Decreased demand in housing continues to plague our market; and with the current inventory levels, we are seeing an overall increase in days on market, particularly with town homes/condos, as well as declining home prices.
4,545 single family homes closed in August, 2008.
(Down approximately 41% from a year ago.)
- 3,938 closings for single family detached homes compared to 5,412 closings in August, 2007:
1) Average List Price August, 2008: $252,355
2) Average Sold Price August, 2008: $238,854
3) Average DOM '08: 91
- 607 closings for townhomes/condos compared to 1,007 in August, 2007:
1) Average List Price August, 2008: $193,797
2) Average Sold Price August, 2008: $183,842
3) Average DOM '08: 105
Interest rates are still very favorable, but economic instability seems to be keeping some buyers at a distance. All conventional and FHA down payment assistance programs come to an end on September 30 which will push some buyers out of the market entirely. In its place will be the required 3% down....at least until January, 2009.
Despite the tightening of mortgage loans, with our current housing prices and the inflated inventory levels, the current real estate market in Atlanta is definitely tilted in favor of the buyer. However, with current oil prices and financial market instability it may take some encouraging news to get buyers back in the game - particularly if they do not have to buy now.
Although the news each month seems like doom and gloom, homes in the Atlanta market are selling. It does require more work on the home owner's part compared to years gone by. But, when we look back at the 2008 Atlanta real estate market stats, despite all the bad news, billions in dollars will have sold in our market. To increase your chances of success, preparation is the key: Make sure your home is pristine, be willing to price ahead of the curve and be patient. You can be one of the successes!
*Data believed accurate, but is not guaranteed.
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