Newly constructed homes in the North Metro Atlanta real estate market dropped off slightly while existing inventory rose. Prices continue to steadily increase, according to the October 2018 North Metro Atlanta Market Report. Sales were up as well. It looks like we could finish off 2018 pretty strongly.
October 2018 North Metro Atlanta Market Report
October 2018 North Metro Atlanta Market Report - Sales
According to the First Multiple Listing Service (FMLS), a total of 3688 single-family detached homes were sold in the North Metro Atlanta area in October 2018. That showed a slight 1.7% increase from the same time last year. It rose marginally from the 3648 sold in September 2018. The average days a North Metro Atlanta home spent on the market before going under contract decreased from 47 last year to 40 last month.
October 2018 North Metro Atlanta Market Report - Prices
Prices maintained their upward trajectory. The average sale price for a North Metro Atlanta home rose from $333,776 in October 2017 to $354,914 in October 2018, a 6.3% increase. The $1+ million average sale price in portions of Fulton County persisted for the third month in a row with a reported $1,122,081 last month. The list price/sale price ratio rose slightly from 97.4% in October 2017 to 98% in October 2018.
October 2018 North Metro Atlanta Market Report - Inventory
The downward trend in new construction continued, with the North Metro Atlanta market reporting 7.1 months available. This marked a 5.3% decrease from October 2017. Areas of Cobb County noted inventory levels as high as 19 months with areas of Dekalb County showing as little as two months available. Existing home inventory rose from 2.5 months last year to 2.8 months in October 2018. While Fulton County showed inventory as high as six months, parts of Cobb County only reported one month available.
What Buyers Need to Know
As we enter the last few weeks of 2018, buyers may encounter less competition. Believe it or not, there may still be time to find a home in the North Metro Atlanta real estate market before we ring in the new year. But you'll need to act fast. The Federal Reserve is scheduled to meet one more time before the end of the calendar year. They may increase interest rates one final time before 2018 comes to a close. Contact your North Metro Atlanta REALTOR® to find your next home right now.