All I can say is wow. The average price in the West End area of Atlanta dropped 50% this past year. Over the past four years average prices have dropped from around $160,000 to $40,000. This area has had an abundance of foreclosures.
I don't personally work this area but if you are interested in it, I have a few agents in my office who I can refer you to who do a lot of business there. It is amazing at what you can get for $50,000.
The number of sales has increased as prices have dropped. Average sales/original list price is down to 60%. But you have to be quick to get the good deals. Many foreclosures are coming onto the market at riduculous prices and many times a home will get 10 offers on it in the first two days. But you also might be buying a home that has been gutted. It's an area where copper thieves are common.
The numbers below are for single family detached homes in FMLS area 31. Links to stats for other areas are at the bottom of the page.
Year over year, total transactions increased from 104 to 137 (+32%)
Year over year, average sales price decreased from $89,219 to $40,347 (-55%)
All data for graphs is taken from the FMLS statistics put out by Smart Numbers.
For other market areas as shown in the following map, please click on the links below.
All areas combined: Summary of all FMLS areas
Area 13: North Fulton, Alpharetta/Roswell West of 400
Area 14: North Fulton, Alpharetta East of 400
Area 131: Sandy Springs North of 285
Area 132: Sandy Springs Southe of 285
Area 21: Buckhead
Area 23: Midtown/Virginia Highlands
Area 31: South Fulton, West End
Area 33: South Fulton outside 285
Area 81: East Cobb, North
Area 82: East Cobb, Central
Area 83: East Cobb South
Area 72: South Cobb
Area 73: Cobb West Central
Area 74: Cobb West
Area 75: Cobb Northwest
Area 121: North DeKalb, Dunwoody
Area 41: DeKalb, Tucker
Area 42: DeKalb, Stone Mountain
Area 43: DeKalb South
Area 221: Forsyth East
Area 222: Forsyth Southwest
Area 62: Gwinnett, Duluth/Buford
Area 64: Gwinnett, Southwest
Area 161: Clayton County
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