I hope everyone had a fabulous Thanksgiving. There are only eight more shopping days until Christmas. Is an Atlanta area home on your list? You'd better hurry. The time to take advantage of tax credits for a home purchase in 2016 are almost over. Read my November 2016 North Metro Atlanta Home Sales to find out what happened last month.
November 2016 North Metro Atlanta Homes Sales
According to the FMLS, a total of 3324 North Metro Atlanta homes were sold in November 2016. That was a slight dip from October's total sales. However, it represents a 28.7% increase from the same time last year. This brings the year-to-date total to an amazing 42,654. We need to sell just 271 more in December to hit last year's total for the year.
November 2016 North Metro Atlanta Home Prices
The average sale price for a North Metro Atlanta home sold in November 2016 was $341,144. That marks an 8.2% rise from the previous month and 15% increase from last year. This continues the year-over-year uptick we've been experiencing for the last five years. The average days a home spent on the market before going to contract decreased from 52 last year to 49 last month.
North Metro Atlanta Market Summary
Federal Reserve Chair Woman Janet Yellen announced a 0.25% increase in the federal interest rate earlier this week (to 0.5-0.75%). This news coincided with a slight bump in the 30 year fixed rate (4.18%) as well as the 15 year fixed rate (3.42%), according to Bankrate.com. With a new administration coming into office in January, we'll have to wait and see what the new year brings for North Metro Atlanta Buyers and Sellers.