Atlanta Market Trends Reversing
Posted by Ben Hirsh on Wednesday, June 17th, 2009 at 1:34pm.A man named Andrew Lang once said: "He uses statistics as a drunken man uses lampposts -- for support rather than for illumination."
Although it is true that statistics can be misread or manipulated, they are also extremely helpful in determining market trends in the Atlanta real estate market. I study these numbers constantly so that I can better assist and advise my clients. Our market is changing and below is a summary of recent price trends for single-family homes in Fulton, Cobb, Dekalb, and Cherokee counties.
This chart shows statistics for homes sold from May of this year. It shows that nearly 1800 homes sold for an average price of nearly $234,951.
| Sold May 2009 - 1778 Homes | ||||||
| Bedrooms | Full Baths | Half Baths | List Price | Sale Price | Days on Market | |
| Avg | 4 | 2 | 1 | $ 250,332 | $ 234,951 | 86 |
So compare that to May of 2008 (as the chart below does), and you will see that 2321 homes sold in May of last year for an average price of $271,040. This means that year-over-year we are looking at a 24% drop in number of homes sold and average sale price declines of 13% for the month of May.
| Sold May 2008 - 2321 Homes | ||||||
| Bedrooms | Full Baths | Half Baths | List Price | Sale Price | Days on Market | |
| Avg | 4 | 2 | 1 | $ 284,193 | $ 271,040 | 85 |
The numbers above show a clear drop in the numbers from '08 to '09, but there has been some encouraging news in our local housing market. For four consecutive months we have seen increases in average sale prices for the metro Atlanta counties mentioned above.
The chart below shows the sales data for February when the average sale price was $187,465 through May where prices averaged $234,951.
I hope that this glimpse into the data, that I study everyday, has helped to inform you. If you are interested in buying or selling a home then please contact me so that we can discuss your specific situation and how the latest market trends may affect your decisions.
Ben Hirsh - 404-492-9000
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$250,000
MLS#:4075440
Bedrooms:3
Bathrooms:3
$180,000
MLS#:4075350
Bedrooms:3
Bathrooms:2
$298,000
MLS#:4057696
Bedrooms:3
Bathrooms:2
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