When you consider the industry of real estate sales in Atlanta, the Spring kicks off our selling season. This year it is a non event. It hasn't happened. Normally, April leads that pack with new listings, and much higher monthly home sales numbers leading the pack. The market normally would stay pretty strong until mid summer just around the time that school is approaching its next session. If you look at the entire set of statistics for the Atlanta area it is most sobering to see that not only have sales on single family homes sold fallen, but so has the average sales price fallen precipitously since last year, and previous years. Going deeper into the statistics you will also find that the majority of sales are foreclosures or some type of distressed sales. Sellers contributions towards closing have also increased, and are not reflected in an even lower net number for the home seller. That is not a very healthy scenario.
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Hi Jim! The good news, PLEASE! LOL I did note that your sales decrease from '07 to '08 was larger than from '08 to '09--maybe a sign of a bit of leveling off--even though they are distressed properties, it's a shift in the right direction. Of course, you know me, I am always searching for that silver lining!
Have a great evening...
Jim, You certainly are not alone. Oh there are some tire kickers out there and a few buyers but all are looking for those "bargain" properties. Everyone wants a "deal".
The market is up and down here in Lewisburg. Sandra is so on the mark...
Debe Maxwell Talk Charlotte with Charlotte's Realtor® (Helen Adams Realty) Debe, the great news is we have 3 great closings by the Grace of God for the next two weeks. People are still buying and sellers are still selling homes.
Sandra Paulow, Associate Broker, GRI (Aspen Properties, Inc. in Pinetop, AZ.) Sandra, I cannot blame any buyer for trying to get the most in this market. More power to them!
Rebecca Gaujot Lewisburg WV and Greenbrier County Realtor (Coldwell Banker Stuart & Watts Real Estate) I agree. Each market has its own issues to work through. The Atlanta market for many years led hte nation with "No Money Down 100% Financing!" What we are seeing now is a direct result of that...foreclosures, falling values, and short sales.
Jim, I think the numbers in Nashville are following yours there very closely. Though we start much lower, the biggest decline was between '07 and '08 just like there.
Jim:
If there is any consolations to the data, at least sales are not far below 2008. I hope that the summer shows a little sign of possibilities and the fall rolls in a bit better. Maybe next spring will be moving at yet lower pricing. Atlanta is really in a depression, as was many other areas. However many other areas although prices have drop precipitously, their volume has picked up nicely.
Credit standards and interest rates are looming dangers to upset the national recover. I hope by some far reaching stroke of luck we can hold the line here.
Richard
Connie Harvey Realtor Nashville Tennessee Homes (Prudential Woodmont Realty) I agree. I also feel that the Atlanta market was one of the last to be effected. I think we have a ways to go yet.
Richard Stabile Bergen County New Homes Builder Realtor (REMAX real estate associates) I agree...there is just no other way to describe the inventory levels, pricing, and we all know there is a lot in the balance right now. We need to hold the line this year in recovery. Let's hope rates hold and are not forced up.
It is so refreshing to hear other agents have a real and unvarnished conversation about the housing market through their blog.
The drop from 2006 is not surprising, but the decline from 2008 is not what you want to see.
Mark MacKenzie Real Estate Planning Mark I think everyone is better served if we tell it like it is. I would not want to be some agents that have told their sellers things are not bad, and yet cannot get traffic to the home, offers or a sale!