For the second month in a row, the average year-over-year price for a North Metro Atlanta home went up. Total sales, on the other hand, decreased. Please read my February 2017 North Metro Atlanta Home Sales report below to learn more.
February 2017 North Metro Atlanta Home Sales
The stats provided in this report are for single-family detached homes only. According to the First Multiple Listing Service (FMLS), a total of 2684 North Metro Atlanta homes were sold in February 2017. While that was 9.9% higher than January of this year, it came in 1.1% lower than last February. Inventory levels increased. In February 2016, inventory of new construction sat at 6.7 months while existings home saw 2.8 months of inventory on hand. Last month, new inventory increased to 8.4 months while existing inventory inched up to 3.1 months.
February 2017 North Metro Atlanta Home Prices
The average sale price of a North Metro Atlanta home continued to go up. In February 2017, the average sale price was $323,473, a 9.8% increase from the $294,500 average during the same time last year. One bit of good news for Buyers is that they still tend to pay under the list price. Last February, the average list price to sale price was 94.2% (ie, paying 5.8% under list price on average). This February, Buyers paid an average of 95.3% of the list price (4.7% under asking). The average days a home spent on the market dipped slightly, from 59 in February 2016 to 56 last month.
The Federal Reserve met earlier this week. Afterward, Fed Chair Janet Yellen announced another 1/4% bump in the Federal interest rate. This brings it to to 0.75-1.0%. Financial experts say to expect at least two more increases (most likely 1/4% each) by the end of 2017. When the Federal rate increases, mortgage rates tend to follow suit. That means that home buyers will be paying more for a mortgage loan later this year than they do today. Of course, this is all dependent on the state of the economy at the time of the Federal Reserve Board's meetings. Rates go up as the economy becomes stronger.
If you are contemplating purchasing a home, I would suggest you start looking now. You want to get today's rates locked in before they go up. Contact your North Metro Atlanta REALTOR® now to get started.