Straight Talk & Tech Tips to Online Success

MLS Moments

02/29/08 | Kathy Drewien | Category: Atlanta Real Estate, MLS Moments

Kathy DrewienWe 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.)

MLS Sales Data

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.

MLS Price Data

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.

If you have a proficiency with spreadsheets and graphs, and want to contribute a meaningful display, be my guest.

If you liked this post, you will also like these:

Read Comments

  1. Posted by Jim GreenieNo Gravatar on 03.05.08 12:05 pm

    Interesting stats. With home prices increasing, does that mean supply is decreasing? How is the average home price increasing if inventory is high (assumption)?

  2. Posted by Kathy DrewienNo Gravatar on 03.05.08 2:37 pm

    Jim, the prices of North Atlanta homes are increasing simply because the value of homes has continued to increase - even though the homes are taking a little longer to sell.

    Spread the word… North Atlanta is a strong, viable market!

    Try looking for a 4-bedroom home in a great school district (no stucco please), priced between $375,000 and $450,000, built within the last 7 years on a 1/2 acre lot.

    I found a total of 7 at 2:00 this afternoon — a little less than 6 months inventory. For a seller with a home meeting this description, it is a seller’s market.

    Great question, Jim! Answering fully shows real estate data is only informative at the hyper-local level.

  3. Posted by John MoranNo Gravatar on 07.05.08 9:59 am

    Thanks for your site, it is quite informative. You make a good point by highlighting certain submarkets in North Atlanta. The media treats real estate as though it were one big uniform market, losing sight of these subsegments, which vary in strength. its important to get past the sensationalism and understand with clarity the demand for particular types of houses and locations. Regards.

Post Comments





XHTML allowed: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

* Required. Your email will never be displayed in public.