It seems that winter weather has not dampened Buyers' desire for a new home. The December 2015 North Metro Atlanta Home Sales Report showed that sales and prices were both up from last year. This helped make 2015 one of the best years for total home sales in a while.
December 2015 North Metro Atlanta Home Sales Report
According to the First Multiple Listing Service, a total of 3462 North Metro Atlanta homes were sold in December 2015. These are just the sales of single-family detached homes in the North Metro Atlanta area. That was 14.4% higher than the same time the previous year. It was the highest December sales in the last five years. The year ended with a grand total of 42,925 North Metro Atlanta homes sold. This was a 12.9% increase from the 38,035 total sold in 2014.
The average sale price for a North Metro Atlanta home in December 2015 was $307.065, an 18.7% increase over the same time in 2014. It was also a 3.5% increase from November 2015, marking the highest 2015 monthly average since June. This was the highest December average we have seen in five years as well.
Sellers are going to be very happy when they hear that both sales and prices are up in the North Metro Atlanta area. Even through the winter time, Buyers want to purchase homes. We weren't sure what to expect when 2015 started. Sales were severely hampered due to the harsh winter weather we saw last year. I don't think we'll be experiencing that this month, though. We'll have to wait and see.
Even though the Federal Reserve decided to raise the prime rate last month, it has not affected mortgage rates much. In fact, Bankrate.com reported that it peaked at 4.15% the week of December 30th. However, as of January 13th, the 30 year fixed rate is at 4.05%. Experts still believe that we could see a total of four more 0.25% increases by the end of this year. Their next meeting is at the end of January.