Business is booming, according to the May 2017 North Metro Atlanta Home Sales Report. Sales and prices went up from last May. That continues the year-over-year price increases we've seen every month of 2017. Inventory on the other hand remained relatively the same. Read on to learn more.
Statistics provided in this May 2017 North Metro Atlanta Home Sales Report were for single-family detached homes only. They do not reflect condos, townhomes or manufactured homes.
May 2017 North Metro Atlanta Home Sales
According to the First Multiple Listing Service (FMLS), a total of 4819 homes were sold in the North Metro Atlanta area in May 2017. That's a 9.4% increase from the same time last year. It's also a whopping 24.4% jump from April 2017's total.
Inventory levels remained very similar to May 2016, with only the slightest of changes. While existing home inventory dropped from 3.4 months in May 2016 to 3.1 months in May 2017, inventory of newly constructed home rose from 6.7 to 6.8 months. Many parts of the North Metro Atlanta market show only one or two months of existing inventory available.
May 2017 North Metro Atlanta Home Prices
The average sale price for a North Metro Atlanta home sold in May 2017 was $342,382, a 5.2% boost from last May. The list price to sale price ratio went up slightly, from 98% last May to 98.4% last month. In some parts of Dekalb and Rockdale, Buyers paid just over the list price. However, some Gwinnet Buyers paid as much as 7% above asking on average.
How Does This Affect North Metro Atlanta Buyers?
If you're ready to buy a new North Metro Atlanta home, be prepared to come in with a strong offer. Get your funding in place before you start your search. That way, you're ready to act when you find the perfect home for you and your family. The Federal Reserve met earlier this week. They decided that it was time for another 0.25% raise to rates. This puts short term rates at 1.00% to 1.25%. Don't be surprised if we start to see mortgage rates increase as well. Financial experts predict that we should see at least one more Fed rate increase but could very well see more than that by the end of the year. When you're ready to start looking for a home, contact your North Metro Atlanta REALTOR@ to get started.