Atlanta REALTORS, the largest association of its kind in Georgia, released its February 2017 Market Brief on residential housing statistics for 11 area counties in metropolitan Atlanta. The Market Brief, compiled by First Multiple Listing Service, provides the only regionally-focused synopsis of monthly sales and home prices for single family residential properties.     

Demand: February residential sales were at 3,165, a decrease of 8.6% from the previous year.

Price: Average and median sales prices continue to gain traction and outpace 2016’s figures, with positive gains. The median sales price in February was $230,000, an increase of 6.5% from last February. The average sales price was $283,000, up 5.2% from the previous year.

Supply: Atlanta area housing inventory totaled 14,819 units in February, an increase of 13.6% from February, 2016. New listings totaled 4,023, down 4.1% from February, 2016 and down 2.0% from the previous month. The month’s supply over a 12-month period remained the same at 3.1 months.

A Word from 2017 Atlanta REALTORS President Bill Rawlings: "Steady positive growth has been the trend for Metro Atlanta in recent years although low inventory continues to be an issue into 2017. For the past two years, inventory has been hovering at just over three months of supply with February reflecting 3.1 month's supply.  Median and average home prices are reflecting that pressure and continue to rise over last year’s median and average prices, although at a healthy, steady pace.  The real estate market is well positioned for the latest rise in interest rates, and it should remain strong well into 2017."