Atlanta Homes Sales Comparison Chart for May 2008 - Atlanta Single Family Detached Home Sales

I have to believe things will pick up by next spring. Real estate always goes in cycles, so this should be the same. Our plumbing work stays the same no matter what the market is like.

Jim David Schuelke (Schuelke Plumbing)  I think this year has been marked with a lot of turmoil that added to the troubles we had.  If we had not had trouble in the mortgage industry with credit issues, rising interest rates, and lastly oil woes...I think real estate would have already started to turn around and begin a recovery.  I guess it is like the guy that max's out his credit, and bites off more than he can handle in a mortgage, and two months after he is in the home gets laid off, or has life changing event.  People are afraid to commit right now, and I can't blame them.

Jim...

It looks as though gasoline prices may moderate, and that might increase consumer confidence. This market will turn around at some point and there is an election in November!

Jim - Love the visual.  Our market was very similar to yours, but was already declining in 2006...

Jim when you say Atlanta home Sales, what search area did you use.

BTW I sold allot more in the late '90s. LOL. For 3 years after the Olympics, it was the land of milk and honey.

by Richard Weisser, Associate Broker, E-Pro ERA United Realty, Auctioneer, CE Author (Coweta Fayette Real Estate, Inc. ERA United Realty)   I agree.  The Atlanta market had one thing different than most other markets.  We led the nation in no money down loans.  We were #1.  I have heard over 50% of the loans written in Georgia for the last few years were no money down.  So price wise, we held our own by not having exaggerated price increases, but the sheer number of foreclosures due to persons that cannot afford to pay the first increase of their mortgage will be our undoing.

Debbie Summers, Seminole County Real Estate (RE/MAX Central Realty Lake Mary, FL) Thanks!  I created the visual myself.  I think we really changed gears here last May.

Rod Rich - Atlanta- Associate Broker (RE/MAX of Buckhead @ Brookhaven)  I used all of FMLS sales.  Same here.   When yo look at the numbers it really is pretty bad considering the georgraphic area FMLS covers.  If you look at condo / town home class it is incredibel when you think less than 600 sales total for the entire region for a month. 

Late 90's were great, but we only had 8500 agents back then for more sales than we have now.  We are still carrying over 41000 agents.  Back then, we averaged 40 sides a year.  Recently we made the same money but on referrals. 

Thanks Jim, BTW, where do you get the # of agents info

Rod Rich - Atlanta- Associate Broker (RE/MAX of Buckhead @ Brookhaven) You can only find it out in GAMLS now.  FMLS has made it impossible to find.  I also had a conversation with the real estate commsission this week, and that was interesting.  less than a 5.9% drop.  It is interesting to see that amount of competition for less sales than we had in the 1990's.  A lot of companies will be closing and most agents cannot survive this dry spell.  The numbers are too exaggerated, and the inventory is just too big.

"I have heard over 50% of the loans written in Georgia for the last few years were no money down."

But how many of those were re-fi's? If GA had more re-fi then you would expect that. I didn't put money down when I re-fi'd twice and I am not in danger of foreclosure.

Nice market report Jim.....this is hoe you get the consumers to undertand the market.

great graph and info

Jim, the graph is beautiful until you look at the numbers. I hope your market comes back soon. In a May to May comparison there is no comparison. 40% decrease from 08 to 06 can't be good.

El Guapo Most of them are sub-prime loans and do not qualify to refi their own loans.  That is why we are # 5 nationally for foreclosures.

Neal Bloom-Realtor ® Assoc.-CRS-Weston FL (RE/MAX Premier Associates)  Thanks Neal  A lot of folks don't like hte numbers, but the numbers tell a story.  In todays Atlanta Journal Constitution there are 2 stories. 

1. The head of a major real estate firm resigned today after 15 years running that firm.


2. Movers in Atlanta are claiming hard times because there are no moves.  They are quated as saying, new home sales are off over 50%, and resales are off over 30%.

Boca Raton Florida Homes for Sale David Serle (RE/MAX Services)   Thanks I created the graph online free at:

http://nces.ed.gov/nceskids/createagraph/default.aspx

And then colored it with Snagit.com

Frank Rubi Louisiana Real Estate-Homes for Sale (Specialized Real Estate Services, Inc.)  I know the numbers are not good at all.  We just closed 2 homes this week and one 2 weeks ago.  One today took 6 months to sell, and one yesterday took 1 year.  The one we closed 2 weeks ago had been on the market with other agents for over 2 years, we sold it in 5 months!