $165,000.
Close Price to Original Listing Price Ratio Staying Steady in 2020
A good way to check on prices is to look at the Close Price to Original Price Ratio. In May 2020 that ratio was 98.9%. This is the same as in May 2019. Low inventory has allowed sellers to hold steady on pricing. (This may not reflect closing costs or other concessions. )
Historic Average Sales Price East Cobb Trending Up
Year over year East Cobb has seen gains in the residential sales market. So far this year, the average sales price is $401,728. This compares with 2019’s average sales price of $384,129. This is a 4.5% percent average sale price change since last year. Most experts think far fewer homes will be sold, but prices will be slightly up.
Average Sales Price By Month East Cobb
The average sales price dipped in May 2020 to $377,380. This is down from April 2020 price of $418,793. May 2019 had a closed sales price average of $400,686. You can certainly see that 2020 is not following the predictable pattern compared to the past two years. We expect to see month to month volatility with an overall sales price increase for the year.
The East Cobb Market Update data is provided from FMLS.
East Cobb’s boundaries are roughly Cherokee County to the north, Fulton County and Roswell to the northeast, the Chattahoochee River and Sandy Springs, Fulton County on the southeast, I-285 and Cumberland/Galleria to the south, and Bells Ferry Rd, I-575, Marietta City Limits, I-75 to the west. The zip codes for East Cobb are 30062, 30066, 30067, 30068, 30075.
Lee Ann is a member of Women’s Council of Realtors – Cobb and Cobb Association of Realtors. She is a top producer with Dorsey Alston Realtors specializing in the East Cobb market.
Lee Ann Wynns | East Cobb Realtor®
DORSEY ALSTON, REALTORS®