Atlanta Real Estate Market Data

March 3, 2009

The following market report for real estate in Atlanta represents year-end data gathered from 36 areas in the First Multiple Listing Service (FMLS).  The data reflects Single Family Detached Residences primarily with a few statistics representing the Condo/Townhouse market.

The areas include most of the following counties: Cherokee, Forsyth, East Cobb, N. Fulton, Gwinnett, Paulding, West Cobb, Inside Perimeter, Dekalb and Douglas.

  1. Median sales price for re-sales declined more than new construction prices.
  2. Median days on market 3 times longer when sellers overprice and have to reduce price to sell.
  3. Sellers who had to reduce prices averaged 87% of listing price vs. 96.5% of listing price with no price reduction.
  4. Median sales price in 4th Qtr 2008 lower than any period since 2003.  Median price is $170,000.
  5. Gap in List Price to Sales Price in 4th Qtr 2008 vs. 2007 greatest under $200,000 (17.8%) and above $750,000 (9.4%).
  6. Percentage of transactions requiring price reduction in 2008 grew to 50%.
  7. Months supply of listing inventory slightly decreased monthly in 2008 since July. Inventory in July was 13 months;  December declined to 10 months of inventory.
  8. Foreclosed property sales in 2008 represented 23.6%  of total sales.  In the <$100K price range, 42.8% of sales were foreclosures.  This range is where most of the foreclosures are.
  9. Percentage of properties requiring price reductions in 2008 greatest in the $100K – $299K range (54.9%) and the $500K – $749K price range (51.3%).
  10. Condo/Townhouse sales in 2008 down 29% vs. 2007.
  11. Median number of days on market (DOM) for Condo/Townhouse increased every quarter of 2008 except the 4th Qtr where DOM decreased compared to 2007.  Ninety-Four DOM average in 2008 – 20% down in the 4th Qtr.
  12. Condo/Townhouse Sales Price as % of List Price increased in the $750K+ price range.
  13. New Construction sales down 3.4%. Re-sales down 12.4%.
  14. National Association of Realtors reports 41% of sales across the country were first time home buyers.
  15. Residential 2008 Sales in 36 FMLS areas: 33,856 -  down 22% from 2007.  Condo/Townhome 2008 Sales is 7,056 — down 29% from 2007.
  16. Georgia Real Estate Commission reports 2008 vs. 2007 – Agent License Renewal down by 8,080. Firm Renewals down 1,460 2008 vs. 2007.  New License issued in 2007 – 10,290.  New Licenses issued in 2008 – 5,655.

The data was compiled by Chuck Carr of Chartmaster Services, LLC.  It is believed to be accurate but not warranted.

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Posted by Vivian Lacy | Filed Under Market Reports 

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