Tim Maitski "Video Agent Guy"

Many people ask me about property taxes. Usually it's around 1% of the home value.

But it depends on the homestead exemption and some other exemptions like the senior citizen break they give you in Cobb County.

Cobb has a neat online property tax estimator. Just put in the value of the home and it will give you the estimated tax with and without a homestead exemption and alsof what it would be for people 62 years old and up.

Here is the result for a $400,000 home.

These numbers came out two weeks ago. I've been really busy but I finally got time to update all of my charts.

Below are the numbers for the total FMLS area for March 2009. They are for single family detached homes. It's nice to know but the important numbers are what's happening in your more immediate area. For that, I now have graphs for 26 local market areas around Atlanta. Links with a reference map are down below. I'll add about 10 more areas as time permits over the next few months.

Overall, the numbers were encouraging. I think the next two months will see the number of sales transactions go up quite a bit. The March sales numbers are the result of buyers making offers in January and February. I personally saw a big surge of activity in February and March so I think the sales numbers in April and May will reflect that.

Clayton County has taken a beating in prices in the past two years so the average price is now $47,365. That sure looks like an opportunity. Especially since their school district is now getting their accreditation back.

Sales in Sandy Springs have slowed dramatically. I had to do a double take when I saw the number of transactions. North Sandy Springs only had 9 transactions in March and South Sandy Springs had only 5.

East Cobb, Area #83, also showed only 22 transactions for March.

Year over year numbers for March for single family detached homes for the total FMLS areas are as follows:

Average sales price decreased 25.5% from $246,901 to $183,800.

Number of transactions decreased 10.6% from 3,599 to 3,215

For more specific market areas, click on the links below.

Clayton County (Area 161)

Cobb County, South (Area 72)
Cobb County, South Central (Area 73)
Cobb County, West (Area 74)
Cobb County, Northwest (Area 75)
Cobb County, Northeast (Area 81)
Cobb County, East Central (Area 82)
Cobb County, East South (Area 83)

DeKalb County, Tucker (Area 41)
DeKalb County, Stone Mountain (Area 42)
DeKalb County, South (Area 43)
DeKalb County, Decatur (Area 52)
DeKalb County, Dunwoody (Area 121)

Forsyth County, East (Area 221)
Forsyth County, West (Area 222)

Fulton County, Alpharetta/Roswell (Area 13)
Fulton County, Alpharetta (Area 14)
Fulton County, Buckhead (Area 21)
Fulton County, Bankhead Hwy. (Area 22)
Fulton County, Midtown (Area 23)
Fulton County, West End (Area 31)
Fulton County, South Fulton (Area 33)
Fulton County , Sandy Springs (Area 131)
Fulton County, Sandy Springs (Area 132)

Gwinnett County, Duluth/Buford (Area 62)
Gwinnett County , Lilburn (Area 64)

Below is a chart I created using the S&P Case Shiller Index data. It shows the 20 metro areas that they cover.

I added the data for inflation(the black squares) which I got from the Bureau of Labor Statistics(BLS).

Over the long term, I would say it's a fair statement to say that housing prices follow the rate of inflation. In the short term, prices are more affected by supply and demand. The Case Shiller Index has an equilibration point at the year 2000 starting at the value of 100. Going by the inflation rate from the BLS calculator, that value adjusted for inflation should be at 123.

Atlanta's number is currently at 109. So another 9% decrease in prices will get us back to the level of 2000 and it will make the housing prices 20% below where they would be if they had kept up with inflation.

Only Detroit and Cleveland are have a lower index value than Atlanta. The Case Shiller Index is about two months delayed so it might be that the index for Atlanta in April might already be at 100 again.

Other markets like Miami, LA, and D.C. need to fall another 30-40% before they reach the levels they had back in 2000. If you extrapolate those lines, it might take another 12-18 months before those markets reach those levels.

This is another that has been hit hard. The average price in the South Fulton area of Atlanta dropped 24% this past year. Over the past four years average prices have dropped from around $200,000 to around $120,000. There are a lot of foreclosures in this area.

I don't personally work this area but if you are interested in it, I have a few agents in my office who cover this area.

The number of sales has increased as prices have dropped. The last five months prices are remain flat after dropping dramatically during the previous 12 months. This might be a bottom for prices in this area.

The numbers below are for single family detached homes in FMLS area 33. Links to stats for other areas are at the bottom of the page.

Year over year, total transactions increased from 68 to 78 (+15%)

Year over year, average sales price decreased from $154,337 to $117,880 (-24%)

All data for graphs is taken from the FMLS statistics put out by Smart Numbers.

For other market areas as shown in the following map, please click on the links below.

All areas combined: Summary of all FMLS areas

Area 13: North Fulton, Alpharetta/Roswell West of 400
Area 14: North Fulton, Alpharetta East of 400
Area 131: Sandy Springs North of 285
Area 132: Sandy Springs Southe of 285
Area 21: Buckhead
Area 23: Midtown/Virginia Highlands
Area 31: South Fulton, West End
Area 33: South Fulton outside 285
Area 81: East Cobb, North
Area 82: East Cobb, Central
Area 83: East Cobb South
Area 72: South Cobb
Area 73: Cobb West Central
Area 74: Cobb West
Area 75: Cobb Northwest
Area 121: North DeKalb, Dunwoody
Area 41: DeKalb, Tucker
Area 42: DeKalb, Stone Mountain
Area 43: DeKalb South
Area 221: Forsyth East
Area 222: Forsyth Southwest
Area 62: Gwinnett, Duluth/Buford
Area 64: Gwinnett, Southwest
Area 161: Clayton County

The Clayton County area average home sales price has gone through the floor. Three years ago the average price was around $150,000 and now it's at $50,000!!! The number of sales have gone up substantially so it looks like there are buyers out there at these low prices. The biggest problem down here has been the school system losing it's accreditation. This is an area that has a huge number of foreclosures.

Total days on market is 104. The sales price to original list price ratio continues to dropped below 80%.

The numbers below are for single family detached homes in FMLS area 161. Links to stats for other areas are at the bottom of the page.

Year over year, total transactions increased from 64 to 98 (+53%)

Year over year, average sales price decreased from $99,095 to $51,087 (-48%)

All data for graphs is taken from the FMLS statistics put out by Smart Numbers.

For other market areas as shown in the following map, please click on the links below.

All areas combined: Summary of all FMLS areas

Area 13: North Fulton, Alpharetta/Roswell West of 400
Area 14: North Fulton, Alpharetta East of 400
Area 131: Sandy Springs North of 285
Area 132: Sandy Springs Southe of 285
Area 21: Buckhead
Area 23: Midtown/Virginia Highlands
Area 31: South Fulton, West End
Area 33: South Fulton outside 285
Area 81: East Cobb, North
Area 82: East Cobb, Central
Area 83: East Cobb South
Area 72: South Cobb
Area 73: Cobb West Central
Area 74: Cobb West
Area 75: Cobb Northwest
Area 121: North DeKalb, Dunwoody
Area 41: DeKalb, Tucker
Area 42: DeKalb, Stone Mountain
Area 43: DeKalb South
Area 221: Forsyth East
Area 222: Forsyth Southwest
Area 62: Gwinnett, Duluth/Buford
Area 64: Gwinnett, Southwest
Area 161: Clayton County