So much has changed in our country in the first few weeks of the new year. We have a new administration in office. Wall Street broke 20,000 for the first time in its history. Interest rates have gone up slightly. Let's see how the January 2017 North Metro Atlanta Home Sales fared.
January 2017 North Metro Atlanta Home Sales
The First Multiple Listing Service (FMLS) reported that a total of 2442 homes were sold in the North Metro Atlanta area during January 2017. That was a 6% increase over the same time last year. It's also the most homes sold in January in the last five years. Inventory levels also experienced a gain from last year, with existing inventory up to 3.1 months (10.7% higher than last year) and new construction inventory up to 8.1 months (19.1% higher than last year).
January 2017 North Metro Atlanta Home Prices
The average sale price for a North Metro Atlanta home in January 2017 was $317,967. This was 5.3% higher than January 2016's $302,062 average. Buyers are paying an average of 96.9% of the asking price, 2.6% more than they were last year. The average days that a North Metro Atlanta home spends on market before going to contract decreased from 60.5 in January 2016 to 56.4 last month.
North Metro Atlanta Market Summary
In its first meeting at the end of January, the Federal Reserve decided to keep prime interest rate at 0.75%. It does, however, expect to raise rates at least three times this calendar year. If President Trump's major infrastructure bill creates a higher demand for US goods, inflation may go up. When inflation rises, rate hikes follow. The next time the Federal Reserve meets will be in mid-March. If you're interested in purchasing a North Metro Atlanta home, contact your North Metro Atlanta REALTOR®.