January 2016 North Metro Atlanta Home Sales

January was a banner month for North Metro Atlanta home sales.  Prices and total sales were all the highest they have been in the last five years.  What a great way to start off the new year!  Here are your January 2016 North Metro Atlanta Home Sales statistics.

January 2016 North Metro Atlanta Home Sales

The FMLS (First Multiple Listing Service) is reporting that a total of 2304 North Metro Atlanta single-family homes were sold in January 2016.  That is a 16.2% increase from January 2015's total sales, making it the highest total sales in the last five years.  Some experts are predicting that this spring is going to bring a huge surge in home sales across the country.  They are talking about numbers we haven't seen since 2006!

The average sale price for a North Metro Atlanta home in January 2016 was $302,062.  This was 9% higher than the same time last year.  It also marked the highest average in the last five years.  Is this a trend we should see continue?  It just might be.

What This Means for Buyers in 2016

The average time a North Metro Atlanta home stayed on the market in January 2016 was 61 days.  Homes were selling for approximately 97% of their listing price.  Older millennials (Buyers between the ages of 25 and 34) are expected to snatch up about one-third of home sales across the country in 2016.  

The Federal Reserve increased interest rates by 0.25% in December 2015 because economic factors indicated it was finally time to do so.  However, some financial experts believe that this may have been a bit hasty.  Turbulent foreign markets and a drastic decrease in oil prices at the beginning of this year have given pause to those in the financial sector.  There is even talk that the Fed may decide to hold off on future increases for a while.  We'll know more after they meet next month.

Interest rates remain low.  Banks are beginning to loosen their credit lending standards.  If you want to purchase a North Metro Atlanta home, now is a great time to do it.

Laura Andersen, Keller Williams Realty Partners, your North Metro Atlanta REALTOR®