Real Estate Market Update: North Atlanta

Posted by: Jessica Gopalakrishnan on October 3rd, 2008

Market update provided by Julie Brittain of Team Brittain with Keller Williams Realty First in North Atlanta.

I’m a numbers person.  I love to present my clients with the facts…

Closings for single family homes have dropped 34.2% since last July.

The average sale price for a single family home dropped 8.3% from July of 2007 to July of 2008. The average sales price for condos and townhomes dropped 6.2% from July of 2007 to July of 2008.

Year to date average prices for condos and townhomes are below what they were in 2003 and year to date average prices for single family detached are slightly higher than they were in 2004.

When this housing market turns around, the sales prices will recover rapidly.  I believe that prices have neared a bottom, so this is a great time to buy.  Our months-supply of homes is at an unprecedented high. The reason…our demand has been to a great extent lower.  There is over a 14 month supply of homes out there, so as a home buyer, you’ll have a ton of homes to choose from.

As a home seller, you had better be ready for battle and dressed to kill.  Because this is a pricing war and a beauty contest and only the lowest priced and the best looking homes will sell!

The average number of days on the market for a single family detached home was 126.6.  In August, the average number of days on the market for a condo or a townhome was 140.7.

How many times have you heard the phrase, “When the going gets tough, the tough get going?”  It is rumored that the Atlanta Board of Realtors will lose approximately 25% – 35% of its members this coming year.   In 2007, they lost approximately 6,500 members.  I’m still here and will continue to be for the next 20 years.  I can’t imagine doing anything but selling homes.

Statistics were gathered by Steve Palm with Smart Numbers.

Click for more information about Atlanta Real estate and Atlanta home prices.

For more regional updates, click here.



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