Sales continue to move full steam ahead, picking up steam each month this year. Prices also rose. While existing inventory came up slightly from last year, newly constructed homes fell by almost 30%. Could that help slow down price increases in the future? Read my April 2019 North Metro Atlanta Market Report below to find out more.
April 2019 North Metro Atlanta Market Report
North Metro Atlanta Market Report - April 2019 Sales
According to the First Multiple Listing Service (FMLS), a total of 4262 single-family homes were sold in April 2019. That marks a 5.1% increase from the same time last year. Sales have steadily risen each month this year as well. The average days a North Metro Atlanta home spent on the market before going under contract rose slightly, from 41 in April 2018 to 42 in April 2019.
North Metro Atlanta Market Report - April 2019 Prices
Like sales, prices have steadily risen each month of this year as well. They've also increased by 6.2% from last year, rising from an average of $353,527 in April 2018 to $375,386 last month. In fact, in parts of Fulton County, the average sale price rose to $1,211,455). Meanwhile, the list price/sale price ratio backed off by just a hair (from 98.5% last year to 98.3% in April 2019). While the average list price/sale price ratio never hit 100%, the buyers in parts of Dekalb, Fulton, Gwinnett, Cobb, and Cherokee Counties paid an average of 99% of the list price or higher.
North Metro Atlanta Market Report - April 2019 Inventory
While existing inventory levels saw a slight increase from last year, new construction dropped dramatically. Existing levels rose from 2.1 in April 2018 to 2.8 last month. In areas of Fulton County, we saw as much as seven months available. Parts of Cobb County reported just one month. New construction fell by 29.9% (from 9.7 months last year to 6.8 months in April 2019). Some areas of Cobb County reported as much as 20 months available. However, other parts of Cobb County as well as Cherokee, Dekalb, Douglas, Fulton, Gwinnett, and Rockdale Counties all reported an average of just four months available. That put roughly 30% of all North Metro Atlanta counties at just four months of available inventory.
What Buyers Need to Know
Even with new construction dropping by almost 30%, prices continue to go up. They don't appear to be coming down anytime soon, either. On the other hand, mortgage rates remain in the low 4% range. Currently, Bankrate.com shows 4.25% for a 30-year fixed-rate loan. That's the lowest it's been since the end of March. The Federal Reserve doesn't have any plans to increase its rate anytime soon. It should stay at 2.25%-2.5% for the near future. Therefore, if you're interested in purchasing a home in the North Metro Atlanta area, now would be a great time to start looking. Be aware, though, that we're entering a busy time in the North Metro Atlanta real estate market. You'll be up against some stiff competition. Be ready to put in an offer when you find the house of your dreams. Contact your North Metro Atlanta REALTOR® when you're ready to start your search.