The North Metro Atlanta area real estate market continues to make a strong showing. Total sales and sale prices have both increased. Here is your March 2015 North Metro Atlanta Market Update to explain this more in detail.
The First Multiple Listing Service is reporting that there were a total of 3403 North Metro Atlanta homes sold in March 2015. That is 39% higher than the previous month and 14.8% higher than the same time last year. This shows two months of steady increases in North Metro Atlanta home sales. And we haven't even entered the "busy season" yet.
The average sale price for a North Metro Atlanta home in March 2015 was $283,546. This was a 5.3% increase from last month and a 6.3% increase from March 2014. This also extends the monthly price increases we have seen this calendar year. You can find a North Metro Atlanta home for sale in just about any price range. One industrious Buyer purchased a 3 bed/2 bath, 1122 square foot fire damaged home that had been boarded up for just $2000. On the other hand, someone is the proud new owner of a 5 bed/6 + 3 half bath, custom designed and built Tuxedo Park home. They paid $5,079,010 for the pleasure of owning this gorgeous property on over an acre of land.
Spring is in full bloom here in the North Metro Atlanta area. The Fed announced earlier that they believed that the US economy may be strong enough to withstand an increase in mortgage interest rates. These rates have been kept low by the Federal Reserve for several months now. Buyer confidence is up as well. At their June meeting, they plan on looking over the economic data at that time to see if, in fact, it is time to implement an increase. Currently, interest rates are just under 4% for a 30 year fixed and just over 3% for a 5/1 adjustable rate mortgage. If you want to purchase a new home, don't hesitate. Contact your North Metro Atlanta REALTOR® to get started now!