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MLS Moments: Atlanta Real Estate Market Review

03/23/08 | Kathy Drewien | Category: Atlanta Real Estate, Buyers, MLS Moments, Sellers

Kathy DrewienMLS Moments: Atlanta Real Estate Market Review March 23

This week’s Atlanta real estate market review is based on last week’s MLS Moments. On March 17, Atlanta mls listings for sale numbered 7,356. I recorded 771 pending sales, and 788 North Atlanta homes sold through mls cooperating brokers.

In that same MLS Moment, I spent quite a bit of time looking at mls statistics by price range. But, it was very late at night - or I should say early in the morning - and my brain simply couldn’t wrap itself around the market data. So, I held off until tonight.

NOTE: All price ranges are in thousands. Pending sales are houses under contract. DOM is the average days on market. All findings are based on mls listing data, deemed reliable, but not guaranteed. These stats are compiled by Kathy and not First Multiple Listing Service (FMLS) or Georgia Metro Listing Service (GAMLS).

For Sale Pending Sold DOM
<100 27 9 8 79
100-200 908 180 195 84
200-300 1674 249 217 87
300-500 1986 176 215 92
500-750 1178 79 89 101
750-1000 681 43 29 129
1000+ 902 35 35 223
TOTAL 7356 771 788 94

Review our self-defined North Atlanta geographic zone by clicking here.

The chart tells us right away more than half (53%) of North Atlanta buyers are looking to buy a house priced less than $300,000. (This trend was first noted in our 2006 North Atlanta Real Estate Review with 58% for the same market area, and held true in 2007.)

The number of houses for sale priced less than $300,000 is only 35% of the North Atlanta houses for sale. If you have a house to sell valued at $300,000 or below, now is the time to sell. Call me; let’s talk about getting your house sold before school is out.

Now let’s look at the number of North Atlanta houses for sale in comparison to the number of houses that have sold, or absorption rate. What we are calculating is the time, in months, it will take to absorb the current number of houses on the market based on year-to-date closings. We are going to refer to this rate as the Current Market Index (CMI).

PRICE RANGE CMI
<$100,000 6.75
$100-200,000 9.31
$200-300,000 15.43
$300-500,000 18.48
$500-750,000 26.47
$750,000-1M 46.97
$1M+ 51.54

As you can see, there is more supply than demand in all price ranges. I anticipate a positive change in the CMI for Atlanta houses priced under $300,000 as we move into the spring market.

My prediction for the higher priced homes is not positive. Even with 4-years of existing inventory on the market, I see builders continuing to build homes priced $800,000 and above.

If you want to follow the weekly trends, subscribe to MLS Moments.

About the Author: Straight Talking Atlanta Real Estate Agent | Love the Raw Sound of R.L. Burnside, Junior Kimbrough, and other Blues Artists | '92 Jeep Wrangler Sahara Feeds My Soul

Read Comments

  1. Posted by Altos Research Real Estate Insights on 03.28.08 1:08 pm

    [...] (who contributed a lot to this day too. golf clap for Pat and Kevin.)We met some new friends too. Atlanta Real Estate blogger Kathy Drewien is going to be spicing up her market data posts with spiffy AltosCharts. With Michael [...]

  2. Posted by wayne helmoreNo Gravatar on 07.07.08 4:02 am

    Real success in the market takes time and money. Unfortunately “most people view the market as the place where the miracle of great and quick riches can be performed with little effort..

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