Here is another look at the number active listings of East Cobb single family homes by month and year. Think of active listings as a flow. New listings are coming into the system and closed sales are flowing out. The data is captured at the end of each month. However, the most recent month I show here can look a little different next month as it takes about 10 – 15 working days for all the closed sales to be reported. This gives an apples to apples comparison for inventory over time.
Low Inventory and higher prices
The East Cobb single family market is still lacking in inventory, which has frustrated buyers who are wanting to lock in historically low interest rates. Days on market and inventory significantly declined from August of 2020. In August 2021 the average Days on Market is 15 days with 1 month of inventory. For comparison, 6 months inventory is considered to be a balanced market. In August 2021, The Median Sales price increased by 9.8% to $420,000 and the Average Sales price increased by 8.3% to $503,478. The number of single family homes listed for sale in Aug. 2021 has decreased by 39% since last year.
The Mortgage Bankers Association expects the 30-year fixed-rate mortgage averaging 3.3 percent over the last three months of 2021. Freddie Mac’s most recent outlook pegs rates closing out the year at 3.1 percent, while Fannie Mae has a more generous forecast for borrowers: a 2.9 percent average rate over the remainder of the year.
Georgia Association of Realtors Monthly Indicators for Georgia – August 2021
The booming U.S. housing market has spilled over to the rental market, which has seen demand for apartment and single-family rentals skyrocket this year, as high sales prices and an inadequate supply of available housing have forced many prospective buyers to rent for the foreseeable future. Increased demand for housing, along with an improving economy, has competition for rental units soaring, and landlords are taking note. The national median rent has increased 11.4% in 2021 so far, according to Apartment List.
New Listings in the state of Georgia increased 4.9 percent to 17,529. Pending Sales decreased 4.0 percent to 15,162. Inventory decreased 27.1 percent to 20,540.
Median Sales Price increased 15.0 percent from $262,500 to $302,000. Days on Market decreased 56.9 percent to 22. Months Supply of Inventory decreased 34.8 percent to 1.5.
In new construction, home builders continue to struggle to meet buyer demand, as housing starts nationwide dropped 7% last month, according to the Commerce Department. Single-family home construction declined 4.5%, and multi-family home construction, which includes condos and apartment buildings, was also down, falling by 13%. Labor shortages, rising material costs, and supply-chain setbacks continue to challenge builders, with some projects temporarily paused due to availability and cost of materials.
Data provided by GAR Monthly Indicators. All data from the multiple listing services in the state of Georgia. Report © 2021 ShowingTime. |