The May 2016 North Metro Atlanta Home Sales report showed that total month-to-month sales have increased for the fifth month in a row this year. Prices have also gone up. Inventory levels, on the other hand, are falling. Sellers are enjoying this news. Lower inventory with a higher demand usually means higher prices.
May 2016 North Metro Atlanta Home Sales
According to statistics released by the First Multiple Listing Service (FMLS), a total of 4406 North Metro Atlanta homes were sold in May 2016. That is a 6% increase from the same time last year and an amazing 17.8% increase from April 2016. We've just entered our busy season. That means these numbers might go even higher! This also puts the year-to-date total at 17,509, a 9% increase over this time last year.
Now for what North Metro Atlanta Buyers are really interested in...the average sales price. According to the FMLS stats, the average sale price in May 2016 was $325,376. This was just 4.3% higher than May 2015. However, it was 4.1% lower than the previous month (April 2016).
What North Metro Atlanta Buyers Should Know
The average list price to sale price ratio was 98%, a 0.3% increase from last year. This means that Buyers are paying an average of 98% of the list price on a North Metro Atlanta home. Currently, there is a 6.7 months' supply of new construction inventory and a 3.1 months' supply of existing homes. That is an 18.3% and 32.6% drop from May 2015, respectively. It is also a slight dip from April 2016. Anything higher than six months is considered a Buyer's market. Anything below six months is considered a Seller's market.
The average days a North Metro Atlanta home spent on the market decreased from 51 in May 2015 to 41 last month. That means that you, the Buyer, are waiting less time to get into your new home. Interest rates continue to remain well below 4% for 30 year fixed and under 3% for 15 year fixed mortgage loans. If you're ready to buy a home, I'm ready to show it to you. Just contact me, your North Metro Atlanta REALTOR®, to get started.
Laura Andersen, Keller Williams Realty Partners, your North Metro Atlanta REALTOR®
Comments (1)Subscribe to CommentsComment