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Conversations about Atlanta Real Estate

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

Related Posts: MLS Moments

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Is Atlanta a Buyer’s Market or a Seller’s Market?

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

It depends.

Here’s a question raised by one of our readers in response to our report on North Atlanta market statistics:

With home prices increasing, does that mean supply is decreasing? How is the average home price increasing if inventory is high (assumption)?

The answer to that question requires a review at the hyper-local level.

Are you asking about houses in North Atlanta? South Atlanta? Intown? With lots of acreage? A close commute? Within the best school district? What price range?

Try looking for a 4-bedroom home in a great school district (no stucco please), priced between $375,000 and $450,000, built within the last 7 years on a 1/2 acre lot.

I found a total of 7 at 2:00 this afternoon — a little less than 6 months inventory. For a seller with a home meeting this description, it is a seller’s market.

The prices of North Atlanta homes are increasing simply because the value of homes has continued to increase - even though the homes are taking a little longer to sell.

Spread the word… North Atlanta is a strong, viable market!

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MLS Moments

[ 3 Comments ] 02/29/08 | Kathy Drewien | Filed under: Atlanta Real Estate, MLS Moments

Kathy DrewienWe 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.)

MLS Sales Data

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.

MLS Price Data

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.

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