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Conversations about Atlanta Real Estate

MLS Moments - Atlanta Real Estate Update for MidYear

[ Add Comment ] 07/10/08 | Kathy Drewien | Filed under: Atlanta Real Estate, MLS Moments

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.

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

[ Add Comment ] 06/09/08 | Kathy Drewien | Filed under: Atlanta Real Estate, MLS Moments

“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.

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.

An absorption rate of 6 months is considered balanced.

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

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

[ Add Comment ] 06/03/08 | Kathy Drewien | Filed under: Atlanta Real Estate, MLS Moments

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.

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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New Trend with Atlanta Sellers

[ 1 Comment ] 05/21/08 | Kathy Drewien | Filed under: Atlanta Real Estate, Sellers

Atlanta sellers are teasing me. image of dangling carrot

Hello. I found you on the internet.

My house at 123 Anystreet is for sale. The listing number is #1234567.

I am offering a 4% commission to the agent who brings a buyer before the end of the month.

Curiosity compels me to investigate. Every time.

What I discover - every time - is the seller hired a flat-fee broker who listed the property in the multiple listing service. And, the seller priced the property without regard to current market conditions, or the most recent sales data.

Today’s carrot dangler seller over-priced the property by $25,000.

My response is always the same. “Homes that are target priced, and in showcase condition are selling. Why do you think your house has not yet sold?”

Sellers take note: Target priced houses in showcase condition are selling.

Photo Credit:HansKristian

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