CONDO VIEW
During 2022 and 2023 there was a long-awaited and dramatic shift in the housing market. In July 2023, the Federal Reserve raised interest rates for the 11th time in 17 months, to combat inflation. Mortgage rates went from around 3.25% in January 2022 to over 7% in 2023, drastically increasing the monthly cost of financing a home purchase and reducing a Buyer’s “purchasing power.” Rates have not changed much in 2024.
Most notably, the increase in mortgage rates has caused a substantial decline in the number of closed transactions. In metro Atlanta, the total number of attached home sales in January-June 2024 declined by 5.2% when compared to the same period in 2023, but the cumulative decline from the first half of 2022 is 26%.
While the number of closed transactions for attached homes declined, the average sales price for attached homes (condos and townhomes) YTD increased in metro Atlanta by about 6.4%. For Midtown condominiums specifically the average sales price through June 30, 2024, was $440,999 vs. $430,548 for June 30, 2023. This represents a nominal increase in the average sales price of 2.4%. The average sold price per square foot increased from $376 in June 2023 to $384 in June 2024.
Like single-family homes, the inventory of available “attached homes” has increased very dramatically. The active inventory of attached homes in metro Atlanta increased from 2,157 on June 30, 2023, to 4,009 at the end of June 2024, representing an 86% increase in available homes. If this increase in inventory continues, we could see a reduction in sales prices.
In Midtown, there was an increase in the total days on the market from an average of 51 days in June 2023 to 59 days in June 2024. The sales price to original list price ratio, a measure of how close sellers are getting to their asking price, decreased from 97.5% in June 2023 to 96.5% in June 2024. This means properties are taking longer to sell and sellers have started negotiating more.
In October 2023 there was a verdict in the Sitzer-Burnett class action antitrust lawsuit which challenged Multiple Listing Service (“MLS”) rules and the real estate compensation model.Historically, both buyer-side and seller-side commissions have been negotiated by the listing broker and seller, paid by the seller, and advertised in the MLS. In 2024, we began tracking the average buyer-side commission paid by sellers for each neighborhood and condo building we reviewed in this report. We do that to make the amount of commission (and who pays it) more transparent to Buyers and Sellers.
While it is hard to predict future real estate trends, we want our clients to understand what is happening in the market, so they will understand pricing and how quickly a home will likely sell in the community where they live or hope to live. We hope this report will help with that. If you would like a more in-depth analysis of a specific area or want to determine the value of your home, our neighborhood real estate experts are here to help.
We know the Atlanta market. Your building is our business.
Randal Lautzenheiser, Managing Broker and Owner
Len Kwilos, Agent and Owner
David Vannort, Agent and Owner
MIDTOWN
1010 MIDTOWN
1065 MIDTOWN RESIDENCES LOEWS
1280 WEST
805 PEACHTREE
905 JUNIPER
40 WEST 12TH
ABOVE THE FOUR SEASONS
ANSLEY ABOVE THE PARK
ANSLEY TERRACE AQUA
THE BELVEDERE
THE BELVEDERE - LOFTS AT THE BELVEDERE
COLONY PARK CITIHOMES
COLONY SQUARE - COLONY HOUSE
COLONY SQUARE - HANOVER HOUSE
CORNERSTONE VILLAGE - REID BUILDING
CORNERSTONE VILLAGE - NEW BUILDING
CORNERSTONE VILLAGE - LOFT BUILDING
COTTING COURT
THE DAKOTA CONDO FLATS
THE DAKOTA TOWNHOMES
HARPER ON PIEDMONT
J-5
LOFTS AT THE PARK I
LOFTS AT THE PARK II
LUXE
MAYFAIR RENAISSANCE
MAYFAIR TOWER
METROPOLIS
MIDCITY LOFTS
ONE MUSEUM PLACE
PARC VUE
PARK CENTRAL
PEACHTREE LOFTS
PEACHTREE WALK
PIEDMONT CREST
PLAZA MIDTOWN
REID HOUSE
SEVENTH MIDTOWN
SIENA AT RENAISSANCE
SPIRE
TUSCANY
TWELVE CENTENNIAL PARK
VIEWPOINT
VIRGINIA HILL
W RESIDENCES
WILBURN HOUSE - NEWER
WILBURN HOUSE - HISTORIC
WINDSOR OVER PEACHTREE
Midtown Condo Overview
CLOSED - 3 BEDROOM
CLOSED - STUDIO BEDROOM
January - June 2024
CLOSED - 1 BEDROOM
-
CLOSED - 3 BEDROOM
CLOSED - 1 BEDROOM January - June 2024
CLOSED - 2 BEDROOM January - June 2024
CLOSED - 1 BEDROOM
CLOSED - 2 BEDROOM
CLOSED - 3 BEDROOM
CLOSED - 2 BEDROOM
CLOSED - 3 BEDROOM
CLOSED - 4 BEDROOM
CLOSED - 3 BEDROOM
OR PENDINGS as of 6/30/2024
CLOSED SALES - January - June 2024
CLOSED - 1 BEDROOM
CLOSED - 1 BEDROOM
CLOSED - 1 BEDROOM January - June 2024
CLOSED - 2 BEDROOM January - June 2024
- 3 BEDROOM
as of 6/30/2024
CLOSED - 2 BEDROOM January - June 2024
CLOSED - 3 BEDROOM
- June 2024
CLOSED - 2 BEDROOM
CLOSED - 2 BEDROOM
CLOSED - 1 BEDROOM January - June 2024
CLOSED - 2 BEDROOM
PENDING
as of 6/30/2024
CLOSED - 1 BEDROOM January - June 2024
CLOSED - 2 BEDROOM January - June 2024
CLOSED - 3BEDROOM January - June 2024
CLOSED - 2 BEDROOM
CLOSED - 1 BEDROOM January - June 2024
CLOSED - 2 BEDROOM
- 1
CLOSED - 2 BEDROOM
PENDING as of 6/30/2024
CLOSED - 1 BEDROOM
CLOSED - 2 BEDROOM January - June 2024
CLOSED - 3 BEDROOM January - June 2024
CLOSED - 2 BEDROOM
PENDING
as of 6/30/2024
CLOSED - 1 BEDROOM
CLOSED - 2 BEDROOM January - June 2024
CLOSED - 1 BEDROOM
CLOSED - 2 BEDROOM
as of 6/30/2024
as of 6/30/2024
ATLANTIC STATION/ WHITE PROVISIONS
ART FOUNDRY
THE ATLANTIC
ATLOFTS
DISTRICT LOFTS
ELEMENT
TWELVE ATLANTIC STATION
WHITE PROVISIONS
Atlantic Station/White Provisions
Condo Overview
Data and most photos are from the First Multiple Listing Service. Information is deemed to be accurate but is not warranted. Please note that in many “new construction” condominium projects or buildings being converted to condominiums, not all sales are reported in FMLS. We are only reporting sales included in FMLS. This research is on 57 buildings in and around Midtown, but is not exhaustive.
If you are interested in receiving more information on additional properties or need help pricing your home, please contact your Atlanta Intown Agent, call 404.881.1810 or email brokers@atlantaintown.com .
