ATLANTA, GEORGIA - Beacham & Company, REALTORS® outperformed the rest of the Atlanta real estate market in October with a 43.2% increase in the number of homes sold and a 23.5% increase in dollar volume sold compared to the same month a year earlier. Beacham’s number of sales in October was the highest for an October in the firm’s eight-year history and represented the seventh all-time monthly record for the firm in 2014.
The rest of the market, encompassing Cobb, DeKalb, Forsyth, Fulton and Gwinnett counties, saw the number of home sales remain unchanged while dollar volume sold rose 7.5%. Some October sales have yet to be reported to FMLS, however.
Two significant trends have developed in Atlanta real estate of late: 1) Condo and townhome sales make up a much larger percentage of home sales than they did just four years ago. Nearly 1 out of every 4 sales was a condo or townhome in October. In October 2010, 1 out of every 5 sales was a condo or townhome; 2) Average sales prices continue to climb. The average sales price in October ($264,163) was the highest ever for an October.
Year-to-date, the number of home sales for the five-county metro area is up by 351 sales from the previous year – an increase of just nine tenths of one percent. Atlanta home sales are still more than 25% below the peak year of the market in 2006.
Housing inventory levels continue to improve. The number of homes on the market in October was the highest for an October since 2011. Coincidentally, 2011 was the last year that home sales were higher than the previous year.
“There is a direct correlation to the number of home sales and the amount of inventory we have on the market,” said Dac Carver, Vice President and Managing Broker for Beacham & Company. “As we add more inventory, the number of home sales will rise accordingly. There is significant pent-up demand because there simply aren’t enough desirable properties to satisfy the market right now.”
About Beacham & Company, REALTORS®
Beacham & Company, REALTORS® is an independent, locally-owned, full service residential real estate brokerage firm that specializes in Atlanta luxury real estate. The firm is located in the heart of Buckhead at One Buckhead Plaza next to the St. Regis Hotel and across the street from Buckhead Atlanta shopping district. With more than 90 licensed sales associates, Beacham is the top selling office in Atlanta by dollar volume of listings sold and its agents are the most productive by dollar volume of real estate sold.