According to the January 2019 North Metro Atlanta Market Report, total sales for the first month of the year fell off from the start of 2018. Even so, the average sale price increased. Inventory levels for both newly constructed and existing single-family detached homes rose as well. With less buyer demand, could we start to see a turn towards a buyer's market? This is only the first month of the year. We'll have to see how things progress in the next few months.
January 2019 North Metro Atlanta Market Report
January 2019 North Metro Atlanta Market Report - Sales
The FMLS (First Multiple Listing Service) reported a total of 2377 homes were sold in the North Metro Atlanta real estate market in January 2019. That showed a 4.3% decrease from the 2485 sold in the first month of last year. North Metro Atlanta homes spent an average of 49 days on market before going under contract. That is 9.3% less than the 54 days it spent on average in January 2018.
January 2019 North Metro Atlanta Market Report - Prices
Prices for North Metro Atlanta homes, on the other hand, increased. They started off last year at $336,770 on average. But this year began with a $343,457 average sale price. In one area of Fulton County, the average sale price hit $1,413,469, a 13.9% rise from the $1,101,738 reported in January 2018. The list-price-to-sale-price ratio stayed almost the same, with only the slightest uptick from 97.4% last January to 97.5% reported last month.
January 2019 North Metro Atlanta Market Report - Inventory
On a positive note for buyers, both newly constructed and existing home inventory levels went up from the same time last year in the North Metro Atlanta market. New construction rose from 6.7 months to 6.9 months on average. Parts of Rockdale and Cobb Counties reported as much as 16 months of available inventory. On the other hand, areas of Cobb, Dekalb, and Fulton Counties showed just three months available. Existing inventory gained even more, going from just 1.9 months available in January 2018 to 2.4 months on average in January 2019. Parts of Fulton County showed as much as five months of existing inventory on hand while areas of Cobb County reported as little as one.
What Buyers Need to Know
One bright spot for home buyers is that the Federal Reserve announced that the last benchmark rate hike in December may be the last increase they make for a little while. Even when the Fed made that increase, though, mortgage rates actually went down instead of up (like they normally do after an increase is announced). According to Bankrate.com, a 30-year, fixed-rate mortgage loan runs around 4.54% for borrowers with good credit. That's 0.21% less than when they announced their latest increase. That might push buyers who were formerly on the fence to commit to purchasing a North Metro Atlanta home since we don't know if/when the next raise might be. A higher inventory helps give buyers more options, as well. When you're ready to start your search for a new house, contact your North Metro Atlanta REALTOR®.