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MLS Moments: Atlanta Real Estate Market Review

03/17/08 | Kathy Drewien | Category: Atlanta Real Estate, Buyers, MLS Moments, Sellers

Kathy DrewienMLS Moments: Atlanta Real Estate Market Review March 17, 2008

We closed out the North Atlanta February 2008 real estate market stats with tonight’s update. The greatest majority of closed sales for North Atlanta have been reported to the multiple listing services (mls); any late reports will be included in year-to-date reports.

The mls listing data (compiled by me, not the mls) year-to-date reports the current number of houses for sale in the defined North Atlanta geographic area. Properties that have sold and pending closing are also year-to-date. The other stats close out the month of February. (NOTE: the directional changes relate to our last report on the same markers).

  • 7356 active mls listings UP
  • 771 are “under contract” pending closing DOWN
  • 788 sold and closed UP
  • $377,198 average sales price DOWN
  • 94 average days on market. DOWN

The number of houses sold and closed in 2008 (through February) are down 40% from the same period in 2007. Average sold prices are not markedly different - up 5% from the same 2007 period.

Let’s look at a couple of numbers to learn if the Atlanta real estate market is improving.

The percentage of homes sold and closed in North Atlanta are up 37% (574:788) from our first report just two weeks ago. In comparison, the number of houses listed for sale in the First Multiple Listing Service (FMLS) increased from 7062 to 7356, only 4% in two weeks. At first glance, it seems that closings are out pacing the existing inventory.

Next week, we will examine the absorption rate - the supply and demand - across different prices ranges.

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