While total sales were down from March, April 2017 North Metro Atlanta home sales reported a slight increase from the same time last year. Prices also went up slightly from last year. This marked the fourth month in a row for this calendar year that prices increased. For more detailed information, please read on below.
* The statistics provided in this report reflect only single-family detached homes in the North Metro Atlanta area.
April 2017 North Metro Atlanta Home Sales
According to the First Multiple Listing Service (FMLS), 3873 homes were sold in the North Metro Atlanta area during April 2017. That marked a slight increase over last April's 3839. It's also a 6.8% drop from March 2017's spike of 4156.
Inventory of newly constructed homes remained exactly the same (at 7.1 months available). Meanwhile, existing home inventory dipped slightly from 3.2 months available in April 2016 to 3 months in April 2017. That's below last month's inventory of 9.1 months (new construction) and 3.4 months (existing). In some parts of Dekalb, they have as much as 28 months of new construction inventory available, while other parts of Dekalb and Gwinnett only show 3 months available. As for existing inventory, some areas of Fulton and Cobb report as much as 8 months available while many other North Metro Atlanta areas show only two months on hand.
April 2017 North Metro Atlanta Home Prices
Just like sales, the average sale price of a home went up slightly, too. Statistics show that Buyers paid an average of $341,968 for a North Metro Atlanta home in April 2017. That's a 0.7% increase from the same time last year. The list price to sale price ratio went up as well. While Buyers paid an average of 97.6% of the asking price in April 2016, they paid 98.8% of the list price in April 2017. In three different areas of the North Metro Atlanta area, they paid over list price. In fact, in one area of Dekalb, they paid 122.3% of the list price.
So far, total sales for 2017 outpace last year's sales by almost 7%. According to Bankrate.com, the 30 year fixed rate is set at 4.15% while the 15 year fixed is 3.35%. This could change if the Federal Reserve decides to increase rates again at their next meeting. We'll have to wait until mid-June to find out. If you're interested in a North Metro Atlanta home, it would be best to start your search now. Contact your North Metro Atlanta REALTOR@ when you're ready.