MLS Moments - Atlanta Real Estate Update for MidYear

Let’s take a look at where the North Atlanta real estate market is today.

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.

	Market	30062	30066	30068	30075	30004	30005	30022	30097
For Sale	8253	576	443	341	628	731	314	660	474
Avg List Price	584K	450K	381K	566K	622K	758K	545K	679K	856K
Pending	908	67	62	37	56	66	41	80	40
Avg List Price	386K	339K	250K	473K	476K	504K	449K	412K	540K
Days on Market	87	91	66	56	90	93	82	94	103
Sold This Yr-to-Date	3380	327	222	140	246	239	156	295	162
Avg List Price	389K	331K	306K	453K	405K	545K	481K	386K	595K
Avg Sales Price	370K	318K	292K	433K	387K	523K	456K	366K	563K
Days on Market	87	78	77	71	76	102	77	78	114
Sold Last Yr-to-Date	5517	459	359	236	393	427	249	494	258
Avg List Price	391K	345K	306K	458K	421K	525K	414K	411K	594K
Avg Sold Price	380K	336K	299K	443K	411K	472K	401K	399K	571K
Days on Market	69	57	67	61	65	78	55	63	89
Supply in Months	16	12	13.6	16	16.6	20	13.6	15	19

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.

MLS Moments Answers “How’s the Market in Atlanta?”

“How’s the Market in Atlanta?” “Much better, thank you.“

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.

Atlanta Mortgage Rates - June 6

Atlanta mortgage rates are updated weekly.

	Conforming	APR	Payment per $1000	Jumbo	APR	Payment per $1000
30-Year Fixed	6.0%	6.139%	$6.00	7.375%	7.476%	$6.91
15-Year Fixed	5.625%	5.856%	$8.24	7.125%	7.286%	$9.06
5-Year Fixed ARM	5.0%	5.139%	$5.37	5.625%	5.716%	$5.76
5-Year Interest Only	5.25%	5.383%	$4.38	5.625%	5.716%	$4.69

*Rates are subject to change due to market fluctuations and borrower’s eligibility.

Enjoy the hot weather!

MLS Moments - How’s the Atlanta Real Estate Market?

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

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