Median Prices in North Atlanta

Median Prices - Comparison Charts for North Atlanta

Here are some charts for homes in various areas of North Atlanta: Marietta, Roswell, Alpharetta, Suwanee, and Cumming.

Are we there yet? Has the market hit bottom?

What do you think? Add your comments, thoughts, and interpretations.

MLS Moments

We are far enough into 2008 to have some solid mls real estate sales information to begin tracking patterns and trends. Before we get ahead of ourselves, I think it’s important to review some basic mls sales data from the past few years. This will establish a baseline against which we can compare our analysis for 2008.

The chart below shows the total number of single family homes listed in the North Atlanta MLS Listing Area that sold in 2005, 2006 and 2007. As we track the number of 2008 mls sales for the same real estate market area, you can refer back to this baseline. (Note: This information is not compiled by the Atlanta mls real estate services.)

In 2005, (according to my research of the mls listings) the total number of single family homes sold in North Atlanta was 11,663; in 2006, the number increased slightly to 11,909. The total number of North Atlanta mls listings sold in 2007 dropped 19% to 9,622.

Looking at the average sales price during the same time period gives us a different perspective on the strength of the real estate market in North Atlanta.

You can see in the chart here that the average sales price increased 9% – from $345,503 in 2005 to $377,793 in 2007 — while the volume decreased over the same time period. It will be interesting to learn if the trend of increasing sales prices will continue into 2008.

Another real estate pattern to note is the average days on market (DOM). In the North Atlanta market, the average DOM has increased from 61 days in 2005 to 72 days in 2007 — a rise of 18%.

So, what do the 2008 mls listing statistics tell us today?

There are 362 single family homes reported as sold through the multiple listing service in January 2008, with an average of 95 days on market. The average price range in the North Atlanta Market Area for January is $402,158.

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

• 7062 7230 7352 active mls listings (updated: 3/7/08; 3/15/08)
• 742 776 771 are “under contract” pending closing (updated: 3/7/08; 3/15/08)
• 574 664 788 sold and closed (updated: 3/7/08: 3/15/08)
• $385,703 $380,929 $377,198 average sales price (updated: 3/7/08; 3/15/08)
• 95 94 average days on market. (unchanged: 3/7/08: 3/15/08)

Okay, the baselines are set. What I want to do now is track these 5 markers on a weekly basis. I’ll strike through the changes as new listings, pending contracts and closings are reported to the multiple listing service.

If you have a proficiency with spreadsheets and graphs, and want to contribute a meaningful display, be my guest.

Reality Check for Home Sellers

Economists and other humans don’t always see eye to eye. “Economists tend to think people are crazy because they won’t sell their houses for less than they paid for them — and people think economists are crazy for thinking things exactly like that,” said Professor Christopher Mayer, director of the Paul Milstein Center for Real Estate at Columbia Business School and an authority on real estate economics.

With house prices falling in many markets around the nation, this particular quirk of the human condition might end up costing the economy a great deal.

Click here to read the entire New York Times article.

North Atlanta Real Estate in Review

Comprehensive analysis of North Atlanta real estate statistics and trends.

The market area of North Atlanta includes the communities in Cobb County east of I-75, Fulton County east and west of GA-400, south Cherokee County, Gwinnett County west of I-85, and south Forsyth County.

These areas are further defined by the cities of Marietta, Alpharetta, Roswell, Dunwoody, Sandy Springs, Buckhead, Woodstock, Norcross, Duluth, Suwanee, Buford, Sugar Hill and Cumming. The map pinpoints these cities within the respective counties.

The market area is further defined by high school districts and zip codes. See chart inside publication. 

Disclaimer: Kathy Drewien, Property Lines, compiled this information using the mls as a source only. The findings and analysis are not compiled in anyway by the Atlanta multiple listing services.