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MLS Market Update March 8, 2008

March 8, 2008

I’ve just finished reviewing the mls listings activity through February. As a reminder (disclaimer), this is market information that I have compiled, not the Atlanta multiple listing services. The geographic focus is the North Atlanta suburbs. (See the zip codes included.)

The number of closed sales may continue to adjust as reports are filed with the local mls office.

The reported year-to-date numbers through February 2008:

7230 active mls listings UP

776 are “under contract” pending closing UP

664 sold and closed UP

$380,929 average sales price DOWN

95 average days on market. UNCHANGED

You can see the number of single-family houses on the market are up from last week’s report. So are the number of properties closed. However, the increase in new listings (168) continues to out pace the increase (90) in mls listings reported as closed.

The number of homes for sale (inventory), in contrast to the number of homes closed, enables us to calculate the absorption rate for our market area. This is simply a numeric way to report supply and demand trends.

It’s important to note the absorption rate can be quite different between price ranges and zip codes. Earlier this week we gave a good example of what our client wants to buy, and how few matching homes are available for sale.