The Atlanta Board of REALTORS, the largest association of its kind in Georgia, released its March 2016 Market Brief on residential housing statistics for 11 area counties in metro-Atlanta.  Market Brief, now compiled by First Multiple Listing Service, provides the only regionally focused synopsis of monthly sales and home prices for single family residential properties.                                                                                            

Demand: March residential sales were at 4,530, an increase of 6.9% from the previous year.

Price: Average and median sales prices continue to gain traction and outpace 2015’s figures, with positive gains. The median sales price in March was $233,000, an increase of 7.4% from last March. The average sales price was $292,000, up 6.2% from the previous year.

Supply: Atlanta area housing inventory totaled 13,761 units in March, a decrease of 1.4% from March 2015. New listings totaled 5,298, up 8% from March 2015 and up 26.3% from the previous month. The supply for sales over a 12 month period increased to 3.1 months.

A Word from 2016 ABR President Lane McCormack: “Home sales are up by close to 40% in comparison to February, which is a great indicator of the robust spring market that we are experiencing. Home buyers and those who wish to refinance are seeing advantages in the low mortgage rates, unlocking numerous savings. I believe low rates and positive employment forecasts will contribute to active buyer demand, median and average sales prices accelerating and a strong housing market throughout Spring 2016."