Can you believe we're in the latter half of July already? August is just around the corner. While monthly sales dipped slightly from last year, we still show a slight uptick in year-to-date sales. And prices continue to march upward. To find out more about the June 2018 North Metro Atlanta Market Report, please read on below.
June 2018 North Metro Atlanta Market Report
June 2018 North Metro Atlanta Market Report - Sales
According to the First Multiple Listing Service (FMLS), 4840 single-family detached homes were sold in the North Metro Atlanta area in June 2018. That indicated a 2% drop-off from June 2017's total. Even so, the total year-to-date sales of 23,776 slightly outpace 2017's mid-year total of 23,631 by 0.6%. The average days a North Metro Atlanta home spent on the market also decreased from 38 in June 2017 to 33 in June 2018.
June 2018 North Metro Atlanta Market Report - Prices
Buyer demand helped push prices even higher. In fact, buyers paid the highest average sale price for a North Metro Atlanta home ever. Year-over-year prices increased 7.9% (from $348,867 in June 2017 to $376,291 in June 2018). That's also a 1.5% increase from May 2018 alone. In fact, the reported average sale price in one area of Fulton County reported an average sale price of $1,164,761. The list price/sale price ratio rose a very slight 0.1% (from 98.2% last June to 98.3% last month). In some areas of Dekalb, buyers pay full asking.
June 2018 North Metro Atlanta Market Report - Inventory
When you couple high buyer demand with low inventory levels, prices go up. Inventory of newly constructed homes rose 15%, from 5.9 months in June 2017 to 6.8 months in June 2018. While parts of Rockdale County showed new construction inventory as high as 25 months, parts of Fulton County reported just one month available. Existing home inventory remains low, with 2.9 months available on average throughout the entire North Metro Atlanta market. Even so, portions of Fulton County show as much as six months available. Meanwhile, areas of Cobb County report as little as one month available.
What Buyers Need to Know
Competition for North Metro Atlanta home remains fierce. New construction helped bring inventory up in some areas. However, overall, it remains a seller's market. Currently, Bankrate.com reports 30-year fixed-rate mortgages at 4.68%, with 15-year fixed-rate loans at 4.11%. Even with low inventory and rising prices, owning a North Metro Atlanta home is still possible if you want it. When you're ready to start looking, contact me.