Atlanta Residential Real Estate Market Continues to Boom in April 2016

increasepriceHomes sales and prices in metro Atlanta are continuing to increase during the spring buying frenzy.

The Atlanta Board of Realtors, citing data from First Multiple Listing Service, reported residential sales hit 4,530 in March, a jump of 6.9 percent from 2015.

Average and median sales prices continue to push ahead from 2015’s numbers. The median sales price in March was $233,000, an increase of 7.4 percent from last March.

The average sales price was $292,000, up 6.2 percent from 2015.

Atlanta area housing inventory dropped 13,761 units in March, down a 1.4 percent from March 2015. But New listings totaled 5,298, up 8 percent from March 2015 and up 26.3 percent from the February. The supply for sales over a 12-month period increased to 3.1 months.

ABR President Lane McCormack said home sales are up by close to 40 percent in comparison to February, which is an indicator of the robust spring market metro Atlanta is experiencing.

“Home buyers and those who wish to refinance are seeing advantages in the low mortgage rates, unlocking numerous savings,” she said in a statement. “I believe low rates and positive employment forecasts will contribute to active buyer demand, median and average sales prices accelerating and a strong housing market throughout Spring 2016.”

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