Atlanta Real Estate Market Update Feb 29, 2008
February 29, 2008
We are far enough into 2008 to have some solid mls real estate sales information to begin tracking patterns and trends. Before we get ahead of ourselves, I think it’s important to review some basic mls sales data from the past few years. This will establish a baseline against which we can compare our analysis for 2008.
The chart below shows the total number of single family homes listed in the North Atlanta MLS Listing Area that sold in 2005, 2006 and 2007. As we track the number of 2008 mls sales for the same real estate market area, you can refer back to this baseline. (Note: This information is not compiled by the Atlanta mls real estate services.)
In 2005, (according to my research of the mls listings) the total number of single family homes sold in North Atlanta was 11,663; in 2006, the number increased slightly to 11,909. The total number of North Atlanta mls listings sold in 2007 dropped 19% to 9,622.
Looking at the average sales price during the same time period gives us a different perspective on the strength of the real estate market in North Atlanta.
You can see in the chart here that the average sales price increased 9% – from $345,503 in 2005 to $377,793 in 2007 — while the volume decreased over the same time period. It will be interesting to learn if the trend of increasing sales prices will continue into 2008.
Another real estate pattern to note is the average days on market (DOM). In the North Atlanta market, the average DOM has increased from 61 days in 2005 to 72 days in 2007 — a rise of 18%.
So, what do the 2008 mls listing statistics tell us today?
There are 362 single family homes reported as sold through the multiple listing service in January 2008, with an average of 95 days on market. The average price range in the North Atlanta Market Area for January is $402,158.
The reported year-to-date numbers through February 2008:
- 7062 7230 7352 active mls listings (updated: 3/7/08; 3/15/08)
- 742 776 771 are “under contract” pending closing (updated: 3/7/08; 3/15/08)
- 574 664 788 sold and closed (updated: 3/7/08: 3/15/08)
- $385,703 $380,929 $377,198 average sales price (updated: 3/7/08; 3/15/08)
- 95 94 average days on market. (unchanged: 3/7/08: 3/15/08)
Okay, the baselines are set. What I want to do now is track these 5 markers on a weekly basis. I’ll strike through the changes as new listings, pending contracts and closings are reported to the multiple listing service.
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