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Atlanta GA Real Estate Update | Atlanta GA Real Estate Sales Report - October 23, 2009

The most recent First Multiple Listing Service* (FMLS) released the most recent real estate statistics for our MLS service area on October 21, 2009. Closings for all single family (Both Detached and attached homes) had a large 16.8% year-to-year decline for September. There were 4,280 closings in September versus 5,144 for September 2008 and even less than September 2007’s very low 4,610. The reason was not the floods, or the lenders...it is simply that most home owners are under water and have a problem with liquidity (No pun intended!) Homes will not appraise, homes are dropping in values, unemployment remains high and is rising, and it is harder for a buyer to get a loan.

There were 3,583 closings in September for single family detached or a decline of 18.0% from September 2008. September will end up having a doubldigit percentage decline. There were 697 closings in September for single family attached (Town homes, condos) or a decline of 9.9% from September 2008

The average sale price for single family attached in September was $142,940 or only $1,800 higher from our recession low in April 2009. The FDIC has indicated that the 1,500+ condos acquired through the Corus bank collapse will be offered for sale starting December 2009. Fifteen hundred new construction condos offered at a potentially very distressed price could reset the price down further for both the condo new construction and resale markets.

The average sale price for single family detached was $203,440 in September. This average was $57,000 below September 2007.

*FMLS

RE/MAX Greater Atlanta 770-238-0122 Direct

Or 888-992-5546 Toll Free Office

Atlanta Real Estate & Atlanta Homes for Sale

Posted by Jim Crawford ~ Atlanta Real Estate-ABR E-PRO on 10/23/2009 12:02 PM

Comments (4)

Atlanta MLS Home Sales in the ActiveRain Channel

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Originally posted at: Atlanta Real Estate | Atlanta Housing News for Real Estate: Atlanta GA Real Estate Update | Atlanta GA Real Estate Sales Report - October 23, 2009

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4 Comments on Atlanta GA Real Estate Update | Atlanta GA Real Estate Sales Report - October 23, 2009

OCT

Jim you are sure brave to report the facts without trying to perk it up, looks much like our market in percentages but not actual prices:)

Steve Mattison (Souvenir Realty, Inc. ) I think buyers, sellers and home owners need to know the real facts. Things are not great.

Jim, I think our closings are down 30% from last year. The numbers vary from one neighborhood to another. We did have a nice rush of sales last month due to the Tax Incentive but that seems to have slowed down too.

Connie Harvey Realtor Nashville TN Real Estate (Prudential Woodmont Realty) Connie, I beleive all areas have slowed down. Activity is way off.

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