This year's North Metro Atlanta home sales continue to march upward from last year. The average sale price also increased from the same time last year, making this the third month this year to do so. Below, you'll find a complete break down of March 2017 North Metro Atlanta Home Sales.
March 2017 North Metro Atlanta Home Sales
According to the First Multiple Listing Service (FMLS), a total of 4156 North Metro Atlanta homes were sold in March 2017. That showed an 11.2% increase from last March. The total sales for the 1st Quarter of 2017 came in at 9509, 6.5% higher than 2016's 1st Quarter totals. Inventory levels also increased. In March 2016, new construction showed an inventory of 6.3 months, with existing homes at three months. Last month, new construction inventory jumped to 9.1 months available, with existing homes inching up slightly to 3.4 months on hand. All statistics shown are derived from single-family detached homes in the North Metro Atlanta area only.
March 2017 North Metro Atlanta Home Prices
Like total sales, the average sale price for a North Metro Atlanta home went up as well. Last March, Buyers paid an average of $313,085. In March 2017, they paid an average of $338,483, 8.1% higher. While prices continue to rise, Buyers typically pay less than the list price. In fact, North Metro Atlanta Buyers paid an average of 97.8% of the list price (or 2.2% under asking). The average time a North Metro Atlanta home remained on the market before going to contract stayed exactly the same as last March: 53 days.
What Buyers Can Expect
Last month, the Federal Reserve raised Fed rates to 0.75% to 1%. Their next meeting won't take place for a couple more weeks (May 2nd and 3rd). At that time, they will announce whether another rate increase is due. The state of the economy factors greatly into whether or not to increase rates. When those rates go up, mortgage rates tend to follow. So, if you want to lock in an interest rate now, you need to start your home search right away. Contact your North Metro Atlanta REALTOR@ now to get started on finding your next dream home today.