The Atlanta MLS statistics were just released Friday November 21, 2008 for closed Atlanta real estate sale sold in October 2008. The number of single family detached Atlanta homes sold - has fallen 38% from the peak in October 2006 and a decline of 26.9% from the same time last year. What is more interesting to note is that this is the lowest sales amount for any October this decade. When you consider the amount of Atlanta homes that are currently on the market and literally 28000 more agents than we had back in the late 1990's this is a disaster that has unfolded. Most of the Atlanta homes being sold are distressed properties, and they are dragging neighborhood prices down around them. High numbers of Atlanta homes that are distressed properties are adding to the time it is taking to sell a home, the selling price, the seller's concessions etc. List Price / Sales Price Ratio has widened incredibly and the average LP/OP (Current List Price to the Actual Original List Price) is 89.7%.
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Jim:
38.2 % is a major Fibonacci retracement. I would look for a little firming coming, at least I hope.
Libor is coming in, if Fannie ad Freddie step up, maybe we can make a stand.
Richard
Hi Jim! Believe it or not, our October looked much like yours! We were on the tail end of this crisis and it really hit us HARD in October. I'm off to read your 2009 predictions, hoping that they're better than this year's results!
Richard Stabile Bergen County New Homes Builder Realtor (REMAX real estate associates) I think the Atlanta market will get worse before it gets better.
Debe Maxwell (Helen Adams Realty I feel later 2009 the markets will start improving.
I sure hope no one believes we are nearing the bottom of the market.. Predictions indicate that another 5 million American's will be foreclosed on in 2009..