Atlanta Condos have increased slightly in price in the Atlanta metro area for the last 7 months, and that is a good thing, however, sales have not. There were only 382 closings in January 2010 for single family attached Atlanta homes. (Condos, lofts, townhomes etc.) This was an increase in the average sales price of 9.8% over January 2009. However, you would have to go back to January 2003 for find a lower monthly total for units sold. The Atlanta area has been hard hit with commercial overbuilding of condos and townhomes in the last few years, and we will pay the price for a saturated market for many more years to come. Expect more Atlanta Condos and townhomes foreclosures to come on the market in 2010.
* These numbers are reflective of real estate statistics in the entire FMLS coverage area for Metro Atlanta, and not limited to the city of Atlanta.
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Jim, hopefully we will get back to the 2008 level in both price and unit sold. I agree with the notion that it will be years for this recovery to take place.
Frank Rubi | New Orleans LA | Kenner | Real Estate (Frank Rubi Real Estate | Homes for Sale | Lic. in Louisiana ) This most recent set of statistics just confirmed what I've been thinking about the market. It is going to take a long long time to recover from this.
Jim, how do you think the new FHA condo rules will effect your condo market?
Jim - Given what the Atlanta area has experienced I guess it wasn't too surprising for you to see those numbers. While it looks like more foreclosure properties are set to hit the market in 2010, I hope that there's a siver lining in that cloud and sales will pick up in the months ahead.
Jim:
Not sure if i under stand graph and chart, they differ. Also 2010 has only started?
Richard
Bill Ladewig Your FHA Guru - FHA and VA Loans Since 1970 Most loan officers are saying it will not help but hurt.
Donna Bigda, REALTOR®, CDPE, e-PRO Branford Connecticut Homes and Condos (RE/MAX Alliance) Donna, I hope so.
Richard Stabile Bergen County New Homes Builder Realtor (REMAX real estate associates) Richard it is a trend chart comparing January sales to previous Januarys. Apples-to-apples.
Jim:
I see that this January is starting to hold the market. Lower prices are bring back sales.
Richard
Richard Stabile Bergen County New Homes Builder Realtor (REMAX real estate associates) Here in Atlanta, I do not see that happening. Prices are down, but so are sales.