The Metro Atlanta Real Estate Report for attached and detached homes is out for March.  The market has taken off with a bang in 2016.  The inventory is still ridiculously low and good properties are getting snatched up within a few days.  I just listed a townhome in Mableton on Friday, had 5 showings Saturday and two offers on Sunday.  It is moving that fast.  Interest rates are still really low.  According to Mortgage News Daily the current interest rate average for a conventional – non government backed loan is 3.77% and FHA is averaging 3.25%.  This is crazy how low rates are.  Even though there is not a lot of inventory, take advantage of the interest rates.  Look at an example of a $200,000 loan below.

Mortgage Payment With Different Interest Rates

Loan amount – $200,000
Interest rate – 3.75%
Principle and interest payment – $926.23
Interest rate – 4.25%
Principle and interest payment – $983.88

Difference in Payment

Per month – $60.25
Difference per year – $723.00
Difference over a 30 year loan – $21,690

You can see that even .5% will add $60 to your mortgage payment – that is a tank or two of gas depending on your vehicle.  Enough about mortgage rates, take a look at the current market stats.

Real Estate Report for Detached Homes

• Active properties are -4.8% lower than same time a year ago.
• Pending sales are up 6.7% from 7,304 to 7,791.
• Sold properties are much higher (+10.7%) over the last three months.  That is fantastic.
• The percentage of distressed properties dropped into single digit to 9%.
• The months supply of listings dropped -.5 to 3.7 months.
• Median sale price rose a little over $10,000 in the last three months.
• Median days on market dropped from 63 to 57 days.

Real Estate Report for Attached Homes

• Properties for sale are down -9.7% compared to February 2015
• Sold attached homes are up +16.9% in the last three months.  This is due to a lower inventory
• Total distressed property sales – down -3.2% to 6.9% of the market.  That is a great number
• Months supply of listings took a huge drop -22.6% to 2.4 months.  This is really low number
• Median sale price is up +4.0% compared to same period last year
• Median sales to original list price is up to 96.8%.  This is a .5% increase
• Median days on market is down from 41 to 38 days

Overall, the market for attached and detached homes are really low in inventory.  Sellers market price points for detached homes are $500,000 and under, and attached homes are $400,000 and under.  The interest rates are holding steady at 4.0% or below.  Most buyers are getting 3.5-3.75% for a 30 year fixed rate.  I did have a client get a quote under 3% for a 15 year loan.  So right now is great time to buy.  A recent article for the Metro Atlanta market discussed a 3.7% increase in home values in 2016, and an average of 3.3% increase over the next 4 years.  So the market is on a nice slow steady growth which is good.

Market Report for Detached Homes      Market Report for Attached Homes

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