It is hard to believe that the Atlanta real estate inventory in could still be rising. It's sad, but it is true! in our First Multiple Listing Service FMLS tonight, there were Active - 87921 Properties Found. Since we utilize 2 Multiple listing Services in Atlanta, the Georgia Multiple Listing Service GAMLS is reporting 117287 Active listings. In the latest month for statistics August 2007, there were 5,129 closings for Atlanta single family homes in August. A decline of 34.6% from the same month a year ago. This should be the percentage decline on record (since 1996). The single family homes close are comprised of Single family detached, and attached which are town homes, and condo class homes. On the single family detached closed 4,343 units in August or a decline of 34.6% from the same year ago period August 2006 with 6,662 sales. Condos and Town-homes closed 785 units or a decline of 33.7% from August 2006. There were also 7,181 expired listings in August. This was 19 more than Last December's all-time record and 2,100 more than August 2006. The number of withdrawn listings are also rising to record levels. Single family detached and condos & town-homes broke the record in August for most withdrawn listings for a given period. Single family detached had 3,196 withdrawn listings in August and Condos and town-homes had 546 withdrawn listings in August.
The scenario is odd at this time of the year, because once school is in session in the Atlanta area, is that in a normal market the homes for sale in Atlanta will dwindle, The lowest number of Atlanta homes for sale usually takes place in the winter months between Thanksgiving, and mid January are normally the lowest points of home inventory. Last winter the homes for sale never really backed off their inventory levels. They just kept rising, ans now it is compounded by the number of sales dropping.
This information was compiled from FMLS and GAMLS. Inforamtion is Deemed Accurate but not Warranted.
James Crawford ABR, Broker Associate
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