Our new readers will see the geographic market area defined here.

We’ve been tracking market trends for the north Atlanta market for several years. Reports for zip codes in our market area are updated weekly. Trends in pricing and inventory are updated in real time.

The table below is a snapshot of multiple listing sales data reported by the First Multiple Listing Service (FMLS). Information, analysis and opinions are solely those of this author, and are not compiled in any way by FMLS.

Information collected includes the number of homes for sale in our real estate market, the number of homes for sale that are pending- under contract, the number of homes sold this year-to-date, and the number of homes sold for the same period last year.

The data shows the average sales price down 2% from the same period last year.

The volume of sales - the number of houses sold - is down 39% from the same period last year. Plain and simple, there are not as many buyers buying. This percentage has been fairly stable for more than a year.

Do you think we are at the bottom? Let me know by adding a comment.

More simply, since June 3, there is a:

• 377 increase in homes sold
• 110 increase in houses for sale

Houses for sale in North Atlanta - 8331 with an average listing price of $580.917.

Houses sold, pending close - 968 with an average list price of $392,173. Average market time is 83 days.

Houses sold and closed year-to-date is 2729. The average list price is $386,962, compared to $368,544 average sold price. Average market time is 89 days.

Review all multiple listing market reports to track trends in our market area.

Weekly Market Reports

Real Time Price and Inventory Trends

May closings are still being reported in the multiple listing service, and I’m pleased with what I see in comparison to last week’s report.

• The number of homes closed in our market area increased by 180, a total of 2592 reported.
• The number of homes for sale in the same area increased by only 68.

And yet, there are still a lot of For Sale signs in every neighborhood.

Let’s look at how this breaks down by price range with an eye on the absorption rate. Absorption rates are a mathematical calculation of how long it will take to sell all the homes on the market, based on the number of houses for sale and the number of houses sold per month.

These numbers are from the First Multiple Listing Service (FMLS) and deemed reliable, but not guaranteed. As always, we are consistently using our defined market area.

• Less than $300,000 12.6 months
• $300,000-$499,999 19 months
• $500,000-$749,999 24 months
• $750,000-$999,999 35 months
• Greater than $1Million 50 months

An absorption rate of 6 months is considered balanced.

Detailed reports are updated weekly. Market trends of price and inventory are real time.

After I pulled the numbers from the multiple listing service (FMLS), I went back to previous posts to compare. The missing data is the result of not being included in earlier reports. I’ll update tomorrow.

ATLANTA SELLERS TAKE NOTE:
The average sales price is 95% of the average listing price.

• Are you getting showings but no offers?
  • Adjust the current price 4-6%.
• Do you have a low number of showings?
  • Adjust the current price 6-12%.
• Experiencing drive-bys and internet viewings only?
  • Adjust the price more than 12%.

Although the number of homes for sale are increasing, the percentage of homes sold is increasing. Only 8% of homes for sale in February 2008 closed. Tonight’s report shows 29% of homes sold, and yet the majority of May sales have not been updated in the multiple listing service.

This is a good sign of market change.

I need to dig a little deeper into the data for past years to learn what percentage of homes “normally” close.

As always, the numbers are compiled by me using the multiple listing service data. All comments are mine. We continue to report the same geographical area we started tracking in 2005.

Related Reports:
Detailed Market Reports Updated Weekly
Real Time Market Trends for Price and Inventory

*The zip code of Johns Creek is 30022 and 30005, 2 Suwanee zip codes (30024 and 30076), and 1 Duluth zip code (30097). NOTE: Sales in the individual areas total less than 100%. Our broad geographic area includes additional cities and zip codes.

Want information on an area not reported? Add a comment to let me know. I’ll get you updated right away.

And, be sure to check this week’s detailed market report.

The numbers are compiled by me (not the multiple listing service) using the same geographical area we started tracking in 2005 - marking the beginning of the downward trend in the real estate market.

This week I included data from the same period in 2006 and 2007. You can see the significant drop in the number of houses sold since May 18, 2006. And yet, the average sold price has dropped only a slight margin since 2007, and is higher than 2006.

I included information for subsets of the larger market area:

• Marietta / East Cobb zip codes 30062, 30066, 30068, 30075, and 30339
• Roswell / North Fulton zip codes 30075 and 30076
• Alpharetta / North Fulton zip codes 30004, 30005, 30022, and 30097.

The average price for current listings has a wide spread between East Cobb and Alpharetta. My colleague in Johns Creek offers insight on the variation.

Sellers take note: homes are selling at 2006 prices.

Related Posts: MLS Moments

I’ve been tracking the number of houses for sale in Atlanta, and how many houses have sold for several weeks. The average list price, the average sales price, and the average days on market have been recorded, and compared to the prior week.

Week after week, the message has been the same. The real estate market in North Atlanta is flat.

A couple of posts back I used a chart that summed up the market, “You’ll notice that when some things are up, other things are down.” Even if you like numbers, the constancy of the reports is B-O-R-I-N-G.

So, I’ve decided to report on a monthly basis the number of houses for sale, the number sold, and average prices. Real Time Atlanta Real Estate Market Profiles are available any time. Detailed weekly reports are available to download.

Tonight, I’ve looked at absorption rates - the amount of time it will take to sell all of the houses currently listed for sale, based on how many houses are currently reported as sold and closed.

I created a great chart full of data for East Cobb, West Cobb, North Fulton and North Gwinnett. It has pretty colors to define the rows and columns. And, for the life of me, I can’t get it into this post.

This is what the absorption rate chart looked like in September 2007.

Tonight, there are 8097 homes listed for sale in North Atlanta. And, there are 981 homes that are “under contract” - a total of 9078 houses for sale. Only 1860 houses sold between January 1 and April 30, 2008.

What does this tell you? It will take 19.5 months for the market to absorb the number of houses currently for sale - at the rate houses are now selling.

I think my time is better spent answering the question of Atlanta sellers, “Why isn’t my house selling?“

If you enjoy tracking the numbers, or don’t want to miss the answer to why your house is not selling, subscribe to our posts.

Tracking the number of houses for sale in Atlanta each week shows little change in the housing market for our area. Compared to last week, there is only a slight variation in the mls listing report.

• Homes for sale in North Atlanta - 8060 UP 94
• Properties under contract pending closing - 943 UP 65
• North Atlanta houses closed - 1634 UP 118
• Average sold price - $370,081 UP $1671
• Average days on market - 92 DOWN 1

First Multiple Listing Service (FMLS) has released the March summary report for the greater Atlanta area. In comparison, North Atlanta market statistics report a somewhat stronger picture with higher sales prices and less days on the market.

In Atlanta the number of homes sold this year compared to last year is down 36.6%. Simply, there are fewer buyers this year.

And yet, buyers are purchasing homes that are priced correctly. The average sales price is 4.7% off the listing price at the time the offer is made - not the original listing price. Overpriced houses do not sell.

Get real time Atlanta market trends here.

Photo Credit: Brooke Novak 

• Active FMLS Listings | North Atlanta Houses for Sale - 7966 UP 203
• FMLS Listings Under Contract | Pending Closing - 878 UP 26
• Sold | FMLS Listings Reported as Closed through April 21 - 1516 UP 158
• Median Sold Price - $368,410 DOWN $1,028
• Average Days on Market - 93 UP 1

The statistic of significance is that inventory - the number of houses on the market - continues to be higher than the the demand - the number of houses sold - by a small margin.

Get real time market trends here.

Photo Credit: MShades 

• Active Listings/North Atlanta Houses for Sale - 7763 UP 127
• Under Contract/Pending Closing - 852 UP 7
• Sold/Reported as Closed through April 13 - 1358 UP 152
• Median Sold Price - $369,438 DOWN $3,263
• Average Days on Market - 92 DOWN 1

The market remains flat with little change in the overall number of houses listed for sale in North Atlanta zip codes.

First quarter 2007 was a different market with 2251 houses sold in the same zip code area. Sales are down 40% from the same period last year. In short, there are not the same number of buyers buying today.

My friends and colleagues across the country report similar drops in the total volume of home sales.

Today, when asked, "How's the market?"

My reply is more personal. "My income is down 40% from this time last year."

End of report.