Just like the weather, the Metro Atlanta real estate market is hot, hot, HOT! Total August home sales hit their highest level in the past seven years. The average home sale price is the highest it has been in the last five years. People are ready to buy! Here is a breakdown of the North Atlanta real estate stats for August 2014.
According to the statistics provided by the First Multiple Listing Service (FMLS), a total of 4342 homes were sold in the Metro Atlanta real estate market in August 2014. That is an astounding 30% more than the same time last year and 11.3% more than July 2014. Two homes sold for $8000 in the Fulton South and North Atlanta areas. At the other end of the spectrum, two properties sold for $3,600,000 in the North Atlanta neighborhood of Tuxedo Park Buckhead in August 2014.
The most popular price ranges for Metro Atlanta Home Buyers remain in the $200,000 to $400,000 area. Of the 1541 total homes sold in that range, 585 sold for $200,000-$249,999, 437 sold for $250,000-$299,999 and 519 sold for $300,000-$399,999. These made up 35.5% of the total homes sold in August 2014. The list price to sale price ratio (the difference between what a home was listed for and what it ended up selling for) averaged 98% while 46% of the total homes sold spent 30 days or less on the market before they went to contract.
Metro Atlanta Home Sellers should be jumping for joy at this news. Higher home prices and higher sales mean that there is more competition among Buyers for your property. Consult with your Metro Atlanta real estate specialist to make sure you price it appropriately for your market and you will find the right Buyer in no time. Buyers, on the other hand, can still take advantage of the low interest rates available. Make sure you come in with a strong offer when you find the right Metro Atlanta home. You won't want to miss out on the opportunity to make that dream home yours.
Laura Andersen, Keller Williams Realty Partners, your North Metro Atlanta REALTOR®
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