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Homes For Sale in Crabapple and Map of Where Crabapple is Located
By Ryan Ward | March 27, 2008
The small community of Crabapple, which borders Alpharetta, Roswell and Milton has been a very popular area for new homes and development over the past 5-7 years. Development in Crabapple is in line with the popular trends seen across the country and offers residents something more than the typical suburban experience in that mixed in with the residential developments are a number of small retail centers providing a mixed use and frankly, a more liveable experience.
Below is a live Google map of the Crabapple area
Here are some statistics for the new and existing neighborhoods in and around Crabapple - admittedly, this is a very difficult task as a good deal more inventory is available than can be found in the MLS. For example, John Weiland’s new community, Gramercy Park which is set to be priced in the high $600’s to $700’s is not even in the MLS. Granted this is just 11 home sites, but, Crabapple is not a large area so 11 homes is a good deal of inventory. Another problem revolves around what is and what is not Crabapple. It’s a common practice to ‘name’ something after a desirable area that you are near to, but, not actually located within. Couple that with the idea that for marketing purposes, some like to list things associated with Alpharetta as the larger destination and more well known location, while others prefer to be more accurate and their marketing and it becomes very easy to jumble up if you don’t know what you are looking for.
With that in mind, we’ll look at the general Crabapple area to gather the statistics. I was able to use a mapping tool provided by the FMLS to draw an outline of the area that I have defined as Crabapple. For the record “Crabapple Proper” will be slightly different and even more difficult to determine market conditions for because of a shortfall of accumlated data.
- Currently, the general area of Crabapple has 96 homes for sale and 18 under contract.
- 9 homes sold during the most recent 30 day period and the absorption rate is 10.5 months of supply.
- 15 homes sold during the last 60 days with an absorption of 12.8 months of supply.
- 20 homes sold in the last 3 months yielding an absorption rate of 14.3 months.
- 39 homes sold in the last 6 months for a 14.7 month absorption rate
- For the last year going back to March 1st of 2007, 118 homes sold in Crabapple for a much better 9.7 months of inventory at the average sales rate per month.
The absorption rate looks at the number of currently available homes divided by the number of sales in a month. This yields an average to see how long it would take to sell all homes currently available. You can read more about absorption rates here.
From these numbers it appears that the worst of the slowdown may be behind us. It’s best to look at the last three months for a trend, but, if the newer numbers continue in a positive direction, it certainly does appear to be improving.
Let’s look at sold prices: We’ll use a sampling set to gauge the market.
- 3/07 - $381,000, 13 homes sold
- 6/07 = $437,000, 14 homes sold
- 9/07 = $328,500, 7 homes sold
- 12/07 = $435,000, 4 homes sold
- 2/08 = $313,000, 9 homes sold
These sales reflect similar findings from the absorption reports which indicated the slowdown last year and now an upturn in sales. It is not reasonable to rely on sales price data from the report above as the sampling is too small and housing variances too large. For that we need to check it a bit differently:
We’ll use a little bit large sampling for our data and define the range into quarters.
- 1/1/07 - 3/31/07 = $394,227 - 55 Days on market
- 4/1/07 - 6/30/07 = $383,770 - 62 Days on market
- 7/1/07 - 9/31/07 = $368,000 - 58 Days on market
- 10/1/07 - 12/31/07 = $343,0o00 - 48 Days on market
- 2008 = $333,000 - 89 Days on market
An important note about the days on market is that it does not account for homes that were listed, failed to sell during the listing period and were re-listed. For this reason, real days on market is likely to be considerably higher. For the purposes here, days on market will homes that were priced correctly.
If you would like more information about Crabapple or are just looking for something more specific, please leava a comment below and I will do my best to get you that information.
Thank you,
Topics: Alpharetta Real Estate |
