The stats on the April 2016 North Metro Atlanta Home Market Report were higher than last year. In fact, all total listings in the area covered by the FMLS were up 1% from April 2015. The average sale price for a single-family detached home was up 7.6% from last year overall as well. Let's focus on the local North Metro Atlanta market.
April 2016 North Metro Atlanta Home Market Report
The First Multiple Listing Service (FMLS) indicated that a total of 3839 North Metro Atlanta single-family detached homes were sold in April 2016. That was 1.2% more than April 2015. It also beat out March 2016 home sales by 2.7%, continuing the increase in sales each month this calendar year. We haven't even hit the "busy" season yet. The year to date total sales were 12,888 as of the end of April 2016. This is 8.3% higher than the same period last year.
The April 2016 North Metro Atlanta Home Market Report disclosed that the average sale price for a North Metro Atlanta single-family detached home was $339,434. This was a 14.8% increase from the same time last year and an 8.4% increase from March 2016. It's also the highest reported average sale price this year.
What Buyers Need to Know
The list price to sale price ratio was 97.3%, a slight dip from the 97.5% in March 2016. Buyers paid, on average, 97.3% of the listed sale price for the final sale. The absorption rate for existing North Metro Atlanta homes stood at 3.2 months by the end of April 2016. New construction had an absorption rate of 7.1 months. These are both slightly higher than the absorption rates in March 2016. That shows that more inventory is available for Buyers to consider.
The average days a North Metro Atlanta home was on the market has decreased from 63 last year to 47 last month. According to Bankrate.com, current interest rates are at 3.75% for a fixed-rate loan, 2.99% for a 15 year fixed-rate loan and 3.11% for an adjustable rate loan. With such low rates available, Buyers are in a good position to purchase right now. Contact your North Metro Atlanta REALTOR® when you are ready to start your new home search.
Laura Andersen, Keller Williams Realty Partners, your North Metro Atlanta REALTOR®
Comments (1)Subscribe to CommentsComment