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MLS Moments

[ 5 Comments ] 05/19/08 | Kathy Drewien | Filed under: Alpharetta, Buyers, MLS Moments, Marietta, Roswell, Sellers

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:

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

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MLS Moments - How’s the Atlanta Market Today?

[ Add Comment ] 05/09/08 | Kathy Drewien | Filed under: Alpharetta, Atlanta Real Estate, MLS Moments, Marietta, Roswell

The goal of MLS Moments posts is to provide a snapshot of the Atlanta market on a regular schedule.

I’ve been tracking the number of houses for sale in Atlanta, and how many houses have sold for several weeks. The average list price, the average sales price, and the average days on market have been recorded, and compared to the prior week.

Week after week, the message has been the same. The real estate market in North Atlanta is flat.

A couple of posts back I used a chart that summed up the market, “You’ll notice that when some things are up, other things are down.” Even if you like numbers, the constancy of the reports is B-O-R-I-N-G.

So, I’ve decided to report on a monthly basis the number of houses for sale, the number sold, and average prices. Real Time Atlanta Real Estate Market Profiles are available any time. Detailed weekly reports are available to download.

Tonight, I’ve looked at absorption rates - the amount of time it will take to sell all of the houses currently listed for sale, based on how many houses are currently reported as sold and closed.

I created a great chart full of data for East Cobb, West Cobb, North Fulton and North Gwinnett. It has pretty colors to define the rows and columns. And, for the life of me, I can’t get it into this post.

This is what the absorption rate chart looked like in September 2007.

absorption_rate

Tonight, there are 8097 homes listed for sale in North Atlanta. And, there are 981 homes that are “under contract” - a total of 9078 houses for sale. Only 1860 houses sold between January 1 and April 30, 2008.

What does this tell you? It will take 19.5 months for the market to absorb the number of houses currently for sale - at the rate houses are now selling.

I think my time is better spent answering the question of Atlanta sellers, “Why isn’t my house selling?“

If you enjoy tracking the numbers, or don’t want to miss the answer to why your house is not selling, subscribe to our posts.

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MLS Listing Moments - North Atlanta

[ Add Comment ] 04/14/08 | Kathy Drewien | Filed under: Alpharetta, Atlanta Real Estate, MLS Moments, Marietta, Roswell

North Atlanta Real Estate MarketToday's MLS listing report includes sales to date in comparison to last week's multiple listing statistics. Sales data for 1st Quarter 2008 is reported using information I have examined. This is not an official report from FMLS.

The market remains flat with little change in the overall number of houses listed for sale in North Atlanta zip codes.

First quarter 2007 was a different market with 2251 houses sold in the same zip code area. Sales are down 40% from the same period last year. In short, there are not the same number of buyers buying today.

My friends and colleagues across the country report similar drops in the total volume of home sales.

Today, when asked, "How's the market?"

My reply is more personal. "My income is down 40% from this time last year."

End of report.

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MLS Moments: Atlanta Real Estate Market Review

[ 2 Comments ] 03/08/08 | Kathy Drewien | Filed under: Atlanta Real Estate, MLS Moments

Kathy DrewienI've just finished reviewing the mls listings activity through February. As a reminder (disclaimer), this is market information that I have compiled, not the Atlanta multiple listing services. The geographic focus is the North Atlanta suburbs. (See the zip codes included.)

The number of closed sales may continue to adjust as reports are filed with the local mls office. 

The reported year-to-date numbers through February 2008:

  •  7230 active mls listings UP
  •  776 are "under contract" pending closing UP
  •  664 sold and closed UP
  •  $380,929 average sales price DOWN
  •  95 average days on market. UNCHANGED

You can see the number of single-family houses on the market are up from last week's report. So are the number of properties closed. However, the increase in new listings (168) continues to out pace the increase (90) in mls listings reported as closed.

The number of homes for sale (inventory), in contrast to the number of homes closed, enables us to calculate the absorption rate for our market area. This is simply a numeric way to report supply and demand trends.

It's important to note the absorption rate can be quite different between price ranges and zip codes. Earlier this week we gave a good example of what our client wants to buy, and how few matching homes are available for sale.

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Your comments are invited. Look for Comments in the title bar. 

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