Atlanta Real Estate Sales - Market Report | Atlanta Real Estate Market Data May 22, 2008
Metro Atlanta real estate sales continue to decline according to our First Multiple listing Service FMLS* in Atlanta. 3,564 Atlanta homes sold in April. These were detached units - a decline of 32.6%. 561 Atlanta condos and town homes closed in April 2008. That amounted to a decline of 41.5%. Year to date January-April, condos and town homes sales have declined 34% from January-April 2007. Buyers and sellers have to realize that declining Atlanta homes sales also affects Atlanta home prices.
The average price of metro Atlanta homes both single family detached and condos / town homes just keeps dropping. The average price of Atlanta condos & town homes was $186,238 for closings in April as compared with last April's $202,017 average price. Atlanta condos / Atlanta town homes prices are down 7.8% from April 2007 and 8.2% for year-to-date same quarter 2007.
The average price for an Atlanta home - single family detached was $240,473 for closings in April. This is down 9.0% from April 2007 and 10.1% for year-to-date, January-April 08 versus 07. You would have to go back to 2002 to find a lower annual average price for single family homes than this year's $238,496, and go back to 2001 for condos / town homes to find a lower annual average than today's average of $179,586.
Rising Atlanta foreclosures, gas prices, and more cautious buyers all add to the mix of a stagnant or retreating Atlanta real estate market. According to our Georgia State economist Rajeev Dhawan stated today that in Georgia we are indeed in recession. Atlanta’s GNP will decline in the 2nd & 3rd quarters in 2008 with a slow turnaround at the end of 2008, and early 2009.*
Atlanta Home Sales Statistics:
- 3,564 Atlanta homes sold in April - a decline of 32.6%
- 561 Atlanta condos and town homes closed in April 2008. That amounted to a decline of 41.5%.
- The average price of Atlanta condos & town homes was $186,238 (2008) / April's 2007 - $202,017
- Atlanta home price average - single family detached was $240,473 down 9.0% from April 2007 and
10.1% for year-to-date* Source FMLS DATA Montly Reports Letter - May 21, 2008
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Sorry to hear Atlanta is having a hard time! College Station, Texas is holding firm. We can always use a few good agents if you are ready to move and I know lots of GREAT agents to help you...
:)
www.thecenturytreereader.com
Sorry to hear Atlanta is having a hard time! College Station, Texas is holding firm. We can always use a few good agents if you are ready to move and I know lots of GREAT agents to help you...
:)
www.thecenturytreereader.com
Susan Hilton College Station,Texas Real Estate (CENTURY 21 Beal, Inc.) Thanks for the invite. Real estate is just a business cycle, we are making some sales, but they are very difficult these days. We are licensed in Virginia also, and I am always looking for true opportunities, I just never thought of Texas! :)
Jim: Your number are just proof that NOW is definitely the time to BUY, BUY, BUY in Atlanta! With the mortgage rates so very affordable and home prices so low and sellers desperate, buy and HOLD... (You know me, always looking for that silver lining)!
Debe Maxwell (Helen Adams Realty) It is a great time to buy!
More people just might be encouraged to buy some great deals even if just the numbers without the negative side of the thing were put out. So many might just think that sales are moving as they don't keep up or down stats. Wouldn't it be wonderful if the markets around the country were just shown to be moving and we could influence people to get off the fence for those great deals. The eastern side of the Atlantta area seems to be moving and we are having some closings.
L. Wayne Denton I HAVE A HANDLE ON YOUR MARKET! ! ! ( Magnolia Signature Homes) There are some pockets of sales here, but for the most part...sales are down across the board.
Hi Jim, we have more inventory and few buyers during what should be our upward spike. Maybe next month [year]?
OK now you are getting fancy with your market reports! I like it!
All ther best my friend
Susie Blackmon NC Realtor, Maggie Valley, Waynesville (COLDWELL BANKER) It will be next year... I do not see any signs of this real estate market turning on a dime and performing.
Charles McDonald / Your Trusted Agent for Charlottesville Real Estate (RE/MAX Assured Properties) Thanks Charles I did it in Front Page 2003