Sales may have tapered off a little, but prices continue their march upward. According to the July 2017 North Metro Atlanta Home Sales, year-over-year sales dipped for only the second time this year. Inventory of newly constructed home increased while resale inventory decreased. Read on for more details.
July 2017 North Metro Atlanta Home Sales
The First Multiple Listing Service (FMLS) reported a total of 4337 North Metro Atlanta homes sold in July 2017, a slight 0.1% dip from the same time last year. This marks the first time since February that year-over-year sales decreased. It's also 12.2% less than June's total sales. The average days a home stays on the market has increased from 37 in July 2016 to 39 in July 2017.
July 2017 North Metro Atlanta Home Prices
Unlike sales, prices marched upward again. FMLS reported an average sale price for North Metro Atlanta homes at $350,590, a 4.9% uptick from last July's $334,292 average. It's also an ever so slight 0.5% increase from June 2017. Buyers are paying 98.2% of the list price on average, 0.4% more than last July. In parts of Fulton and Dekalb, they are paying 100% of the list price.
July 2017 North Metro Atlanta Inventory
Inventory levels are a mixed bag this month. New construction increased from 6.6 months to 7.3 months available. In Rockdale, they showed 29 months of inventory on hand. That's almost two and a half years...definitely a Buyer's market! On the other hand, resale inventory dropped from 3.4 months last year to 3.1 months this year. Parts of Cobb only have one month available.
What North Metro Atlanta Buyers Need to Know
In the real estate game, prices are driven by supply and demand. High demand partnered with a low supply drives prices up. Low demand and high inventory usually means there's room to negotiate on the price. Interest rates for a 30 year fixed-rate mortgage sit at 4.125% as of the writing of this post for those Buyers with good credit. If you're interested in a home of your own, start getting your financing in place right now. Then, Contact your North Metro Atlanta REALTOR@ right away.
Laura Andersen, Keller Williams Realty Partners, your North Metro Atlanta REALTOR®
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