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Atlanta Real Estate Market
By Ryan Ward | July 21, 2007
Here are the Atlanta real estate market statistics for the first half of 2007. The information is obtained from the First Multiple Listing Service, the FMLS.
- Currently there are 58,784 Atlanta homes for sale.
- There are an additional 9,502 homes that are either under contract or working through contingencies on an offer.
- 30,707 Atlanta homes sold during the first half of 2007.
- January sales - 3,791
- February sales - 4,616
- March sales - 5,559
- April sales - 5,217
- May sales - 5,912
- June sales - 5,612
- The absorption rate based on the last three months average of 5,580 Atlanta homes sold per month indicates a 10.5 month supply of inventory.
The Atlanta real estate market statistics cannot be used to speak in specific terms about the cities that make up Metro Atlanta, but, they can provide a benchmark from which to judge an individual home within a city and neighborhood.
Other important benchmarks include the average price of a home sold and days on market. Here is how the first half of 2006 compared with the first half of 2007.
Average sold price in 2006 - $257,494, the average sold price in 2007 - $224,763. That’s a 12% decline in average sold price.
Days on market for 2006 - 93 days, average days in 2007 is 100 days.
While this slowdown is generally accross all price points in Atlanta, the slowdown is having more of an effect on Atlanta homes for sale under $500,000. Home sales above $500,000 are about flat compared with 2006. The problem with the Atlanta luxury real estate market is due to an oversupply of homes, not number of homes sold.
Please feel free to comment or ask any questions about statistics that you see or would like to see in this report.
Topics: Atlanta Real Estate |
