Latest Metro Atlanta Market Statistics :: February 2009
As is customary, The Peters Company brings you this monthly market snapshot for the metro Atlanta area. We believe in market statistics. It’s hard to sell homes in this market, but it’s even harder when you don’t understand the market. We have always paid the upfront price to ensure we know what’s going on out there and so we can provide timely insight and valuable advice. The detached home market is included here.
Here are a couple of observations:
- After comparing these numbers to the January MMO, total inventory has jumped from 9.2 months to 12.7 months. This trend is not too surprising given that February is really the first full month back from the holiday season. Inventory is up in every price point from last month.
- Foreclosures are up to nearly 30% of market sales, a number that is likely understated given the tendancy of some agents to “miscode” their listings. This just means that there are a lot of great deals out there that buyers are taking advantage of.
- The median list price is down $15,000 from last month. This is not all a bad thing. I believe that sellers are becoming a lot more realistic on price, which only helps us get out of this mess faster.
- The percentage of failed listings (listings that did not sell) held steady at 66.9% when compared to last month. Here’s some good news. Now, let’s just get that percentage to come down a little. The only way out of this is more and more buyers buying on the heels of more realistic pricing.
If you have interest in the attached (condo/townhome) market, simply shoot us an email, and we will be happy to provide it for you. These statistics are the tip of the iceberg. If you are considering buying or selling this year, I hope you will give us an opportunity to share some more with you. It would be our pleasure to work with you.
