Information gathered for my September 2017 North Metro Atlanta Market Report showed an increase in total sales and prices from last year. The average days on market went up as well. New construction showed an increase in inventory available. However, existing home inventory decreased.
September 2017 North Metro Atlanta Home Sales
First Multiple Listing Service (FMLS) reported a total of 3804 single-family detached homes were sold in the North Metro Atlanta real estate market in September 2017. This marked a 1.4% increase from last September's 3751 total. It was also the lowest monthly total sales since February 2017. North Metro Atlanta homes spent an average of 44 days on market before going under contract, slightly less than the 42 days on average in September 2016.
September 2017 North Metro Atlanta Home Prices
Sale prices also saw an increase. North Metro Atlanta home buyers paid an average of $324,625 in September 2016. However, in September 2017, they paid $331,944 on average, an increase of 2.3%. Also, Buyers paid 97.4% of the list price on average. That showed a 2.6% increase from last year's 94.9% average.
September 2017 North Metro Atlanta Inventory
New construction inventory went up while existing home inventory went down. New construction inventory increased from 7.5 months available last year to 7.8 months in September 2017. Parts of Gwinnett County only has three months on hand while parts of Rockdale County showed as much as 39 months available. Existing home inventory was tighter. It decreased from 3.3 months available last year to 2.8 months in September 2017. Parts of Fulton County had the highest inventory at seven months available. Meanwhile, it was as low as just one month in parts of Cobb County.
What North Metro Atlanta Home Buyers Need to Know
The North Metro Atlanta real estate market tends to slow down once the kids get back into school. Last month was no exception. In the market for a new home? You'll have many to choose from. Buying an existing home might be a little harder. But don't despair. They are out there. Contact me when you're ready to start looking.