Atlanta Home Prices Decline. The Price of the Average Atlanta Home Sold Falls 17.7%
To most persons reading this this is not good news. Our most recent statistics were just released by our FMLS this week and it is interesting to see the trends that are taking place. The price of the average sold single family detached home sold in the Atlanta area in September 2008 has fallen 17.7% since September 2007. The average sale price for an Atlanta single family detached sold in September was $214,823. If you pay attention to the years 2005-2007 there is very little fluctuation in price. This year it is very different. It is a very price sensitive market that is driven by a few buyers that are most selective in what they are buying.
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Jim, thanks for sharing what is happening in Atlanta. Things are starting to slow here as well.
Patty Carroll, ASP®, SRES® & Scott Carroll - RE/MAX, Vancouver WA (RE/MAX Equity Group) I think it is now slow all over. I am hoping after the elections we get a bounce!
It is the foreclosure resales being unloaded like stocks on the NYSE by hedge funds that is "distorting" down the average sales price. Atlanta is being hit hard due to all the foreclosures as a large percentage of recent buyers were "unqualified".
Phil They are dumping them, but lately the buyers seemed to have dissappeared. I wonder if they are afraid of a new administration with different tax structures? Are they afraid of new capital gains taxes? Share the wealth?
Hey Jim,
Great posts as always. As you continue to explore that FMLS data, wWould love to see a post in the next couple of days giving us your take on the price drop on condos!
Laz
Laz I beleive it was under 13% drop for condos and town homes.