July 2016 North Metro Atlanta Home Sales

By
Real Estate Agent with Keller Williams Realty Partners ~ 678.462.1191 agentandersen@gmail.com Georgia Broker 175548

I know it's summer, but do I detect a slight chill in the air?  For the first time this year, North Metro Atlanta home sales actually decreased from the previous month.  They were also lower than the same time last year.  However, the July 2016 North Metro Atlanta Home Sales Report showed that the average price increased.  Could this be due to inventory levels coming down?  Possibly.  Read on to find out more.

July 2016 North Metro Atlanta Home Sales

Total Homes Sold in the North Metro Atlanta Area in July - 2012 to 2016

According to statistics reported by the First Multiple Listing Service (FMLS), a total of 4345 North Metro Atlanta homes were sold in July 2016.  This represented a 2.7% decrease from last year.  It was also a 5.9% drop from June 2016.  Even so, year-to-date sales for single-family detached homes in the North Metro Atlanta Area outpace last year's figures by 6.8% (25,333 in July 2015 vs 27,051 in July 2016).

Average Sale Price of a North Metro Atlanta Home Sold in July - 2012 to 2016

Even though sales decreased, prices went up.  The July 2016 North Metro Atlanta Home Sales Report showed an average sale price of $334,291 last month.  That's 9.4% higher than last year and just slightly higher than June 2016's $332,256 average sale price.  The average days on market have decreased from 46 in July 2015 to 37 in July 2016.

How This Affects North Metro Atlanta Buyers

Inventory levels have come down over the last few years.  July 2016 saw 6.6 months of new construction inventory on hand.  Meanwhile, existing single-family homes have 3.4 months of inventory available.  Low inventory and high demand typically means higher sale prices.  Total sales for July 2016 cooled off a little from last year, but prices still went up.  Interest rates remain low, with Bankrate.com reporting 3.4% for a 30 year fixed rate loan as of the writing of this post.

My best advice to anyone currently interested in purchasing a North Metro Atlanta home is to get the loan process started right away.  This helps you decide on a budget for the price point you are comfortable with.  Unless you pay all cash for a new home, you could be waiting for a few weeks to close.  Contact your North Metro Atlanta REALTOR® if you have any questions or just want to start looking at properties.

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

Posted by

Laura Andersen, REALTOR®, Associate Broker / Keller Williams Realty Partners
678-462-1191
AtlantaHOMEListings.com

 

  

  

 

 Laura Andersen | Associate Broker at KW Realty Partners | www.AtlantaHomeListings.com

 

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Location:
Georgia Fulton County Atlanta
Groups:
Posts to Localism
Local Expert
Market Reports
Tags:
atlanta real estate
atlanta homes for sale
north metro atlanta real estate
july 2016 north metro atlanta home sales

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Ambassador
3,440,121
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Great report, Laura!  We are experiencing the same thing here - thinventory is killing us!  Sellers won't sell until they can find their next home so, we're in a bit of a stand-still right now!  Hopefully we'll soon see the release of some pent-up 'got to move' sellers!

Aug 20, 2016 07:22 AM #1
Ambassador
1,486,626
Jim Crawford
Maximum One Executive REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Thank you for taking the time to prepare and share this market insight.  This is perfect information for buyers and sellers alike!

Aug 21, 2016 12:12 AM #2
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
99,766

Laura Andersen

A HomeSOLD Name (678)462-1191 Woodstock, Georgia
Call your Market Leader, Laura Andersen, for buying or selling
*
*
*
*
Spam prevention