The end of the year typically slows down in real estate. That's because everybody gets caught up in the holidays. Buying a home tends to be put on the back burner until after the new year, typically well into spring. The November 2017 North Metro Atlanta Market Report reflected this with sales slowing down and prices remaining close to what they were last November. New construction inventory rose while existing inventory continues to shrink.
November 2017 North Metro Atlanta Home Sales
According to the First Multiple Listing Service (FMLS), a total of 3400 single-family detached homes were sold in the North Metro Atlanta area during November 2017. While this showed a 6.2% decrease from October's sales, it still marked a 2.3% increase from last November's sales figures. And the days on market decreased from 49 last year to 46 in November 2017.
November 2017 North Metro Atlanta Home Prices
Prices continue to go up in the North Metro Atlanta area. But we only saw a slight uptick. Last November, the FMLS reported an average sale price of $341,144. This increased just 0.5% to $342,954 last month. Fulton County was the only area that showed an average sale price over $1,000,000. The list-price-to-sale-price ratio decreased from 97.6% in November 2016 to 96.9% last month.
November 2017 North Metro Atlanta Inventory
Inventory of newly constructed North Metro Atlanta homes increased while existing home inventory decreased. New construction rose from 7.2 months last November to 7.7 months in November 2017. Some areas of Dekalb and Gwinnett Counties reported just three months available while Rockdale showed 37 months of inventory. Existing home inventory declined from 3.1 months available last November to just 2.4 months last month. While it was as high as five months in parts of Fulton and Cobb Counties, Dekalb and other areas of Cobb County only reported one month available.
What Buyers Need to Know
The good news for North Metro Atlanta Buyers is that now's a great time to purchase a home. Why? Because there's less competition out there. Sellers want to negotiate a deal. You just need the right person on your side. Contact me when you're ready to start looking.