MLS Moments - How’s the Atlanta Real Estate Market?
June 3, 2008
Tonight’s review of mls activity - homes for sale in North Atlanta, pending contracts, closed sales - is reported in the table below.
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.
| MAY | APR | MAR | FEB | |
| Homes For Sale | 8221 | 8060 | 7636 | 7230 |
| Avg List Price | 587,697 | |||
| Under Contract | 1029 | |||
| Avg List Price | 399,823 | |||
| Avg Market Time | 84 Days |
|||
| Homes Sold | 2412 | 1634 | 1206 | 574 |
| Avg List Price | 385,947 | 382,364 | 384,296 | 391,739 |
| Avg Sold Price |
367,539 | 370,081 | 372,701 | 377,198 |
| Avg Market Time | 90 Days |
92 Days |
93 Days |
95 Days |
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
Saturday Stories - Play All Day in Atlanta
May 31, 2008
Play. All day. Everyday. In Atlanta.
Atlanta has a moderate climate. And, we play tennis outdoors all year round.
I started playing tennis a few years after my daughter was born. At the time I was a member of an athletic club that offered lessons and organized league matches.
The only requirement to join a team was a nominal fee, a racket, and a pair of tennis shoes.
Photo Credit: aloshbennett
Tennis Leagues
The Atlanta Lawn Tennis Association (ALTA) is unquestionably the largest grass-roots tennis league in the world. Their membership of social tennis players exceeds 100,000 players.
ALTA tennis leagues are organized for doubles matches. There are ALTA teams for women, men, junior girls, junior boys, senior men, senior women, and mixed doubles. There are wheelchair leagues and up/down leagues.
“When I moved here 10 years ago because my husband was transferred, I didn’t play tennis. But when I looked around I could not see any neighbors. Everybody who didn’t work during the day was off playing tennis. So I learned. Now I probably play eight to 12 hours a week; it keeps you young.”
The organization of all the teams and players is mind boggling - an enormous volunteer effort by captains, scorekeepers, and coordinators.
Whether we play tennis in our subdivisions, county parks, tennis clubs, or sports facilities, ALTA coordinates weekly competition with other teams of comparable ability within the Atlanta metro area, and keeps track of everyone’s results.
Let’s Win a Bag Tag
The home team provides two courts, refreshments that range from beer-and-doughnut feasts among the men’s leagues to sumptuous cook-offs during mixed and ladies doubles, and a fresh can of tennis balls. The goal of each team is to make it to the playoffs, which happen at the end of each seven-week season; and receive the coveted embossed bag tags, which accumulate like so many scalps on the equipment bags of frequent winners.
“You can walk onto the court and be intimidated when you hear your opponent’s bag tags jangling; bag tags are what you’re working for, they carry a lot of clout, but in the meantime everybody’s having a lot of fun out there, plus meeting people you’d not otherwise meet.”
Over the years I have played on several different teams. I left the athletic club to play tennis in my subdivision. I moved from that team to play with my friends from work. Today, I play tennis here.
I have served as Captain for more seasons than I can count. Scorekeeper is the easiest volunteer position.
Something I enjoyed most was being Team Mom for my daughter’s junior team.
Maybe we can get Jessica to tell the story about me making her play with a broken wrist. Well, we were in first place for the bag tag; every point was critical!
Attention Atlanta First Time Home Buyers
May 30, 2008
Are you an Atlanta first time home buyer? Get your questions answered in our First-Time Home Buyer’s Kit.
Buying a home is one the biggest financial decisions most people will make in their entire lives, so it’s only natural to have questions about the process, especially for first-time home buyers.
That’s why we put together our own First-Time Home Buyer’s Kit.
The free kit includes:
- Home Buyer’s Handbook - a 16-page booklet and glossary designed to provide answers to the more basic questions about buying a home;
- Gift of Knowledge CD “Home Buying 101″ - a unique 60-minute interview that answers the top 20 most important questions every first-time home buyer needs to know.
Here are just a few of the 20 questions addressed in the free CD:
- What are the benefits of owning versus renting a home?
When you add up the tax benefits of owning a home versus renting a home, it costs no more to be a homeowner than it does to rent, in many cases. With this in mind, why help finance your landlord’s financial goals when you can own your own home and, as your equity grows, increase your savings for the future as well?
- Does my credit score affect my ability to secure a home loan?
When it comes to qualifying for a mortgage, the answer is never simply a matter of yes or no; it’s a matter of when: When will you be ready to qualify? While your credit score does affect this process, with credit repair services, government loans, and other programs and strategies, homeownership can be a reality for anyone willing to put in the necessary time and effort.
- What’s the difference between being prequalified and being preapproved?
There’s a world of difference. A prequalification is a statement based often on unverified financial data. A preapproval is a decision to loan, and carries a lot of weight with sellers. With a pre-approval, you are essentially a cash buyer, and not only do you know exactly how much you can afford, sellers will take your offer much more seriously.
Request the First-Time Home Buyer’s Kit now. Text 404-992-6547 if I can assist in any way.
Atlanta Mortage Rate Update May 30, 2008
May 30, 2008
Atlanta mortgage rates are inching upward as a result of what we are seeing in the fixed-income securities market.
| Conforming | APR |
Payment per $1000 |
Jumbo | APR |
Payment per $1000 |
|
| 30-Year Fixed | 5.875% | 6.013% | $5.92 | 7.25% | 7.35% | $6.82 |
| 15-Year Fixed | 5.5% | 5.730% | $8.17 | 7.00% | 7.16% | $8.99 |
| 5-Year Fixed ARM | 5.25% | 5.383% | $5.52 | 5.875% | 5.967% | $5.92 |
| 5-Year Interest Only | 5.5% | 5.635% | $4.58 | 5.875% | 5.967% | $4.90 |
*Rates are subject to change due to market fluctuations and borrower’s eligibility.
Jumbo ARMs are making a comeback. Call my cell phone (404-992-6547) if I can assist over the weekend.
Subscribe To Our RSS Feed! 
