The end of year holidays are upon us. This Thursday, families gather round the dinner table to give thanks for all of their blessings. For some, this includes a new home. According to the October 2016 North Metro Atlanta Home Sales, a higher number of people were new homeowners than last year. They also paid more. Read on to learn more.
October 2016 North Metro Atlanta Home Sales
The First Multiple Listing Service (FMLS) reported that a total of 3388 North Metro Atlanta homes were sold in October 2016. This represented a 4.4% increase in sales from the same time last year. That was also 9.7% less than September 2016's total sales. But this appears to be typical for the North Metro Atlanta market. Total sales for the year continue to outperform last year. The amount of homes sold so far in the area comes to 39,167, 6.8% higher than those sold through October 2015.
October 2016 North Metro Atlanta Home Prices
The average sale price of a North Metro Atlanta home sold in October 2016 was reported to be $315,340. While this was 2.9% lower than September 2016, it actually rose 6.2% from October 2015. For the past three years, prices have steadily increased in the area. Days on market continue to decline, with North Metro Atlanta homes averaging 48.
North Metro Atlanta Market in Summary
If this trend continues, Buyers should expect to continue paying higher prices than last year through the end of the year. Existing home inventory decreased from 3.6 months last year to 3.3 months in October 2016. New construction increased slightly from 7.1 months to 7.4. It's important to note that the amount of inventory varies throughout the North Metro Atlanta market...even within a particular area. For example, parts of Rockdale have as many as 26 months of new construction inventory available. This makes it a Buyer's market. However, other parts of Rockdale only have one month of inventory, which indicates a Seller's market. DeKalb shows six or seven months of new construction inventory on hand in some areas but less than one month in others.
Do you want to purchase a new home? Contact your North Metro Atlanta REALTOR® today. They can help you focus on where to look to find your dream home at the best price.