Atlanta Real Estate Market Report | Atlanta Homes Sales Decline | Atlanta Home Sales Data - May 22, 2008

Atlanta Real Estate Sales - Market Report | Atlanta Real Estate Market Data May 22, 2008

Metro Atlanta real estate sales continue to decline according to our First Multiple listing Service FMLS* in Atlanta.  3,564 Atlanta homes sold in April.  These were detached  units - a decline of 32.6%. 561 Atlanta condos and town homes closed in April 2008.  That amounted to a decline of 41.5%. Year to date January-April, condos and town homes sales have declined 34% from January-April 2007.  Buyers and sellers have to realize that declining Atlanta homes sales also affects Atlanta home prices.

The average price of metro Atlanta homes both single family detached and condos / town homes just keeps dropping.  The average price of Atlanta condos & town homes was $186,238 for closings in April as compared with last April's $202,017 average price. Atlanta condos / Atlanta town homes prices are down 7.8% from April 2007 and 8.2% for year-to-date same quarter 2007.

The average price for an Atlanta home - single family detached was $240,473 for closings in April. This is down 9.0% from April 2007 and 10.1% for year-to-date, January-April 08 versus 07.  You would have to go back to 2002 to find a lower annual average price for single family homes than this year's $238,496, and go back to 2001  for condos / town homes  to find a lower annual average than today's average of $179,586.

Rising Atlanta foreclosures, gas prices, and more cautious buyers all add to the mix of a stagnant or retreating Atlanta real estate market. According to our Georgia State economist Rajeev Dhawan stated today that in Georgia we are indeed in recession. Atlanta’s GNP will decline in the 2nd & 3rd quarters in 2008 with a slow turnaround at the end of 2008, and early 2009.*

Atlanta Home Sales Statistics:

• 3,564 Atlanta homes sold in April - a decline of 32.6%
• 561 Atlanta condos and town homes closed in April 2008.  That amounted to a decline of 41.5%.
• The average price of Atlanta condos & town homes was $186,238 (2008) /  April's 2007 - $202,017
• Atlanta home price average - single family detached was $240,473 down 9.0% from April 2007 and
  10.1% for year-to-date

* Source FMLS DATA Montly Reports Letter  - May 21, 2008