May 2019 North Metro Atlanta Market Report

By
Real Estate Agent with Keller Williams Realty Partners ~ 678.462.1191 agentandersen@gmail.com Georgia Broker 175548

Total sales, prices, and inventory levels have all increased from last year, according to the May 2019 North Metro Atlanta Market Report. According to the May 2019 North Metro Atlanta Market Report, sales continue their upward trajectory. This is a continuing trend for each month of this calendar year. Prices also increased for the fifth month this year. Meanwhile, inventory levels for both new and existing homes rose as well, giving buyers more options to choose from.

May 2019 North Metro Atlanta Market Report

North Metro Atlanta Market Report - May 2019 Sales

The First Multiple Listing Service (FMLS) reported a total of 4953 homes were sold in the North Metro Atlanta real estate market in May 2019. That marks a 1% increase from the 4912 sold in May 2018. This makes the fifth month this year that sales increased. The average days a single-family detached home stayed on the market before going under contract rose 23.7%, from 33 in May 2018 to 41 last month. That's just one day less than April 2019.

North Metro Atlanta Market Report - May 2019 Prices

Just like total sales, the average sale price rose for the fifth month in a row this year. In May 2018, buyers paid an average of $370,626. Last month, that average grew by 2.4% to $379,641, the highest so far this year. Some parts in Fulton County sold for an average of $1,238,117. The list price to sale price ratio experienced a slight uptick (from 98.2% last year to 98.3% last month). Buyers in certain areas of Cherokee, Cobb, Dekalb, Gwinnett, and Rockdale paid 99% of the list price or higher in order to close a deal in their communities.

North Metro Atlanta Market Report - May 2019 Inventory

Both new construction and existing homes saw an increase in inventory. In May of last year, new construction inventory sat at 6.7 months. Last month, that rose by 9% to 7.3 months of inventory on hand. Parts of Gwinnett County reported as high as 21 months of availability. Meanwhile, sections of Cobb County showed just three. Existing home inventory saw just a slight uptick (from 2.7 months available in May 2018 to three months in May 2019). Some areas of Fulton County reported as high as seven months available while parts of Cobb County showed just one month.

What Does This Mean for Buyers?

Even with more inventory available, prices continue to march upward. For the first time in several months, interest rates fell below 4%. According to Bankrate.com, buyers with great credit qualified for a 3.99% 30-year fixed-rate mortgage loan last week. On June 19th, the Federal Reserve announced that the benchmark interest rate would remain the same for now 2.25% to 2.5%). However, they suggested that they may cut interest rates again sometime this year. That depends on how the economy fares over the next few months. While rates may potentially go down, prices don't appear to be shrinking. On the contrary, they just keep increasing. Therefore, if you're interested in purchasing a home, it would be a good idea to start looking now. Contact your North Metro Atlanta REALTOR® as soon as possible to begin your search now.

Laura Andersen, Keller Williams Realty Partners, your North Metro Atlanta REALTOR®

Posted by

Laura Andersen, REALTOR®, Associate Broker / Keller Williams Realty Partners
678-462-1191
AtlantaHOMEListings.com

 

  

  

 

 Laura Andersen | Associate Broker at KW Realty Partners | www.AtlantaHomeListings.com

 

 

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Location:
Georgia Fulton County Atlanta
Groups:
Posts to Localism
Local Expert
Market Reports
Tags:
atlanta real estate
atlanta home prices
atlanta home sales
atlanta market report
keller williams realty partners
north metro atlanta market report
may 2019 north metro atlanta market report

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
1,592,189
Jeremy K. Frost
Keller Williams Realty - Dripping Springs, TX
Associate Broker, CNE, CRS, ePro, PSA

Thank you for keeping us posted and up to date. Best of luck!

Jun 24, 2019 10:10 AM #1
Ambassador
1,485,781
Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Thank you for taking the time to share with us these local market insights.  This is exactly the type of information that buyers and sellers need to make informed decisions.

Jun 26, 2019 08:33 AM #2
Rainmaker
2,496,498
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

That's valuable real estate market data for home buyers and sellers in North Metro Atlanta, Laura.

Jul 04, 2019 03:10 AM #3
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
98,750

Laura Andersen

A HomeSOLD Name (678)462-1191 Woodstock, Georgia
Call your Market Leader, Laura Andersen, for buying or selling
*
*
*
*
Spam prevention