For the first time in a long time, all three areas of my market report (year-over-year sales, prices, and inventory levels) all increased. While slight, that's still good news. More inventory may bring out more competition, though. So, buyers need to get their financing in order before they start their search. That way, they are better prepared to put in an offer on a property as soon as they find one they want. What exactly did the February 2019 North Metro Atlanta Market Report show? Read on to find out.
February 2019 North Metro Atlanta Market Report
February 2019 North Metro Atlanta Market Report - Sales
According to the First Multiple Listing Service (FMLS), 2867 single-family detached homes were sold in the North Metro Atlanta real estate market during February 2019. That marks a 2% increase from the 2812 homes sold in February 2018. The average days a North Metro Atlanta home spent on the market before going under contract increased from 48 last year to 52 last month.
February 2019 North Metro Atlanta Market Report - Prices
Prices also so an increase from last year. The average sale price for a North Metro Atlanta home was $330,902 in February 2018. That rose 6% in February 2019 to $350,657. The list-price-to-sale-price ratio dropped off slightly: from 97.9% last year to 97.7% last month. That shows a 0.2% increase from January 2019 as well.
February 2019 North Metro Atlanta Market Report - Inventory
Good news for buyers. Inventory went up last year. Back in February 2018, new construction showed just 6.2 months available. But, last month, the FMLS reported 6.9 months on hand. In parts of Cobb County, new construction showed as much as 19 months available. On the other hand, other parts of Cobb, Cherokee, and Dekalb Counties reported as little as three months on hand. Existing homes showed 2.5 months available on average. Some areas of Fulton County report as much as six months of existing homes on hand while parts of Cobb County showed as little as one month available.
What Buyers Need to Know
According to RealPage.com, the Atlanta ranks #3 for most rent growth in markets across the US in February 2019. Only Phoneix and Las Vegas outpaced Atlanta's rental market. That makes homeownership an even more attractive option. Why pay someone else's mortgage when you could be paying for your own? Mortgage interest rates hover around the 4.5% area for a 30-year fixed-rate mortgage (Bankrate.com). While the Federal Reserve stated that they most likely won't increase rates in the near future, that depends on information they receive about both the US and world economies. A slightly higher inventory provides more options for buyers, too. When you're ready to start the search for your next home, contact your North Metro Atlanta REALTOR®.