Business picked up in the North Metro Atlanta real estate market last month. Total sales jumped 42.7% from February's numbers, even if they were down slightly from last March. The North Metro Atlanta Market Report for March 2018 also showed prices continuing to rise as inventory levels dropped dramatically.
North Metro Atlanta Market Report for March 2018
North Metro Atlanta Home Sales - March 2018
The First Multiple Listing Service (FMLS) reported a total of 4014 single-family detached homes sold in March 2018. This represented a 3.4% dip from the 4156 sold in March 2017. The average days a home spent on the market before going under contract dropped off slightly, from 53 in March 2017 to 51 last month.
North Metro Atlanta Home Prices - March 2018
Sales might have dropped off a tiny bit, but prices continue to rise. Back in March 2017, the average sale price for a North Metro Atlanta home was $338,483. Buyers paid an average of $348,686 in March 2018, a 3% increase over last year. That's also 5.4% more than the average paid in February of this year. In parts of Fulton County, buyers paid over $1.1 million on average, the highest in the entire North Metro Atlanta area. Sellers are receiving closer to their asking price as well. North Metro Atlanta buyers paid an average of 98.2% of the list price in March 2018, slightly more than the 97.8% paid at the same time last year. Some buyers in Gwinnett County paid 5% over the asking price on average.
North Metro Atlanta Inventory - March 2018
Inventory has dropped off dramatically in the last 12 months. In fact, the inventory of newly constructed homes fell from 9.1 months available last March to just 6.2 months available this year. Some areas of Rockdale County reported as much as 14 months available. However, areas of Dekalb and Fulton Counties showed as little as two. Existing home inventory dropped from 3.4 months available at this time last year to just 2.3 months this year. While some parts of Fulton County showed as much as six months available, Cobb, Gwinnett, Dekalb, and Fulton reported inventory as low as just one month or less. That's one of the reasons prices continue to go up even as reported sales fell.
The Federal Reserve raised benchmark rates last month another 0.25% to 1.5% to 1.75%. So far, mortgage interest rates have only gone up slightly since the announcement. Bankrate.com currently lists a 30-year fixed-rate mortgage at 4.58%. Financial experts believe we should expect at least two more raises from the Federal Reserve by the end of the year. If that happens, mortgage rates are expected to hit 5% by year's end. If you want to buy a home and pay less in interest, you might want to get started on your search now. Contact your North Metro Atlanta REALTOR@ today.