The most recent Atlanta real estate sales statistics were just released this evening, and it is a mixed bag of good. Yes sales are up and inventory is down. We are selling more Atlanta homes, but at much lower prices. To make sense of the numbers I have created an October Average Atlanta home sales price chart that compares only sales of single family detached Atlanta homes for October! The results are pretty much self explanatory. The Average sale price trends is moving lower here. Despite historic lows in 30 year fixed rate financing, our Atlanta homes average sales price numbers should have gone up if it was a healthy market. Lower mortgage interest rates in normal times = higher prices. That does not appear to be the case here. I am seeing a trend that out average sales price is off 21.4% from the peak of the market in October of 2006. The average sales price for single family detached Atlanta home in October was $201,038 or a decline of 6.9% from October 2008.
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Hi Jim...we have record high real estate sales and an all time record low mortgage rates..however prices are not rising in most of Victoria this year...so far.
Same trend here as well. And we are finding the higher tier homes are experiencing more difficulty than the lower priced homes. Condos are hit harder.
Hi Jim, I see our market dropping, but not by 20%. We still have high inventory, low interest rates and longer marketing time. Foreclosures are beginning to roll in.
Victoria Oak Bay Realtor Fred Carver 250-598-2963 for Victoria Oak Bay Homes (Re/Max Camosun Oak Bay & Surrounding Area Real Estate) It is interesting to try and figure what is going on in the market, and then matching that to your experience. Something is odd. It could be the higher unemployment, and it could be that there is no relocation traffic.
Dick and Dixie Sells, Your Tampa Bay Florida Connection (Future Home Realty) That is what we are seeing also. Condos have been hit very hard.
Kay Van Kampen, CDPE, Broker, Springfield Missouri Real Estate (RE/MAX Solutions) The price drops have not really appeared until recently. However, when you look at it ...it was very gradual.
Jim:
I had thought that Atlanta market was off more. Well, maybe the new high price segement is off more.
Richard
Richard Stabile Bergen County New Homes Builder Realtor (REMAX real estate associates) The upper end is probably off much more.
Jim, What an awesome chart you've used for your Atlanta Market Report. What did you use to create it?
Jim"
I just wanted to stop by and say thank you for making a difference in my Active Rain experience. Whenever I stop by to see your blogs, I am always in awe at all the great graphics etc that you are able to utilize. Thanks for sharing, and have a Happy Thanksgiving
C Lloyd McKenzie, MBA, e-PRO, CDPE (ALLSTAR REALTY, LLC) Thank you for the wonderful compliment. I appreciate that. Happy Thanksgiving to you and your loved ones.
Susan Brown (Keller Williams NE, Kingwood Texas (Humble & Atascocita too)) Create A Graph and SnagIt!