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Atlanta Real Estate Statistics
By Ryan Ward | August 19, 2007
Let’s do a quick recap of actual sales for some of the Metro Atlanta cities now that all of the sales for July should be in. To begin with, let’s start with with all of Atlanta:
- Sold homes in 2007 - 5,151
- Sold homes in 2006 - 6538
- This is a 20% reduction in total sales year to year.
Alpharetta
- Sold homes in 2007 - 227
- Sold homes in 2006 - 295
- This is a 30% reduction
Brookhaven
- Sold homes in 2007 - 39
- Sold homes in 2006 - 43
- Down 9%
Buckhead
- Sold homes in 2007 - 67
- Sold homes in 2006 - 78
- Sales are down in Buckhead 14%
Roswell
- Sold homes in 2007 - 133
- Sold homes in 2006 - 149
- Sales are down 11%
Sandy Springs
- Sold homes in 2007 - 18
- Sold homes in 2006 - 9
- Sales are down 50%
O.K. So that’s a recap of the cities that we specialize in marketing listings for sale. It looks a bit worse than it is, but lets look at Atlanta overall by price. For this, we will look back at the first 6 months of 2007 followed by 2006
- $000,000 - $199,999;Â 2007, 15,120 - 2006, 17,688
- $200,000 - $399,999; 2007, 11,322 - 2006, 12,378
- $400,000 - $599,000;2007, 2,975 -Â 2006, 3,040
- $600,000 - $799,999; 2007, 1058 - 2006, 999
- $800,000 - $999,999; 2007, 365 -Â 2006, 369
- $1,000,000 - $2,000,000; 2007, 419 - 2006, 377
- $2,000,000 - $2,999,000; 2007, 53 - 2006, 45
- $3,000,000 - $4,999,999; 2007, 15 - 2006, 16
- $5,000,000 and above; 2007, 2 -Â 2006, 1
These numbers should provide a clear indication of what damage the collapse of the subrime market has placed the Atlanta real estate market. Most of the buyers using these loans are buying under $600,000, hence that is where we see the largest slowdown in the market. The market of Seems to be doing much better.
Category: Atlanta Real Estate |
Hello and welcome to my Atlanta real estate blog. My name is Ryan Ward and I run The Ryan Ward Group at Keller Williams Realty Consultants. Stay informed with information on neighborhoods, market statistics, homes and editorials on local, regional and national news that affects all of us here in Atlanta and elsewhere. If you have any questions about what you read or would like additional information, please fill in the form below or give me a call at 404.630.3187.
September 1st, 2007 at 3:52 am
When did you first start seeing less homes sold compared to a year ago in Atlanta?
Also its interesting that the the market is slowing down for less expensive houses because of the subprime issues. Do you think the changes with jumbo loans are going to have an effect on the market?
September 4th, 2007 at 6:11 pm
Ryan - I am glad that you post real estate market statistics. During the years real estate prices were rising in digit percentages, some people said that the price range that would suffer the most was in the $200k to $500k range, if and when the real estate bubble effect took place.
Zillow did an article stating that based upon living area of homes (less than 1,200, 1,200 to 1,900, and more than 1,900 sq. ft.) the smaller homes had less of median price decrease nationally than the other sized homes. In fact, the median price decreases showed the medium size homes falling the second smallest percentage and large size homes falling the biggest percentage. Their study was based upon closings in the second quarter of 2007 versus the same quarter in 2006.
In the Naples Florida real estate market just the opposite occurred with price decreases - large size homes dip the least, medium came in second, and the smallest with the biggest percentage drop in median price.
This would seem to be most logical due to where the sub-prime mortgage market was highest in the Naples area.
Have you seen the same thing in the Atlanta area similar to the Zillow study or like the Naples area?
September 4th, 2007 at 6:50 pm
Ki,
It’s been basically all year.
Glen,
Here in Atlanta it is the under $500,000 market that has seen the largest impact like you are saying in Naples. Not sure how zillow gets any of their numbers??? I’m sure you’ve seen a zestimate!
September 4th, 2007 at 8:04 pm
The article was found on Rismedia’s web site. Also there was a Zillow press release.