The Market Action Index climbed to about 16 this week, bringing the 90 day average to about 11. Not enough to bring Alpharetta out of a buyers market but this is the third week in a row that the MAI has stayed above the 90 day MAI average which hasn't happened for several months now.
The Market Action Index (MAI) illustrates the balance between supply and demand using a statistical function of the current inventory.
An MAI value greater than 30 typically indicates a "Seller's Market" (a.k.a. "Hot Market") because demand is high enough to quickly gobble up available supply. A hot market will typically cause prices to rise. MAI values below 30 indicate a "Buyer's Market" (a.k.a. "Cold Market") where the inventory of already-listed homes is sufficient to last several months at the current rate of sales. A cold market will typically cause prices to fall.
Residential house prices are a function of supply and demand, and market conditions can be characterized by analyzing those factors. Watch the Median Market Action Index for sustained changes: if the index falls into the Buyer's Market zone for a long period, prices are likely in for a downward correction.
Please Click Here to see other real estate trends affecting the Alpharetta, GA real estate market this week.
These stats are provided to you by the North Metro Atlanta Real Estate website.
Courtesy of:
Lucia Brooks
Associate Broker
Office- 404-843-2500
Direct- 404-803-0483
email- lucia@luciabrooks.com
website - http://www.luciabrooks.com