Atlanta real estate statistics for November 2008 were just released by FMLS on December 20th, and I thought I would share with you some of the events that unfolding. Along with a fall in demand for Atlanta homes, comes a fall in prices, Fewer homes sold, means prices will decline. It is a basic in the laws of supply and demand. Prices do not rise in times of excess inventory and seller sand agents need to start understanding the fundamentals at play. The average sale price for all single family homes was only $193,688 in November. This is the first time this has occurred where the average monthly sale price fell below $200K since February 2001 and the lowest monthly average sale price since February 2000's $191,454. The average sales price for a single family detached homes in Altanta metro is now $198,621 a full $78K below last years all time high set in June of 2007.
Below is a comparative chart of Atlanta average single family detached home sale prices for November 2008 as compared to previous November sales prices. These numbers are for Metro Atlanta FMLS Service area, and are meant as an area price average rather than confined to one specific area.
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