North Metro Atlanta Market Report for March 2018

By
Real Estate Agent with Keller Williams Realty Partners ~ 678.462.1191 agentandersen@gmail.com Georgia Broker 175548

The North Metro Atlanta Market Report for March 2018 reported lower inventory levels, which spurred higher average sale prices even with fewer sales.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.

In Summary

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.

Laura Andersen, Keller Williams Realty Partners, your North Metro Atlanta REALTOR®

Posted by

Laura Andersen, REALTOR®, Associate Broker / Keller Williams Realty Partners
678-462-1191
AtlantaHOMEListings.com

 

  

  

 

 Laura Andersen | Associate Broker at KW Realty Partners | www.AtlantaHomeListings.com

 

 

 

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north metro atlanta market report march 2018

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Rainmaker
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Michele Cadogan-Cell 917-861-9166
Fillmore Real Estate 2926 Ave J Brooklyn NY 11210 - Brooklyn, NY
Licensed Real Estate Associate Broker -

Good  real estate market information to share with resident homeowners thinking of selling  or someone ready to relocate to the North Metro Atlanta area.

Apr 21, 2018 05:25 PM #1
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Rainmaker
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Laura Andersen

A HomeSOLD Name (678)462-1191 Woodstock, Georgia
Call your Market Leader, Laura Andersen, for buying or selling
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