Total sales of homes in the North Metro Atlanta community were down slightly last year. However, the average sale price went up. Here is your 2014 North Metro Atlanta home sales year in review.
The First Multiple Listing Service's (FMLS) stats for the North Metro Atlanta real estate market showed that a total of 38,042 single-family homes were sold between January 1st, 2014 and December 31st, 2014. This was just 1% less than the total homes sold the prior year. The year started off strong, with steadily increasing sales for the first seven months of the year. It peaked at 4001 total homes sold in July. There was a steady decline in sales from there, with the lowest amount of homes sold in November. December sales rebounded, however, ending the month with a total of 3055 homes sold.
The average sale price for a North Metro Atlanta home sold in 2014 was $267,683. This was a 9.2% increase from 2013. One North Metro Atlanta Buyer purchased a 3 bed/2 bath foreclosure in Nelson built in 1900 for just $5000. In fact, 1603 of the total homes sold last year were bought for less than $50,000. Keep in mind, however, that most of these were foreclosures and just about all of them needed some serious work. At the upper end of the scale, 585 homes sold for $1 million or more. The highest price paid for a North Metro Atlanta home in 2014 was $5,600,000 for a 5 bed/5.5 bath, 6983 square foot two-story home built in 1857 on 16 beautiful acres in historic Roswell. That property was on the market for almost a year and a half before it sold.
The majority of homes (23.08%) sold within the $200,000 to $299,999 range while 12.23% sold between $300,000 to $399,999. This was 2.8% and 0.9% higher for the same price points than in 2013, respectively.
In summary, the 2014 North Metro Atlanta home sales year in review indicated that sales have tapered off, but only slightly. The average sale price, on the other hand, has continued to steadily rise. Experts are predicting that we could see mortgage interest rates increase to as much as 5% or more by the end of 2015. It would appear that, if you wish to purchase a North Metro Atlanta home, you had better start looking now. Keep in mind, however, that even a 5% interest rate is still quite affordable. Contact me when you are ready to start looking for your next North Metro Atlanta home.