It looks like the local real estate market is beginning to pick up some steam. According to the March 2019 North Metro Atlanta Market Report, total sales, average sale price, and inventory levels are higher than what February's statistics showed. While year-over-year sales may have tapered off a little, prices and inventory continue to march upward.
March 2019 North Metro Atlanta Market Report
March 2019 North Metro Atlanta Market Report - Sales
The First Multiple Listing Service (FMLS) reported a total of 3884 single-family detached homes sold in the North Metro Atlanta area in March 2019. That marks a 3.3% decrease from the 4014 sold in March 2018. The average days a home spent on the market before going under contract dropped from 51 in March 2018 to 47 in March 2019.
March 2019 North Metro Atlanta Market Report - Prices
Prices continue their upward trajectory. The average sale price for a North Metro Atlanta single-family home sold in March 2019 was $369,263. That is 5.6% higher than the same time last year. It also shows a 5% increase from February 2019. The list-price-to-sale-price ratio fell off by just a sliver, from 98.2% in March 2018 to 98.1% just last month. While the average never hit 100%, buyers in parts of Gwinnett, Cobb, Cherokee, and Dekalb Counties paid 99% of the list price or higher on average.
March 2019 North Metro Atlanta Market Report - Inventory
Just like prices, inventory levels seem to be on the rise, too. In March 2018, the average inventory for newly constructed homes in the North Metro Atlanta real estate market showed 6.2 months available. However, last month, that rose to 7 months on average. Areas of Cherokee, Cobb, Dekalb, Fulton, and Gwinnett Counties reported as little as four months available. But parts of Rockdale County showed as much as 18 months of inventory available. Already existing homes reported an average of 2.7 months available in March 2019. That was a little higher than the 2.3 months shown just one year prior. Parts of Cobb County showed as little as one month available while areas of Fulton County reported as much as six months.
What Buyers Need to Know
In March 2019, interest rates hit their lowest point so far this year at 4.17% for a 30-year fixed-rate loan, according to Bankrate.com. Since then, they've risen to 4.34%. The Federal Reserve stated last month that they didn't think they'd be increasing the prime lending rate any more this year. That would keep it fixed at 2.25% to 2.5%. Since lenders (including credit card and mortgage companies) use the prime lending rate as a benchmark for their interest rates, it would appear that mortgage rates should remain relatively steady as well. However, that is not always the case. Rates change from week to week and depend on an applicant's credit score (among other factors). So, if you'd like to lock in a rate right now, you need to start the application process right away. Contact your North Metro Atlanta REALTOR® when you're ready to start looking for your next property.