In this August 2017 North Metro Atlanta Market Report, sales and prices marched upward from last August. New construction also experienced an upswing. However, existing/resale homes decreased, tightening inventory in the North Metro Atlanta area.
August 2017 North Metro Atlanta Home Sales
According to the First Multiple Listing Service (FMLS), 4445 single-family detached homes were sold in the North Metro Atlanta real estate market in August 2017, the highest total August sales in the last five years. This showed not only a 2.5% bump from July 2017's sales, but also a 3.5% uptick from last August's total sales. It's also the third highest monthly sales so far this year behind May and June. The average days a home stayed on the market dropped slightly from 42 in August 2016 to 40 in August 2017.
August 2017 North Metro Atlanta Home Prices
Prices continue to creep upwards. The average sale price of a North Metro Atlanta home in August 2017 came in at $344,996, 1.7% higher than the same time last year ($339,140). Buyers pay 97.7% of the list price on average, almost exactly the same as they did last year (97.8%).
August 2017 North Metro Atlanta Inventory
As far as North Metro Atlanta inventory is concerned, new construction went up while existing/resale homes tightened. In August 2016, North Metro Atlanta showed 6.4 months of inventory available. Last month, it hit 7.4 months. Even so, places in Dekalb indicated less than one month of new construction. On the other hand, Rockdale had 37 months (just over three years) of inventory on hand. Existing home inventory decreased from 3.2 months in August 2016 to 2.9 months in August 2017. Parts of Cobb reported just one month of inventory. Meanwhile, Fulton showed seven months available.
What North Metro Atlanta Home Buyers Need to Know
Now that the kids are back in school, we may begin to see the North Metro Atlanta real estate market slow down. Most certainly, the recent hurricane weather we've experienced will slow down sales a bit. If you're looking for a new home, you're in luck. A healthy inventory of new construction means lots of homes to choose from. If you're interested in purchasing a new North Metro Atlanta home or wish to place your current home on the market, feel free to contact me. I'd be happy to assist you in any way I can.