It looks like Buyers decided to come out of their homes here in the North Metro Atlanta community last month. After January's dismal showing, the February 2015 North Metro Atlanta Market Update indicated that neither rain nor snow nor sleet (yes, there was sleet) would keep Atlanta Home Buyers from their self-appointed task of buying a new home. Here is what happened in the North Metro Atlanta real estate market last month.
According to the First Multiple Listing Service (FMLS), a total of 2448 homes were sold in the North Metro Atlanta area from February 1-28, 2015. This was a 2.2% increase from February 2014. The highest concentration of home sales were in the $200,000 to $299,000 range. These homes made up 23.12% of the total sales. Homes in the $300,000 to $399,999 came in second with 12.91% of total February 2015 sales.
Last month, North Metro Atlanta homes sold for an average of $269,251. This was an 11.8% increase over the same time last year and the highest on record for the last five years. Buyers were looking at homes in all price points and conditions. For example, a 3 bed/2 bath, 1414 square foot boarded up property sold for just $3000. This home's condition might have scared most people, but one investor only saw potential. On the other hand, 40 properties sold for $1 million or more. The highest price paid last month was $3,174,000 for a gorgeous 6 bed/7.5 bath, 6700 square foot John Hopkins designed home on one acre of land in the prestigious Buckhead neighborhood. This was $179,000 over asking price, too.
Now that Spring has officially sprung, we should be seeing more and more Buyers out there. We are quickly approaching the busiest time of the year for North Metro Atlanta real estate. Sellers will be happy to see more traffic coming to their doors. Although, it does help to know that even in-climate weather will not keep a determined Buyer from finding the right property. Contact your North Metro Atlanta REALTOR® when you are ready to buy or sell a home. We'll get you ready to take on the market in any season.