Atlanta
real estate market report was just issued by our FMLS on June 20, 2008 and
the numbers are only confirming what many in
Atlanta
real estate market already knew.
We are not in a good space in the
Atlanta
real estate market with
home sales continuing to decline. There were 3,881 closings in May for
single family detached homes. A full 35.9%
below May 2007 and 45.5% below May 2006. In May we saw the 9th consecutive month
with a year-to-year percentage decline of 22% or more for detached single family
homes.
There were 692 closings in May for condos / town homes. A
full 39.4% below May 2007 and
42.4% below May 2006. This was the 6th month
in a row with a year-to-year percentage decline of 20%
or more for this class of homes. Average closing price for single family
detached in May was $250,547 a decline of 8.8%
from May 2007, while the average closing price for condos & town in the same
time period dropped 8.0% from May 2007.
There were 32,116 expired listings single family homes in all
classes in 2008 through May, and May marked 8000 more expired listings than last
years same time frame. There were more expired listings in the 2008 time period
YTD than the entire year in 2001. Our
Atlanta
real estate market is also
marked with 14,283 withdrawn listings for all single family for 2008 through May
almost equaling the entire year of 2003.
Inventory is still on the rise, single family are over a 13
months-supply. Today's' Active
Atlanta
real estate listings stands at 88980
Jim,
One number that you didn't touch on was the number of foreclosures for the same area and time frame. I don't know the figure. But it looks like there were about 4600 closings on single family and condos. I am pretty certain that there were more than that foreclosed. It does not look promising when there are more homes sold on the courthouse steps than at closing tables.