We are officially past the halfway point in the calendar year. Where does the time go? At midpoint for the year, sales dropped off slightly from the same time last year. Prices continue to march upward and show no signs of slowing down anytime soon. And inventory levels for new and existing homes came up a tick, according to the June 2019 North Metro Atlanta Market Report.
June 2019 North Metro Atlanta Market Report
North Metro Atlanta Market Report - June 2019 Sales
According to the FMLS (First Multiple Listing Service), a total of 4376 detached single-family homes were sold in the North Metro Atlanta real estate market. That comes in 9.6% less than the 4840 sold during June 2018. It also puts us at 23,571 for the year so far. At that same time last year, a total of 23,776 detached single-family homes had been sold. This also marks the first time this year that home sales fell off from the previous month. The average days a home stays on the market before going under contract rose from 33 in June 2018 to 36 last month.
North Metro Atlanta Market Report - June 2019 Prices
We continue to see an upward trend in prices. Buyers paid an average of $386,576 in June 2019, 2.7% more than they did at the same time last year. But it also makes this the sixth month in a row this year that prices went up. Some parts of Fulton County averaged $1,142,179 as their sale price. The list price to sale price ratio dropped off slightly (from 98.3% last year to 98.2% last month). Some areas of Cobb, Dekalb, Fulton, and Gwinnett Counties paid 99% of the list price or more in June 2019.
North Metro Atlanta Market Report - June 2019 Inventory
Year-over-year inventory levels increased a little bit. New construction rose from 6.8 in June 2018 to 6.9 in June 2019. That being said, some areas of Rockdale County reported as little as two months available. Meanwhile, parts of Cobb County showed as much as 29 months available. Existing homes rose from 2.9 months last year to 3.1 months last month. Some areas of Cobb County only reported one month available while sections of Fulton County showed as much as six months available.
What Does This Mean for Buyers?
After a few weeks below the 4% mark, interest rates climbed back over 4% just last week, according to Bankrate.com. Of course, to get the best rates, you need to have the best credit. If you're thinking about purchasing a North Metro Atlanta home soon, you need to get your credit in shape right now. That means visiting AnnualCreditReport.com and ordering a copy of your credit report. It's absolutely free. Look for errors. If you find any, contact the agency reporting the erroneous information as well as the credit bureau it's reported on. This takes time so the sooner you start, the better. When you're ready to start searching for your next home, contact your North Metro Atlanta REALTOR® to help you out.