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Atlanta Real Estate March 2008 Home Sales Report | Atlanta Home Sales Continue Decline

Atlanta Real Estate March 2008 Home Sales Report. Atlanta home sales and condos continue their decline. In Atlanta we closed single family detached 3,599 Atlanta Homes in March 2008 a decline of 35.9% YTD over March 2007. Atlanta condos and town homes closed down to 648 units in March - a decline of 40.3% YTD from same timeframe last year. Reduced sales, higher inventory of homes for sale and a big increase in Atlanta foreclosures has also lead to a major price decline for the once price stable Atlanta real estate market. The average price for single family detached Atlanta home was $246,901 in March 2008 or a decline of 7.4% from the same period last year. The average price for Atlanta condos and town homes in March 2008 has also declined. The sales price for Atlanta condos was $180,556 or a decline of 6.8% from March 2007.

Atlanta had 6,172 expired listings for all single family homes in March 2008. Our first quarter in Atlanta saw 19,667 expired listings for all single family units- matching the entire year 2000. We also had 2,967 withdrawn listings in March 2008 for all single family or an increase of 524 over March 2007 nearly double March 2006. Expired listings and withdrawn listings in Atlanta FMLS are now exceeding sales 3 - to - 1.

Atalnta Real Estate Snapshot:

Active - 87519 Properties Found
Active - 57522 Single Family Homes Detached
Active - 11589 Condo / Town Home Properties Found

Posted by Jim Crawford ~ Atlanta Real Estate-ABR E-PRO on 04/23/2008 10:04 AM

Comments (12)

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12 Comments on Atlanta Real Estate March 2008 Home Sales Report | Atlanta Home Sales Continue Decline

WOW, that is a lot of homes. I actually did not realize how big Atlanta was.

Your Friend in Charlottesville Virginia!

04/23/2008 11:36 AM

by Charles McDonald / Your Trusted Agent for Charlottesville Real Estate (RE/MAX Assured Properties)

We're feeling it, too, down here on the southside.

04/23/2008 12:13 PM

by Karen Luke --- Stockbridge -- McDonough Real Estate (Keller Williams Realty )

I have not felt as much of a pinch directly here in Upstate NY but I have felt the pinch in underwriting. Most banks that I deal with determine their underwriting guidelines based on what is happening on the national scene. I have been getting hammered lately on my appraisals lately.

04/23/2008 12:47 PM

by Christopher Ohlsen (Lake City Mortgage)

Charles McDonald / Your Trusted Agent for Charlottesville Real Estate Some say it is 11 counties, other say 24 counties. I just cover whatever is listed in the primary FMLS MLS.

04/23/2008 02:14 PM