Expanding Prices, Diminishing Inventory, and a Burgeoning Seller’s Market in Atlantis

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Market Summary

Annual indicators reflected a third consecutive year of overall average price growth in Atlantis, and the city recorded it’s most sales since 2014. Total sales volume was at its highest level in any of the last five years, days on market remained consistent, and sellers once again achieved an excellent sale-to-list ratio in 2019.

Driving growth was an exceptionally active second half of the year, one which accounted for 52 closed sales. This closely paralleled interest rate fluctuations, which saw the 30-year fixed rate reach a 3-year low in September. Savvy sellers recognized the increased demand, responding with their own increase in median listing prices in 4Q19.

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inventory

Inventory was stable in the early part of 2019, but quickly plummeted to a 5-year low in the second half of the year. This led to higher prices and an increase in closed sales. Single-family homes garnered the biggest boost, with golf course homes, specifically, displaying a double-digit increase in average price. Multiple annual sales of $1M+ were recorded for only the second time in city history – 2005 being the other occurence.

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real estate agents prove their value

With all the positives, non-brokered listings (those not involving a real estate agent) did still curb some of 2019’s potential. Homeowner’s who chose to sell on their own behalf missed out on approximately $31k in average sales price. Conversely, sellers represented by a real estate professional produced a 19% higher overall median price for the year.