Cobb County Home Sales Plummet and Median Price Rises - What Does it Really Mean?

I was just looking at some statistics in the Atlanta area when I logged into our Realist tax service, and noticed that in Cobb county homes sales (Marietta homes for sale) declined over 46% in January 2008 over sales in January 2007.  The median price in January 2008 is $212,300, while in January 2007 it was $197,950 a 7% increase.  While some inexperienced agents may boast the prices are rising the reality is much scarier that home sales are in free fall.  What the median sales price  (Which is not a real home ) does not tell you is that sellers are paying closing costs and making major concessions in price, sellers contributions to closing costs and yes agent compensation!  In Atlanta the other day I received a email circular for a builder.  His standard commission is now 10% as long as the offer does not come in 10% less.  And oh yes, he is also paying closing costs!

So if an agent is getting on the band wagon telling you how great the prices are, have them substantiate their statement with facts on paper!  Most agents do not know how to interpret market numbers, nor do they give you a timeline comparison!

Single Family Residence
Time Period	Number of Sales	Median Sale Price
Jan 2008	441	$212,300

Jan 2007

822

$197,950