According to the July 2018 North Metro Atlanta Market Report, low inventory continues to push prices higher. Even with sales falling off from June, we're still well ahead of the year-to-date sales reported at this time last year. Looks like we may end up with a banner year for both sales and sale prices in the North Metro Atlanta market by the end of 2018.
July 2018 North Metro Atlanta Market Report
July 2018 North Metro Atlanta Market Report - Sales
The First Multiple Listing Service (FMLS) reported a total of 4609 single-family detached homes sold in July 2018. While 4.8% lower than June 2016's 4840 total, it marked a 6.3% increase from the same time last year. The average days on market decreased from 39 in July 2017 to 35 in July 2018.
July 2018 North Metro Atlanta Market Report - Prices
I'm beginning to sound like a broken record. Just when you thought the average price might have hit its peak, it tip-toed even higher. In fact, the $377,334 average buyers paid in July 2018 was 7.6% more than they paid in July 2017. And it marked a very slight 0.3% increase from June 2018. Even so, the list price to sale price ratio decreased from 98.2% in July 2017 to 94.5% last month. However, some buyers in parts of Cobb County paid just over the list price on average.
July 2018 North Metro Atlanta Market Report - Inventory
One of the reasons prices continue to rise is due to the inventory available for purchase. While new construction dropped only a little bit from 7.3 months to 7.2 months in the last 12 months, existing home inventory fell from 3.1 months to 2.8 months. Some parts of Dekalb County only show two months of new inventory available for single-family detached homes. Meanwhile, parts of Rockdale County report as much as 25 months. Existing home inventory ranges from just one month in areas of Cobb County while parts of Fulton County show five and six months available.
What Buyers Need to Know
Buyer demand remains high in the North Metro Atlanta real estate market. While that's great news for sellers, buyers find themselves competing with more buyers than ever before. It's especially important that you have a mortgage loan approved and obtain your approval letter right away. That way you can hand in your approval letter with your offer, showing how strong of a candidate you are for the Atlanta area home you're interested in. It wouldn't hurt to include a personal letter with your offer explaining how you plan on utilizing the quirky spaces the home provides as well as including a little information about you and your family. Whatever you can do to set yourself apart from other offers they receive is good. Talk to your North Metro Atlanta REALTOR® to find out what they think you should include in your letter.