The following charts show the month to month residential real estate sales volume of the Greater Athens Ga metropolitan area for the months of Oct 2009 through Nov 2010. Sales volume of residential real estate has increased 15 units in November after decreasing 9 units in October. The November increase is a month to month increase of over 16% from October but it is still 9% below Nov 2009. This is the highest sales volume of residential real estate in the Athens Ga area since July 2010. The decrease from last Nov is most likely attributable to an increased number of closings in Nov. 2009 by buyers taking advantage of tax credits that expired at the end of last November.
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. Volume will probably decrease month to month due to normal seasonal activity. . The real story will be told as 2011 unfolds. The economy seems to be, if not improving, no longer deteriorating and consumer confidence is rising slightly. Whether or not that will translate into increased sales volume remains to be seen.
The total number of residential units sold in Oct 2010 was 105 units, up from 90 in October. The average days on market did have a decrase of 11 days down to 166 days from 177 days in October. This is the second straight month of declining D.O.M.
Jackson County had the highest increase in residential unit sales followed by Oconee County where West Oconee County had all the increase while Watkinsville and South Oconee County both had decreases in volume. Athens-Clarke County and Oglethorpe County each had slight increases while Madison County did have a decline in volume of 3 residential units.
Chart 2 shows a significant decrease in both the average and median prices from October. Both average and median were at the lowest levels in over a year. This is most likely due to the high percentage of sold properties, 43%, being fbank ownded (REO & foreclosures) and short sales, Sales prices going forward, 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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