The Atlanta area First Multiple Listing Service Market report for February finally posted today. Sales levels of Atlanta homes for sale dropped to 2,939 detached single family homes a decline of 38.8%, and Condos / Town homes sold 541 units or a decline 36.9% ***These numbers represent Atlanta homes sales for all counties in our MLS service area. *** This represents all homes sold in the entire Metro Atlanta area in February 2008.
This is a substantial drop in sales for Atlanta homes and since our Active home inventory in Atlanta is over 85000 again this is going to translate into lower home prices, and fewer sales.
The Atlanta single family detached average price in February was $239,232 - 5.4% below February 2007 and nearly 10% below 2007's average of $265,346. This is also the lowest reported average monthly selling price for single family detached homes since February 2005. Condos are off to a sales price of 177,083 in February. This was 7.1% below February 2007's and the lowest sales price in over 5 years!
There were 5,925 expired listings which is up 1700 over last February and for the first two months of the year oaver 13000 expired listings have already exceeded all the entire year of 1999. There were 2,815 Withdrawn listings in February 2008.
Active Listings in Atlanta FMLS March 13, 2008
- 56097 Homes
- 11339 Condos / Town Homes
- 3268 Land / Farm
- 7920 Residential Developed Lots
- 853 Multi-Dwelling Units
- 2311 Commercial
- 3717 Rentals
Active Total - 85513 Properties Found
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February 2008 Real Estate Solds
- 2,939 Homes Sold
- 541 Condos / Town Homes Sold
- 23 Land / Farm Sold
- 38 Residential Developed Lots Sold
- 25 Multi-Dwelling Units Sold
- 18 Commercial Sold
- 84 Rentals Leased
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February 2007 Real Estate Solds
- 4,487 Homes Sold
- 811 Condos / Town Homes Sold
- 53 Land / Farm Sold
- 94 Residential Developed Lots Sold
- 45 Multi-Dwelling Units Sold
- 33 Commercial Sold
- 347 Rentals Rented
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Jim,
Great post as always. We ahve been pretty fortunate here in metro Atlanta that we haven't had it as rough as some other places but it does seem that we are finally feeling a pretty big pinch. I think its astounding that the number of expired is almost double the solds and the withdrawns are nearly as much as the solds. Its definitely not a market for the faint of heart!
Jim, FMLS does not represent all Metro Atlanta counties. Even though you do mention FMLS as your source, your title is not entirely accurate. I am south of the City, but still considered Metro ATL regionally and statistically. My Board is in GA MLS only. Thank goodness it is not all doom and gloom here!
Beth Camp The numbers will not change much even if Pike County is added. I am quoting FMLS only otherwise the numbers are too convoluted. Atlanta can be either quoted 12 or 24 counties. I think that is pushing the envelope way too far.
****Update Pike County Single Family Homes Sales 2008 - had 15 home sales last February 2007 and only 9 homes in February 2008 a 40% drop in sales, and there are 210 active single family listings which gives you over 2 years of single family homes inventory. (SOURCE GAMLS)
Good point Jim,
I heard somwhere that we had about 5000 foreclsoures last month? I'm not sure of the exact figure but if it is anywhere near that then we had more homes sold on the courthouse steps than in closing offices.
Bob Southard,e-Pro Powder Springs and Marietta Real Estate 10700 foreclosures last month. When you consider we are supposed to be under a moratorium on foreclosures, I'd hate to see what the number would be if we didn't have one!
I wonder if there is any study of the percentage of volume drop relative to price drop? Or, if it would mean anything if anyone had a series of data......
Ann Heitland, Associate Broker, CRS, GRI , ABR ~ Flagstaff Real Estate/Community I don't think anyone wants you to be able to find all the data in one spot. The other item is with expireds and withdrawns exceeding sales, finding the true or totally original list price (if listed with another agent) almost impossible. I know a friend of mine just closed a home in Atlanta that sold in the mid $500K's and even in this market it appraised in the high 900K's! The builder just walked away!
Jim - Great job with your report - Sorry your market's having a rough time
Best Wishes for Better Days,
Kelsie
Kelsie Compton, Cary NC Real Estate Well one thing is interesting is that in the last week, we've gotten several of our listings under contract. I'll let you all know when and if we close them, but there is still activity in this market!
Laz I think you are correct in your assessment regarding foreclosures, however there are so many things happening with the Federal Reserve right now that I will hold off on making any predictions. There is also a supposed moratorium right now for foreclosures... and the numbers are still very high.