The Atlanta FMLS most recent sales statistics were just released today from our primary First Multiple Listing Service FMLS for closed November home sales both detached and attached homes. There were some good signs of improvement for our troubled real estate market. There were 4,377 closings for all single family in November in the Atlanta Metro market, and this was comprised of 3,630 closings in November 2009 for single family detached. (an increase of 32.9% over November 2008) and 747 closings in November for single family attached (an 85.8% increase over November 2008!)
The average sale prices for all single family remained weak in November. However, this lower price point helped stimulate the increase in demand along with historic lows in fixed mortgage rates and the would be 8K tax credits ending.
The November average closed price was $189,306 which is the lowest reported monthly average since April 2009's $182,369. The average closed price for single family attached in November 2009 was $147,347. This is down 8.5% from November 2008 and the 24th consecutive year-to-year monthly average price decline.
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Jim-Wishing you a Happy New Year, and most of all a healthy one.
Jim,
Many of the communities around here saw huge increases in November 2009 compared to 2008 also. Looking deeper into our numbers it sure looked like it was fueled by first time home buyers. Lets see if thats sustainable.
Rich
Jim, thank you for sharing! Would be interesting to know the %ige of 1st time Homebuyers...
Wishing you a Happy New Year!
Joseph D. Federico Eastern Massachusetts Real Estate (Coldwell Banker Residential Brokerage) Thank you and you also!
Richard Iarossi, Crofton MD Real Estate, Annapolis MD Real Estate (Long and Foster® Real Estate, Inc.) It has been my understanding that the pool of first time buyers has been depleted.
Barbara Heil-Sonneck - Home Staging Atlanta (Design2Sell - We Stage Atlanta ) On a national average I believe it is 55% - 60%. Happy New year to your also.
Jim...Eventually the pent-up demand from the lower price range will filter upward...The question is...when?
Cherise Selley (Selley Group Real Estate, LLC) Many economists are saying no it will not. The reason being is that we've pretty much exhausted the pool of first time home buyers. In my opinion, it is top down that would have generated more money into this economy.