The following charts show the month to month residential real estate sales volume of the Greater Athens Ga metropolitan area for the months of July 2009 through August 2010. Sales volume of residential real estate has decreased in August for the third consecutive month. The August decrease of 34 units, while less than the number in July, is a drop of over 26-1/2% from July and a decrease of over 35% from the same period last year.
The largest drops in volume again were in Athens-Clarke County, accounting for almost 75% and Oglethorpe County, with Jackson County and Watkinsville showing small decreases.
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 residential units sold. After peaking for the year in May, sales volume has now shown a decline for 3 consecutive months. These declines are showing just how much the home buyers tax credit moved buyers decisions to purchase a home to earlier than they probably would have. How long this impact will last remains to be seen and is probably going to depend more upon a recovery in employment than anything else this year. It may not show any improvement until the results of the Novemeber mid term elections are known.
Chart 1
The total number of residential units sold in Aug 2010 was 93 units, down 34 units. The average days on market did have a very decrase of 16 days down to 158 days showing a second straight month of declining days on market. At the end of Aug. there were 163 units under contract to purchase, down from 220 at the end of July.
Chart 2
Chart 2 shows that average prices have decrease from July to an average price of $169,560.00. However, the median sales price has remained steady at $141,500. While the average price is below last years average the median sales price is just slightly higher. Sales prices, both average and median, are also dependant upon the recovery of the economy and an increase in jobs and employment.
The Greater Athens Metropolitan area, for this report, includes Athens-Clarke County, Oconee County, Oglethorpe County, Jackson County and Madison County. All chart information is derived from data in 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 to email me at athensrealestate@earthlink.net with any questions. To search for homes, land and other real estate in the Athens Ga area please visit my website, www.The Athens Real Estate Page.com .
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