The Atlanta area First Multiple Listing Service Market report for February finally posted today. Sales levels of Atlanta homes for sale dropped to 2,939 detached single family homes a decline of 38.8%, and Condos / Town homes sold 541 units or a decline 36.9% ***These numbers represent Atlanta homes sales for all counties in our MLS service area. *** This represents all homes sold in the entire Metro Atlanta area in February 2008.
This is a substantial drop in sales for Atlanta homes and since our Active home inventory in Atlanta is over 85000 again this is going to translate into lower home prices, and fewer sales.
The Atlanta single family detached average price in February was $239,232 - 5.4% below February 2007 and nearly 10% below 2007's average of $265,346. This is also the lowest reported average monthly selling price for single family detached homes since February 2005. Condos are off to a sales price of 177,083 in February. This was 7.1% below February 2007's and the lowest sales price in over 5 years!
There were 5,925 expired listings which is up 1700 over last February and for the first two months of the year oaver 13000 expired listings have already exceeded all the entire year of 1999. There were 2,815 Withdrawn listings in February 2008.
Active Listings in Atlanta FMLS March 13, 2008
- 56097 Homes
- 11339 Condos / Town Homes
- 3268 Land / Farm
- 7920 Residential Developed Lots
- 853 Multi-Dwelling Units
- 2311 Commercial
- 3717 Rentals
Active Total - 85513 Properties Found
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February 2008 Real Estate Solds
- 2,939 Homes Sold
- 541 Condos / Town Homes Sold
- 23 Land / Farm Sold
- 38 Residential Developed Lots Sold
- 25 Multi-Dwelling Units Sold
- 18 Commercial Sold
- 84 Rentals Leased
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February 2007 Real Estate Solds
- 4,487 Homes Sold
- 811 Condos / Town Homes Sold
- 53 Land / Farm Sold
- 94 Residential Developed Lots Sold
- 45 Multi-Dwelling Units Sold
- 33 Commercial Sold
- 347 Rentals Rented
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Jim,
Great post as always. We ahve been pretty fortunate here in metro Atlanta that we haven't had it as rough as some other places but it does seem that we are finally feeling a pretty big pinch. I think its astounding that the number of expired is almost double the solds and the withdrawns are nearly as much as the solds. Its definitely not a market for the faint of heart!