Month-to-month North Metro Atlanta home sales continued their upward trajectory for the sixth month in a row. The North Metro Atlanta June 2016 Home Sales showed that prices have gone up while existing home inventory has decreased. Inventory of new construction stayed the same.
North Metro Atlanta June 2016 Home Sales
The First Muliple Listing Service reported that a total of 4615 North Metro Atlanta single-family detached homes were sold in June 2016. This was 4.7% higher than May 2016. However, it was a slight 0.01% decrease from June 2015. The year-to-date sales in the North Metro Atlanta market are now 22,407, an 8.2% increase from the same time last year.
The average sale price for a North Metro Atlanta home sold in June 2016 was $332,256. This is a 4% increase from the same time last year and a 2.1% increase from May 2016. The list price to sale price ratio increased slightly, from 97.5% last year to 97.7% last month. The average days a home stayed on the market decreased from 49 in June 2015 to 42 in June 2016.
What North Metro Atlanta Buyers Need to Know
New construction had 6.9 months of inventory on hand. This is the same as last year. Existing home inventory decreased from 4.2 months in June 2015 to 3.4 months in June 2016. What does this mean? That is the amount of time it would take to sell the amount of homes currently on the market if no other listings came on the market. Typically, anything over six months is considered a Buyers Market while anything under six months is a Sellers Market.
According to Bankrate.com, current market rates for a 30 year fixed-rate mortgage are 3.57% on average. They have been hovering between 3.5% and 3.8% for the last few months. Even as the average sale price has increased, it is still a great time to purchase a home. Contact your North Metro Atlanta REALTOR® to get started on your home search now.