I often get asked how the market is doing in the Alpharetta and Johns Creek area. Well I can tell you it is very strong if you are a seller and recent buyers have been happy as prices continue to move up. Since I love numbers (math and engineering nerd I must admit) I have been crunching through the data and want to point out a few observations.
The closing price to listing price ratio was 98.9% for all sales under $500K in Alpharetta for the 1st six months of this year. That means a $300K home would have sold for $296,700 on average. Also it is interesting to take note that each successive year since 2013 the ratio has gotten stronger for the seller.
Next I looked at the monthly inventory of homes available priced under $500k. It has fluctuated between a 1.5 to 2 months supply. This is also a very STRONG indicator of market vibrancy for the Seller. The calculation is made by dividing the total homes on the market by the number of sales from the previous month. For comparison 2014 had a range from 3 to 6.2 month supply. That represents a much more balanced market. During the slowdown in 2008-2011 the range was often from a 9 to 15 month supply. YUCK!
As the story has been the past few years, it is easy to sell a home in this market for top dollar but hard to find your next home. If you have questions on how best to tackle this challenge please give me a shout and I will give you some tips. All the best! Jeff