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

East Cobb Homes for Sale - Just Listed

The newest listings for homes in Marietta - East Cobb are updated through our new rss feed. Houses included here are priced $400,000-$500,000.

Define your search criteria for Atlanta listings of houses and condos for sale. Receive updates by email or rss feed.

$429,900 :: 3135 Indian Hills Drive, Marietta GA

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 

Buying Homes in East Cobb - A Learning Experience

Buying a home in East Cobb using online home search tools has always been a learning experience for the homebuyer.

Once upon a time, when sales were brisk and inventory levels low, we - Atlanta home buyers and Atlanta real estate agents - had confidence in the listed sales price. Now, searching for 4-bedroom, 2.5-bath homes in the Dickerson school district is a learning experience for us all.

It has always been our practice to design a personal website for our buyers. This site allows buyer clients real time access to our mls with email listing alerts updated daily.

This past week my buyer and I went out to view the houses she saved in her MLS Gateway. Let me share what we learned about some of the 4-bedroom, 2.5-bath houses priced $225,000-$260,000.

Located in the Wheeler school district, 13 Weatherstone Parkway is a foreclosure priced at $259,900. The house sits atop a hill on a corner lot and features an in-ground pool.

My client learned that foreclosures are a lot more, a lot less, not always what they seem. The inground pool is empty, the liner torn, and more closely resembles a terrarium.

The private backyard is certainly private with months of overgrown neglect.

What I learned: the bank foreclosed in November 2007 for $238,000 and listed the property for sale at $299,900 - market value for move-in condition. Huh?

The next house on our list was 451 Springs End Lane. It is smaller than the foreclosure and has a “drive-under” garage. (A drive under garage is a garage in the basement level with additional room for storage or living space.)

One of the many features of this home is the exterior living space - a screened porch off the family room and adjoining deck. Every room was prepared for showing with lights on and no distracting clutter.

My client learned her emotional response to a well maintained house (set within the first 10 seconds of entering) prompted serious purchase consideration.

My experience was affirming. Listing agents who know how to get houses sold in a tough market counsel sellers on target pricing ($225,000) and staging.

A candidate for Bad MLS Photo? Sure. But the listing agent for 4415 Kings Way deserves a great deal of credit for capturing a picture that doesn’t scream this house sits below street level.

Priced at $259,900, this seems like a good deal for a house in the Sope Creek, Dickerson, Walton school district. My buyer learned - even before we got out of the car - that preventive maintenance had been long deferred.

Wood rot is evident at the door frame, fascia, siding and window trim. The interior is dated (1980). Every room demands updating, which is reflected in the price.

The space over the garage (which adjoins the master suite) has been finished out with a stairway down to the garage. It’s unclear what function this space would serve in the future.

At the end of the day we had seen 12 houses for sale. Only 4 of them were inviting and priced to sell in today’s tough real estate market.

So, what did you learn today? Marianne was shuffling the data listing sheets of the houses we viewed as we drove back to her house.

I learned what I could get for my money. And, I learned that foreclosures are not discount prices. Marianne handed the listing sheets to me. No need to hang on to these.

I threw the sheets in the backseat (the mobile round file). Did you learn whether you still want to sell your house? I didn’t see anything that makes me believe this is the right decision for you now.

With that, my client relaxed and went inside. I expect she’ll live there a few more years before we get around to listing her house for sale.

« Previous Page — Next Page »