Atlanta Market Stats, A Tale of Two Cities. Video Agent Guy Episode #6

The most important housing market stats are the ones that are localized around your home.  Even statistics at the city level can give you inaccurate information about the value of your specific home. The  most recent FMLS stats report that home prices in the Atlanta area dropped 12.7% year over year this past December. 

The FMLS is growing to cover more areas every year.  It now covers much of north Georgia.  It is an average of many localized markets around the Atlanta area.

Local markets around Atlanta vary as much as various cities do around the country. 

Take Fulton County for example.  It's the center of the metro Atlanta area. Some parts of south Fulton County are down about 50% in prices while the north Fulton area prices have been pretty level.

I also have seen differences in the number of transactions in various areas.  In South Fulton where prices have dropped dramatically in the last year, the number of transactions are increasing.  In North Fulton where prices have been pretty steady, the number of transactions has gone down by about 50%.  This explains why agents are hurting so much.  There just aren't that many transactions being done even though prices in those areas haven't dropped.  Differing price volumes can also skew the average price figures quite a bit.

Below are some graphs I made to show what's been happening in four areas around Atlanta. 

First, the total FMLS area stats.  These are the numbers that get reported every month. Many times the media will take the stats that include all types of homes, single family and condos. 

I've limited my charts to single family detached homes.   That's what I primarily sell so that's what I'm interested in. 

You can see that Atlanta prices didn't really start dropping until the middle of 2007, and took a big drop during the last half of 2008. Total number of transactions have been falling since the peak in 2006.  So agents have been feeling this slowdown for two years now.

 

Now let's look at two areas in South Fulton County.  Area 31, West End,  is in the city and area 33 is South Fulton outside the Perimeter.  Look at how much prices have dropped, especially in the last year.  Also notice how the volume has picked up.  It looks like lower prices are bringing out the buyers.

 

 

Now let's take a look at the north Fulton area around Alpharetta.  This is where I do a lot of business.  You'll see that prices haven't dropped but the number of transactions have decreased dramatically. 

 

 

 

I have charts showing the same patterns for other metro counties.  East Cobb County is holding steady while South Cobb County is dropping.  North DeKalb County, Dunwoody, is holding steady while South DeKalb, Stone Mountain, is dropping.

Real estate numbers need to be pretty localized in order to give you relevant information about the value of your specific home.  Be aware of the big picture but make decisions based on local conditions.