As is customary, the Peters Company is proud to share with you the latest statistics on our Atlanta real estate market.  Whether you are a buyer or seller or just curious, we hope you find this information helpful.  We have a market consultant who provides this information for us on a quarterly basis.  While it would be impossible to provide you with the over 30 pages of metro Atlanta statistics, we felt like it would be beneficial to share with you some of the “meat” from the report.  If you have specific questions about your area or neighborhood, it would be our pleasure to share some more in depth statisics with you.  In the meantime, please keep in mind that these statistics are for the metro Atlanta area at large and represent averages for all areas.

Here’s how the individual price ranges are performing broken out by new construction and resale:

Here’s a bird’s eye view of the market:

• The number of properties listed for sale compared to the number  of properties which sold each month, illustrates the current imbalance existing between Supply (listings) and Demand (sales)
• Using a more current 3-month average of 1Q 2009 sales yields a 15.5 months’ supply, meaning that it would take more than 15 months to sell the current inventory of listings if no new listings came on the market
• A supply of more than 6 months is usually considered to be a Buyer’s market (see green line)

After reviewing all the statistics, here are The Peters Company observations:

Cumulative sales of single family detached homes were down 20.2% from 1^st Quarter 2008 and down 43% from 1Q 2007.  We’re hoping we can look back at 1^st quarter 2009 as a bottom for our market.  Fingers crossed!

Sales decreased in all price ranges except those properties under $200k which represent a large amount of foreclosures.  Only 257 homes sold between $500-750k in the ENTIRE Metro Atlanta market which includes 36 FMLS areas. 

The foreclosure market has drastically affected prices and the abundance of inventory as foreclosed properties represented 37% of all sales in the 1^st quarter.  This is unfortunate as appraisers are now also using distressed sales to appraise property which is driving down prices/appraised values.

The median sales price was down by 23.2% in the 1Q 2009 from 1Q 2008.

On average, of all the sold properties, homes are receiving about 78.6% of their original list price in a total of 178 days.  Days on market has increased about 17% since 1Q 2008. 

70% of all listings in the Metro market failed (expired or were withdrawn). 

Again and again this market is proving why you need a real estate agent on your side that KNOWS the market, KNOWS how to interpret the market, and KNOWS how to help you win.  The Peters Company is the real estate team for you.  Email us today.  www.thepeterscompany.com

This entry was posted on Tuesday, May 26th, 2009 at 9:56 pm and is filed under Market Statistics. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.