The July 2015 North Metro Atlanta Market Update has arrived. Total sales and prices were slightly lower than the previous month. However, they were higher than in July 2014. Let me explain.
July 2015 North Metro Atlanta Market Update
First Multiple Listing Service reported that a total of 4449 North Metro Atlanta homes were sold in July 2015. This is 11.1% higher than the same time last year. However, this was the first time this year that sales were less than the previous month. In this case, 5.1% more homes were sold in June 2015 than in July 2015. Of the total North Metro Atlanta homes sold in July 2015, 1.75% were purchased for $1,000,000 or more. That was slightly less than the 2.1% of total sales in July 2014.
The average sale price of a North Metro Atlanta home sold in July 2015 was $299,441. That brought the average price per square foot to $111.20. This was a 4% increase in average sale price and a 5.9% increase in per square footage price from the same time last year.
Approximately 2.1% of the total North Metro Atlanta home sales were under $50,000. On the other hand, one Buyer purchased a 5 bed/5+2 bath European Traditional home in Haynes Manor for $2,000,000. That was 88% of the list price. And it sold in just over 90 days on the market.
What Does This Mean for the North Metro Atlanta Buyer and Seller?
Home prices continue to steadily increase. Year-over-year sales are also on the rise. Interest rates have been lingering between 4.0 and 4.1% for the last few weeks. Experts are still predicting that we'll see around 5% by year's end. If you want to lock in today's interest rates, you need to start your search now. Contact your North Metro Atlanta REALTOR® to your discuss options.
Which North Metro Atlanta community do you live in? What do you enjoy doing most in your neighborhood? Please let me know in the comments below.