(This market update was written on June 26. So, there may be a few additional sales and listings before the end of the month.) East Cobb saw active listings drop in June 2020 by 4% compared to May 2020. Looking back at June 2019 for comparison, we have 25% fewer listings in June 2020 than the same time as last year in East Cobb. Metro Atlanta active listings are down about 27% from June 2019.
The lack of inventory is frustrating for buyers looking for a home in East Cobb. We were already at low inventory levels, and COVID-19 has further complicated the situation. We saw a dip in the average closed sales price in May 2020, but that bounced back up in June 2020. Over the past 10 years the average sales price in East Cobb has increased year over year.
Good news for today’s sellers ….. they face less competition than ever. Another piece of good news for sellers is that the average Original List Price/ Sales Price ratio is staying close to the 98.4% ratio. Which means that sellers with well priced homes and homes in good condition are getting close to their asking price. We see multiple offer situations happening all over the metro area.
Mortgage rates are at historic lows. Move up buyers are taking advantage of these low rates. We understand the challenges of buyers and sellers as they face uncertainty in their lives and businesses, but we do see opportunities for both buyers and sellers now.
Ever wonder what your home is worth? Give me a call for all your real estate needs.
Average Closed Sales Price moved back up.
June 2020 closed sales price average for East Cobb is $415,217 compared to $380,867 in May 2020. An increase of 9%.
Number of Active Listings down 4% in June
As of Jun 26, 2020 we have 787 active listings vs. 822 in May 2020.
Close price to original list price ratio staying steady!
This ratio remains about the same with Sellers getting 98.4% of the original listing price in June 2020.
Historic look back 10 years shows East Cobb average sales price trending up. Good for homeowners, but challenging for first time homebuyers.
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®
https://www.dorseyalston.com/agents/lee-ann-wynns/