New construction continues to add a few more homes to the local real estate market. Even though the average sale price rose from last year, the September 2018 North Metro Atlanta Market Report showed that it dropped off slightly from August's average sale price, marking the third month in a row of month-over-month decreases. Total sales fell below 4000 for the first time since February 2018.
September 2018 North Metro Atlanta Market Report
September 2018 North Metro Atlanta Market Report - Sales
The First Multiple Listing Service (FMLS) reported a total of 3648 North Metro Atlanta Home Sales in September 2018. That marked the first time that sales fell below 4000 for the month since February of this year. It also marked a 4.1% decrease from September of last year. The average time a North Metro Atlanta home spent on the market before going under contract rose slightly from 37 days in September 2017 to 39 days last month.
September 2018 North Metro Atlanta Market Report - Prices
Year-over-year prices continue to rise. Buyers paid an average of $354,363 in September 2018, a 6.8% increase from September 2017. But, that was also 2.2% less than August 2018's average. That makes three months in a row that prices have declined from the previous month's average. In parts of Fulton County, the average sale price hit $1,209,065. The list price to sale price ratio rose slightly as well, from 97.4% in September 2017 to 98% in September 2018.
September 2018 North Metro Atlanta Market Report - Inventory
New construction inventory increased again this month. Last September, seven months of new inventory was reported. In September 2018, that ticked up slightly to 7.2 months available. In parts of Cobb County, new construction inventory showed as much as two years available. On the other hand, areas of Fulton and Dekalb Counties reported as little as two months available. Existing home inventory remained exactly the same as last year at 2.9 months. Parts of Fulton County showed as much as six months available while areas of Cobb County only reported one month.
What Does This Mean for Buyers?
Fewer sales mean less competition among buyers in the North Metro Atlanta real estate market. With prices trending lower every month, it could be good news for buyers looking to take advantage of a new home purchase for this year's taxes. At their last meeting in September, the Federal Reserve increased the prime lending rate to 2-2.5%, up 1/4% from earlier this year. They meet again at the beginning of November and in mid-December. Experts believe that they might raise it again. Most often, this trickles down into mortgage rates, creating an increase there as well. We could very well see rates rise to 5% by the end of 2018. So, if you're interested in purchasing a North Metro Atlanta home, you might want to get started now. There's still time to move into your new property before the holidays kick in. But you need to act fast. Contact your North Metro Atlanta REALTOR® to get started today.