Atlanta Real Estate Market Report January 2008 - Sales Plunge 38.9%

Atlanta Real Estate Market Report January 2008 - Sales Plunge 38.9%  -  The FMLS Monthly Statistical Report was just issued a few moments ago and the news is not so great!  Sales of single family homes in Atlanta have plunged across the region another 38.9%. Please keep in mind, this is not just the city of Atlanta, but represents sales in our entire MLS system which includes some 24 counties!  The numbers are abysmal!  This includes condos town homes, and single family detached homes. January saw only 2,787 single-family closings or a decline of 38.9% from January 2007.  Condos and town homes also declined. There were 386 condo and town home closings in January... a decline of 49.0% from the same year ago.  Atlanta metro area saw detached single family closed 2,401 homes in January. A 36.9% decline versus January 2007 and the 18th decline of Atlanta real estate in the past 19 months.  Lower sales also is indictive of much higher inventory levels.  We are now carrying over 83500 Active listings.

• Single Family Detached Homes 2401 Sales
• Town Homes  and Condos 386 Sales
• 7,604 expired listings for all single family in January 2008.
• 2,925 withdrawn listings for all single family in January versus 2,237 for January 2007.
• The average condos and town-homes price was $176,895 in January '08 - 6.5% lower than January 2007
• The average single family home price for detached was $246,833 in January 2008.  $44,000 lower than the all-time high for single family detached, which was $285,078 in June 2007.
• The days-on-market for January single family was 101.8. This is the highest DOM since January 1998's 108.4.

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