As temperatures decline, so do sales in the Southeast. Month-to-month sales continue to decrease, according to the North Metro Atlanta September 2016 Market Report. That isn't unusual, though. As the year winds down, so do North Metro Atlanta home sales. The average sale price came in lower than last month as well. However, comparing month-to-month sales figures is not always accurate. That's why we look at sales stats from the same time last year. And, according to those figures, things are looking up.
North Metro Atlanta September 2016 Market Report
According to the First Multiple Listing Service (FMLS), a total of 3751 North Metro Atlanta homes were sold in September 2016. While this represents a 12.6% drop from August's sales, it was 5.1% higher than the same time last year. This brought the total North Metro Atlanta home sales for 2016 so far to 35,513 (a 6.8% uptick from this time last year).
The average sale price for a North Metro Atlanta home sold in September 2016 was $324,625. That was 7% higher than September 2015's average. When you look back over the last five years, you see that prices have increased substantially. The biggest year-to-year bump occurred between 2012 and 2013 (18.6% difference). The average days a home was on the market before going to contract decreased from 52 last year to 43 last month.
The North Metro Atlanta September 2016 Market Report showed year-over-year sale price increases. If this trend continues, Buyers might be paying more next year. Part of this is due to shrinking inventories of existing single-family detached homes (at 3.3 months for September 2016). New construction inventories are slightly higher at 7.9 months available. If you want to buy a home, you should be looking for one right now. Any delays could cost you more money.
The Federal Reserve met last month to discuss possible rate increases. They chose to leave them be for now. They also downgraded projected economic growth for the year from 2% to 1.8%. A 30 year fixed rate loan currently averages 3.64%, according to Bankrate.com. This helps keep mortgage rates extremely affordable. When you're ready to start looking for your next home, please contact your North Metro Atlanta REALTOR® to formulate a plan.