MLS Moments

I took a few moments for a quick review of multiple listing home sales in North Atlanta this Memorial Day weekend.

MLS Listings Market Review - May 25, 2008

City / Zip Code	Closed Sales	Average Sales Price	Average Market Time
North Atlanta Area	2201	$368,456	90 Days
Marietta (30062)	217	$307,271	88 Days
Marietta (30067,30068)	158	$432,649	70 Days
Roswell (30075)	158	$399,569	80 Days
Johns Creek*	411	$396,580	86 Days
Alpharetta (30004,30009,30023)	157	$518,903	110 Days

*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.

MLS Moments

Tonight’s review of mls activity - homes for sale in North Atlanta, pending contracts, closed sales - is reported in the table below. Do you like the new display?

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.

MLS Market Report - May 19, 2008

	2008	2007	2006	East Cobb	Roswell	Alpharetta
Current Listings For Sale	8146			1699	821	2122
Average List Price	591,701			499,161	602,640	738,014
Under Contract - Pending Close	1030			227	106	249
Avg List Price	392,321			399,064	364,455	504,212
Time on Market	82 Days			71	82	81
Closed Sales - Year to Date	2053	3629	3979	501	233	506
Average List Price	386,576	383,268	360,205	369,221	383,782	483,157
Average Sold Price	367,979	372,014	350,672	350.603	367,750	462,189
Time on Market	92 Days	73 Days	64 Days	82 Days	81 Days	95 Days

Related Posts: MLS Moments

MLS Moments - How’s the Atlanta Market Today?

The goal of MLS Moments posts is to provide a snapshot of the Atlanta market on a regular schedule.

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.

MLS Moments

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 

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