Atlanta Home Sales Up Marginally in May But Prices Continue to Surge
Posted by Beacham & Company, REALTORS® — June 11, 2015
ATLANTA, GA — The dollar volume of Atlanta residential real estate sold continued its torrid pace in May with another double digit gain from the previous year, while growth in the number of home sales remained sluggish with a 3% increase from May 2014.
According to the local MLS, there were 5,130 home sales in the five-county metro (Cobb, DeKalb, Forsyth, Fulton and Gwinnett) last month compared to 4,949 a year ago, or a difference of 181 sales. Total dollar volume sold was another story. The combined sales price of all homes sold increased from $1,395,025,082 to $1,541,100,824, or a difference of $146,075,742. Both homes sold and dollar volume sold figures include sales of single family detached homes as well as condos and townhomes.
The average home sales price increased 6.6% percent in May to $300,410 from $281,880. It is believed to be the first time ever that the average home sales price in Atlanta exceeded $300,000. Home prices typically peak in June or July every year.The sale of 8 Harris Glen in Buckhead – on the market for $2.395 million – was part of a record sales month in May for Beacham & Company, REALTORS®.
The number of home sales in Buckhead increased 11.8% in May. There were 218 home sales in Buckhead compared to 195 a year ago. The average sales price of single family detached home sales in Buckhead was $1,067,838 last month compared to $949,321 a year ago, or a difference of 12.5%.
Sales of luxury properties were particularly strong in May, although the average sales price declined. There were 15 sales of $2 million or more in May compared to 10 in May 2014. The average sales price last month was $2,996,012 compared to $3,217,000 in May 2014, or a decline of 6.9%.
Beacham & Company agents again outperformed the market in May with a 63.2% increase in number of homes sold compared to a year ago and a 37.1% increase in company dollar volume sold. In doing so, the firm obliterated its previous sales records for May in both categories. The number of homes sold in May was an all-time company record and company dollar volume fell just short of an all-time record set in July 2014. In the first five months of 2015, Beacham has already done more than half the business it did in all of 2014.
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. Since its inception in 2006, Beacham & Company has the top producing agents in Atlanta by dollar volume of real estate sold and the highest average sales price of any firm in Atlanta. 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. The firm has more than 90 full-time licensed sales associates.