The following charts show the month to month residential real estate sales volume of the Greater Athens Ga metropolitan area for the months of June 2009 through Jan. 2010.
Chart 1 shows the trends for both the number of residential units sold and the average number of Days on Market (D.O.M.) for those units. January gives us the second straight month of declining sales volume. This is due to both the normal slow down for sales at this time of the year as well as the expected end of the home buyers tax credit (now extended) which accelerated some sales into November of last year.
The total number of residential units sold in January was 82, up 4down 10 units from December. The declining sales volume is not significantly negative, yet. However, it if continues into March and April, that will certainly be negative news. The average days on market decreased significantly from 220 to 175 during this period, which is certainly a postive trend if it continues.
Chart 1:
The second chart is tracking both the average and the median price of residential sales in the greater Athens metropolitan area. The average price showed a significant drop from $180,926.00 to $145,930 while the median also dipped from $135,000 to $128,000. This can be attributed to 2 factors. The first factor is that first time home buyers are making up over 40% of the home purchase. On top of that, nearly half of all sales are foreclosures or short sales. This trend will probably continue at least for the next few months.
Chart 2:
The Greater Athens Metropolitan area, for this report, includes Athens-Clarke County, Oconee County, Oglethorpe County, Jackson County and Madison County. All figures come from the Athens Area Association of Realtors® multiple listing service (MLS).
For more information about real estate in the Athens, GA area, or, if you are looking to buy or sell real estate in the Athens Ga area and surrounding counties, please call me at 706-207-5290, or, you can click here to email me with any questions. To search for homes, land and other real estate in the Athens Ga area please visit my website, The Athens Real Estate Page.
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