Atlanta home sales gain, prices surge! - from Atlanta Business Chronicle
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 percent increase from May 2014, according to Atlanta-based Beacham and Co.
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 nearly $1.4 billion to more than $1.5 billion. 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, Beacham and Co. reported.
The number of home sales in Buckhead increased 11.8 percent 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 percent.
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 percent.