More buyers hit the North Metro Atlanta real estate market in April. With summer quickly approaching, expect to see this trend continue. The average sale price hit an all-time high as well. Read on for a complete breakdown of last month's market statistics.
North Metro Atlanta Market Report - April 2018
North Metro Atlanta Home Sales - April 2018
According to the First Multiple Listing Service (FMLS), a total of 4054 North Metro Atlanta homes were sold in April 2018. That marked a 4.7% increase from the same time last year. The average days a home spent on the market fell from 45 in April 2017 to 41 in April 2018.
North Metro Atlanta Home Prices - April 2018
Prices for North Metro Atlanta homes continue their upward trajectory. Back in April 2017, buyers paid an average of $341,968 for a home. However, they paid 3.3% more in April 2018, with an average sale price of $353,527. This is the highest average sale price we've ever seen in the area. The list price vs sale price ratio dropped off slightly from 98.8% last April to 98.5% last month. In parts of Fulton County, however, they're paying full asking price on average.
North Metro Atlanta Inventory - April 2018
Inventory of newly constructed homes in the North Metro Atlanta area rose from 7.1 months available in April 2017 to 9.7 months available in April 2018. Parts of Rockdale County show as much as 33 months of availability. Meanwhile sections of Fulton and Dekalb Counties report as little as two months' available. Buyers have been eating away at existing home inventory. It fell from 3.1 months last April to 2.4 months last month. Some areas of Fulton County showed a six-month availability while parts of Cobb and Gwinnett Counties reported just one month.
What Buyers Need to Know
As of the writing of this post, Bankrate.com reports that interest rates for the average 30-year fixed rate mortgage runs at 4.78%. That's almost 0.25% higher than mid-March's reported 4.54%. The Federal Reserve raised their key interest rate to 1.75%, its highest rate in 10 years. Earlier this month, they kept it at 1.75%. On one hand, that's good news. The Federal Reserve bases any increases they implement on the strength of the economy. Rates increase when the economy is stronger. Unfortunately, that also means that mortgage rates could go up. Investors and financial experts believe we could see another increase at their next meeting in June.
If you want to buy a North Metro Atlanta home this year, I'd suggest you get started looking right now. Contact me to go over your wish list. I'd be happy to show you what's available.