My goodness. This year seems to just be flying by. I could have sworn that we just celebrated Thanksgiving and now we have Christmas staring us down in the North Metro Atlanta community. Prices are up while total sales are down. Here is the breakdown for North Metro Atlanta Home Sales - November 2014.
According to the First Multiple Listing Service (FMLS), a total of 2489 North Metro Atlanta homes were sold between November 1, 2014 and November 30, 2014. This is a 19.3% drop off from the previous month and a 7.5% decrease from the same time last year. As you can see from the graph above, November does tend to be much cooler temperature-wise as well as home sale-wise.
North Metro Atlanta homes that sold during November 2014 were bought at the lowest end for $7000. Of course, that was for a 3 bed/1 bath property that was in need of some serious TLC. It was even recommended that agents and their clients should wear masks when touring the property. On the other hand, a beautiful 4 bed/5 full and 2 half bath Old Atlanta property in Tuxedo Park sold for $3,140,000. In fact, 51 of the total homes sold in North Metro Atlanta last month went for $1,000,000 or more.
The average sale price of a North Metro Atlanta home in November 2014 was $276,424. This was a 3.9% bump up from October 2014 and a 12.3% increase from the same time last year. Of the 2489 total homes sold in November 2014, 22.7% (565) were purchased in the $200,000 to $299,999 range while 12.3% (305) sold for between $300,000 and $399,999. These were the most popular price points throughout the North Metro Atlanta area.
While there is less inventory being sold, the prices continue to rise. Interest rates, on the other hand, remain at historically low levels. However, I am hearing rumblings that this could very well change next year. If you are interested in purchasing a property soon, please contact your North Metro Atlanta REALTOR® so you can get started right away. Happy holidays to everyone!