As with any market, there are upward swings and downward spirals. Every year at this time we see some increased interest in home buying mainly do to the school year coming to a close. Most families look to make their move around their children's school schedule and the Spring seems to draw a lot of activity.
As for a hot or cold market, that is a tough question. It really depends on the position you are in. If you are a buyer, I would definitely consider this a hot market. I have seen sellers in this market more open to a wide range of offers and seem to be willing work work together to get the deal done. If you are a seller, with the appropriate preparation and most of all proper pricing, it can be a hot market. Homes in desirable areas and homes priced right sell in all market conditions. As others have mentioned, condos and townhomes traditionally take longer to sell.
If you have any other needs, feel free to visit my website for some additional tools that may assist in the Atlanta area.