Housing Market Fluctuates
Homes selling over asking price and bidding wars continue in Atlanta’s real estate sector. Some luxury homes, however, are starting to sit longer and close below the original asking price. “What we’re really thinking and planning is that the market is going to correct itself and slow down, which is fine,” says alex page, senior luxury marketing lead for Compass’ The Luxury Division, Southeast Region. “It needs to balance itself out.”
The stock market, elections and supply chain issues continue to impact some buyers’ decisions to sit tight before making a purchase, although Page adds that pricing remains tough for agents because the market fluctuates so quickly. For the $5 million-plus market, the average sale price is $5.8 million, down about 10% from $6.4 million in 2021. The price per square foot is $477, a 39% decline from $780 in 2021. Average days on the market have increased to 75, compared to 24 in 2021. Months of inventory has grown to 14, up from 12 months last year. This year’s highest-price sale, as of August, was $9 million for the opulent mansion known as Sterling Hall in Buckhead’s Kingswood neighborhood; Debra Johnston with Coldwell Banker Realty and Brandi Hunter Lewis of Compass were involved in the transaction.
For the $1 million-plus market, the average sales price is $1.6 million, a 4.8% bump from $1.5 million in 2021. The price per square foot is up 14% to $311, compared to $272 in 2021. Average days on the market dropped to 24, from 36 days in 2021. More than 1,400 active listings over $1 million equate to five months of inventory, up from four in 2021.
The National Association of Realtors projects that total home sales nationally will be down by 13% in 2022. Page adds that he’s seeing a return of completed new luxury homes that appeal to buyers seeking lifestyle, security and privacy features, such as pools, theaters and game rooms, that they recognized were important during the pandemic.
by the numbers
Midtown’s hospitality offerings now include Kimpton Midtown Atlanta, a boutique property that is expected to open by October and will host its first meetings and events in November. The West Peachtree Street hotel is in the heart of the arts district, two blocks from The Woodruff Arts Center and High Museum of Art.
Square feet of the Lumina Suite
Square feet of meeting and event space
Culinary and cocktail concepts—Hartley Kitchen & Cocktails, a modern American restaurant, and Aveline, a cocktail lounge and bar