KCR April 2023 Market Report

During the month of April, the real estate market in Dunwoody, Sandy Springs, and nearby regions showed further signs of improvement compared to the uptick observed in March. The market’s strength was sustained by the surge in demand from buyers, which remained high due to stable mortgage rates with slight decreases. Although Atlanta witnessed a decline in average prices last month, the prices in Dunwoody, Sandy Springs, and other parts of North Atlanta did not follow the same trend. Instead, they continued to rise, contradicting the national price decreases.

Key Points

The average sales price in Sandy Springs surpassed the $800,000 mark, showing a continuous increase compared to the previous month. Meanwhile, Dunwoody advanced further into the $700,000 range after already surpassing it last month.
Average days on market for both Dunwoody and Sandy Springs dropped a sizable amount of days
Dunwoody and Sandy Springs continue to struggle with demand as indicators – months supply and homes for sale – each dropped or sustained low numbers in April.

Average Sales Price

In April 2023, the average sales price in Sandy Springs reached $801,769, indicating a 12.28% rise compared to March and a notable 29.8% increase from April 2022. Similarly, in Dunwoody, the average sales price experienced a slight growth from $704,763 to $723,231, reflecting a 2.62% increase. When compared to the same period last year, the average price in Dunwoody demonstrates an almost 20% higher value.

Average Days on Market

In April, both Dunwoody and Sandy Springs witnessed a sudden drop in the average days on market. Dunwoody’s average days on market dropped by over 30% to 20 days. However, it is important to note that this marks a substantial increase compared to the same period last year when the average days on market stood at 10 days. Similarly, Sandy Springs experienced a decrease in the average days on the market from 46 to 22 days. It’s worth mentioning that the days on market in Sandy Springs during the same period last April were also 22 days.

Months Supply of Homes for Sale

Sandy Springs saw no change in months supply remaining at 1.8 from March. Meanwhile, Dunwoody decreased slightly from 0.7 to 0.5 months supply, reflecting a 50% decrease compared to April 2022. This decline points to a tighter supply of homes in Dunwoody’s market.

Homes for Sale

Both Dunwoody and Sandy Springs saw no increases in the number of new homes available in April – indicative of the strong seller’s market we are seeing. Dunwoody experienced a decrease from 25 to 17 new homes for sale, indicating a 58.5% decline compared to April 2022 when there were 44 homes available. Similarly, Sandy Springs saw a slight decrease from 128 homes in March to 122 homes for sale, representing only a 10% increase compared to the previous year.

Pending Sales

The number of pending sales in Sandy Springs showed further growth, rising from 72 in March to 78 in April. Conversely, Dunwoody experienced a decrease in pending sales, going from 34 to 26, representing a 23.53% decline. Comparing to April 2022, Sandy Springs witnessed a 32.2% decrease in pending sales, which totaled 115 at that time. Similarly, Dunwoody experienced a 38.1% decrease from April 2022 when there were 42 pending sales.

Key Takeaway

In summary, the real estate market in Dunwoody and Sandy Springs remains a strong seller’s market and will most likely continue to do so as we head into the summer break. It’s important when looking at national-level headlines to remember that they don’t always translate to what is happening at a local level.