We are now deeply entrenched in Autumn here in Atlanta. Evenings are cooling off. Thanksgiving is just around the corner. Before you know it, it'll be Christmas. The October 2015 North Metro Atlanta Home Sales Report showed that prices and sales were both at a five year high for this time of year.
October 2015 North Metro Atlanta Home Sales Report
The First Multiple Listing Service reported that a total of 3246 North Metro Atlanta homes were sold in October 2015. This is a 9.1% drop off from the previous month. But it is also 6.6% higher than October 2014. It is also the third lowest monthly total this year.
The average sale price for a North Metro Atlanta home was $269,970, according to the October 2015 North Metro Atlanta Home Sales Report. That is an 11% decrease from the previous month. It was also just $22 higher than last year.
The sale price to list price ratio stayed exactly the same at 97%. Sellers are going to enjoy the fact that the average days a home stays on the market has decreased from 59 in October 2014 to 50 in October 2015. Combine that with the higher total sales and you find that there is a healthy interest in home buying right now.
What Does the October 2015 North Metro Atlanta Home Sales Report Mean for You?
Month-to-month sales in the North Metro Atlanta area are decreasing. But you can't look at that as a true indicator of the state of the real estate market. You get a much more accurate snapshot of how the market is doing by looking at the same month each year. When you do that, you see that sales are actually increasing. Yet prices remain almost exactly the same as they did last year.
Lenders look to the Federal Reserve to determine base mortgage rates. The Fed has kept interest rates down since the financial crisis of 2008. This was to help keep the economy slowly moving along rather than collapsing entirely. There is talk that they may begin to raise rates as early as next month. We won't know for sure until after their mid-December meeting.
If you're interested in purchasing a North Metro Atlanta home, you might want to start looking now...before interest rates go up. Contact your North Metro Atlanta REALTOR® to get started today.