Atlanta real estate market report. Sold homes in Atlanta: Listings in the Atlanta MLS are at an all time high and not softening. The current First Multiple Listing Service FMLS is showing 86340 Active homes for sale, and 4336 Sold in October 2007 VS. 6359 sales in October of 2006. That is a 32% drop in sales. We are at a point that Expired listings, and Withdrawns listings (unsuccessfully sales) are exceeding sales 2 to 1. The problems is compounded by rising foreclosures are almost twice that of sales. This is not a good scenario. Even though Atlanta did not have a major run up in price, homes were sold in Atlanta to marginal buyers that could scarcely afford to repay. Those homes are coming back on the market, and there is not enough demand to take up the slack! What does this all mean? Prices are going to fall. As sellers that need to sell become desperate, and banks need to move the foreclosures off the books there is going to be a Major softening for real estate values for some time to come.
The good news that homes are still selling, and that attention to detail must be paid. It still is a great time to sell a home, and to buy a home in Atlanta.
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Jim - Your market sounds a lot like mine here in MA. There are homes still selling but at a MUCH slower clip. Prices here have dropped about 18% since the peak in the Spring of 2005.
Jim: we are also seeing major drops in sales in my area of FL.Our peak was in August 2005. I prefer the last 2 lines. (You should be commended for your honesty).It is a great time to purchase. Thank you for sharing.
Bill Gassett Metrowest Massachusetts Real Estate Stay tuned! I believe we have more to go, but it is still an opportunity for negotiation and sales!
Wow, what a statistic. More expireds and withdrawns than successful sales. They need people like you who know how to navigate this more than ever.
Josette Skilling ~ Bethesda Maryland Real Estate Sales Yes Exired and withdrawn listings are exceeding sales 2 to 1. So are foreclosures! That is a real scary stat!
Jim,
32% drop in sales OUCH! 86,340 Active Homes for Sale - OUCH OUCH!! This is a bad scenario. I like the honest facts about your market. This allows sellers and buyers to make good educated decisions. By putting out the facts it tells me you can be trusted by sellers and buyers in Atlanta Ga. Good Post!!
Mike Lewis
Mike Lewis Thanks! YOu know...these are numbers you cannot look the other way on! It is always good not to be negative, but very informed!