The First Multiple Listing Service and experts reported the following:
1) There were very mixed results in May for the Atlanta housing market. On the front end, closings were up, but on the back end, fewer homes accepted a contract. This translated into fewer closed sales in June and fewer contracts written. Weak sales in May and June produced a decline in July's closed sales as well.
2) Sales of all single family properties in July 2010 were lower than those of July 2009. This is the 2nd consecutive year-to-year decline after 8 increases. Although sales in the first quarter of 2010 steadily outpaced first quarter of 2009 sales, second quarter sales in 2010 are behind those of the second quarter of 2009.
3) 3,311 single family detached homes sold in July 2010 which was a decrease of 29.3% over the same period last year. Is this a signal that our housing marketing is doing a double-dip? Or, is it the natural after effect of the April 30th Home Buyer Tax Credit expiration?
4) The average sales price in July 2010 was $226,186 for single family detached. This is a 4.9% increase over July 2009.
5) After 11 consecutive year-to-year closing for single family attached, July had a decline. 576 single family attached homes sold in July 2010 versus 725 closings the same time a year ago.
6) The average sales price in July 2010 was $143,290 for single family attached. This is a 7.7% decrease compared to July 2009. With the large amount of new construction condo inventory still available, expect a continued downward pressure on selling prices.
7) The number of homes for sale has been decreasing; the level is moving into the normal range.
8) The majority of Metro Atlanta is no longer being considered a declining market in the eyes of appraisers. As a result, more contracts are going to the closing table at the originally negotiated purchase price.
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