Sellers are going to like what the May 2015 North Metro Atlanta Market Update has to say. That is because both sales and prices have increased. Here is what both Buyers and Sellers should know.
May 2015 North Metro Atlanta Market Update
A total of 4102 North Metro Atlanta single-family homes were sold in May 2015, according to information from the First Multiple Listing Service. That is the highest May sales in the last five years. It is also 4.9% higher than the same time last year. May marked the fourth consecutive month of year-over-year sales increases.
Like sales, the May 2015 North Metro Atlanta Market Update saw an increase in prices, too. The average sale price for a North Metro Atlanta home last month was $298,256. This was slightly higher than the $283,581 average in May 2014. It is also 2% lower than the average in April 2015.
Of the 4102 homes sold in the North Metro Atlanta area last month, 99 of them were under $50,000. Anyone who purchased these properties went into it knowing that they would have to invest time and money into renovating them before they could either inhabit or resell them. There were 61 North Metro Atlanta homes that sold for over $1,000,000. One such property was a 5 bed/6+2 bath, 9915 square foot home in Tuxedo Park that sold for $4,400,000.
What Does This Mean for the North Metro Atlanta Buyer and Seller?
It would appear from the May 2015 North Metro Atlanta Market Update that Buyers are going to pay more. The average price per square foot increased from $104.50 last year to $110.60 last month. Buyers are still paying less than the initial list price (98% on average). Homes stayed on the market less time as well (from an average of 65 days in 2014 to 50 in 2015).
At their most recent meeting earlier this month, the Federal Reserve decided not to increase interest rates...for now. However, they have been steadily increasing over the last several weeks. The Fed will reconsider increasing rates at their next meeting later this year. Contact your North Metro Atlanta REALTOR® when you decide to buy or sell your property.
Are you interested in buying a home soon? Do you have a home you need to sell? Where is it located? Which neighborhood are you most interested in purchasing? Please let me know in the comments below.