It’s the story of availability and affordability
Chief Marketing Officer John Ryan with Georgia MLS joins the Atlanta Real Estate Forum Radio podcast to discuss home sales and inventory in the Atlanta market. Ryan joins host Carol Morgan on the All About Real Estate segment.
With a 29-year industry history, Ryan has seen numerous evolutions shape how the multiple listing service works and how data is delivered to brokers, agents, appraisers and consumers. When he started work at Georgia MLS, the company still printed listing books. After the evolution of the internet, the company expanded to serve listings online for agents and now Georgia MLS provides increased consumer access to valuable real estate information via the web.
Ryan said, “It’s an ever-changing marketplace and it’s what gets me up in the morning to come to work to see what we’re going to face on a day-to-day basis.”
Georgia MLS is the largest real estate marketplace in Georgia with listings in the North Georgia mountains, the Georgia coast, and practically everywhere in between!
The company strives to provide transparent real estate information while serving over 51,000 agents. With a broad footprint, the Georgia MLS mission is to provide as much information as possible to individuals with licenses to sell real estate in Georgia. The company is experiencing a rapid expansion and strives to provide relevant information to its large network in order to bring efficiency to the marketplace.
Over the last few years, the Georgia market reflected the availability and affordability seen in cities across the country. The current market showcases a strong demand with a critically low supply, leading to skyrocketing prices. In a normal market, Georgia MLS saw up to 80,000 homes available for purchase. Although the company serves such a large group of Realtors, there are currently only around 10,000 single-family residences available for sale across Georgia.
Ryan said, “We are in a position where demand is really driving up the prices and that goes into the affordability of what we’re seeing.”
In 2021, around 10% of all listings through Georgia MLS went under contract within a day, 50% in one week and 70% within one month. Ryan shared that due to the high demand and low inventory, consumers must have healthy finances in order to secure a property.
In the first quarter of 2022, Georgia MLS reported a minor slowdown in the number of units sold and new listings. The company also recounted a slight acceleration with the approach of spring and summer.
Ryan said, “2021 was a record year so it’s all kind of relative. We have never seen the activity that we saw in 2021 where over $50 billion of transactions went through Georgia MLS. That was an incredible number…and a very hyperactive market.”
Tune in to the full interview above for more information on Georgia MLS or visit www.GeorgiaMLS.com.
Georgia Residential Mortgage Licensee, License #22564. NMLS ID #6606. Subject to borrower and property qualifications. Not all applicants will qualify. New American Funding and Georgia MLS are not associated. Click here to view the terms and conditions of products mentioned during the show. Corporate office 14511 Myford Rd., Suite 100, Tustin, CA 92780. Phone: (800) 450-2010. (May/2022)
New American Funding is a family-owned mortgage lender with a servicing portfolio of over 216,000+ loans for $56.8 billion, 171 branches and about 4,500+ employees. The company offers several niche loan products and has made Inc. 5000’s list of Fastest-Growing Companies in America seven times. For more information, call 678-898-3540 or visit https://branch.newamericanfunding.com/Atlanta.
The Atlanta Real Estate Forum Radio “All About Real Estate” segment, presented by Denim Marketing, highlights the movers and shakers in the Atlanta real estate industry – the home builders, developers, Realtors and suppliers working to provide the American dream for Atlantans. For more information on how you can be featured as a guest, contact Denim Marketing at 770-383-3360 or fill out the Atlanta Real Estate Forum contact form. Subscribe to the Atlanta Real Estate Forum Radio podcast on iTunes, and if you like this week’s show, be sure to rate it.