March 2016 North Metro Atlanta Home Sales

Home sales in the North Metro Atlanta area continue to increase.  In fact, the March 2016 North Metro Atlanta Home Sales Report showed the highest single-family home sales in the last five years.  Inventory levels have gone down as well.  Here is a breakdown of your March 2016 North Metro Atlanta Home Sales according to the First Multiple Listing Service (FMLS). 

March 2016 North Metro Atlanta Home Sales

A total of 3737 single-family homes were sold in the North Metro Atlanta area during March 2016.  This was 37.6% higher than the previous month and 6.5% higher than the same time last year.  This was by far the highest total March sales in the last five years.

The average sale price for a North Metro Atlanta Home in March 2016 was $313,085.  That was 6.1% higher than the previous month and 6.5% higher than last year.  It also marks the highest average March sale price in the last five years.  This is the first time since December 2015 that the average sale price was higher than the previous month.  The average list price to sale price ratio was 97.5%, a 1% increase from last year.  That means that Buyers paid an average of 97.5% of the list price for the final sale.

What Does This Mean for Buyers?

If you are looking to purchase a single-family home, there is currently a three month inventory for resale.  New construction has a 6.4 month inventory.  That is how long it would take the amount of inventory currently on hand in each category to sell if no other listings or sales came in to play.  A balanced real estate market is around six months of inventory.  If you have less than that, it is a Seller's Market (higher demand, less supply).  If you have more, the balance shifts to a Buyer's Market (less demand, higher supply).  Interest rates for a 30 year fixed-rate mortgage remain well below 4%.  That's a fantastic rate.  If you are interested in purchasing a home, don't hesitate.  Contact your North Metro Atlanta REALTOR® to get started today!

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