The following charts show the month to month residential real estate sales volume of the Greater Athens Ga metropolitan area for the months of Jan. 2010 through Feb 2011 . Sales volume of residential real estate has effectively flat, a one unit volume rise over January. The February volume, while up just over 1% from January is an almost 14% drop in volume from Feb. 2010. Weather might have been a small factor but more likely the drop from last year can be attributed to the non-existence of the temporary tax credits that were in place last year at this tim.
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. February volume had that 1 unit increase, however, it was only a 28 day month vs a 31 day month for January. Volume should increase for the month of March but might be pressured by rising fuel prices and the rising prices of food and goods resulting from the increased cost of fuel.
Chart 1
The total number of residential units sold in Feb 2011 was 76 units, up one from the 75 units in Jan. 2011. The average days on market had a significant increase, from 182 days in January to 225 in February, the 3rd consecutive month with an increase in D.O.M. While D.O.M. decreased in Athens-Clarke County and Oglethorpe County, it more than doubled in Madison County and was up steeply in both Oconee & Jackson Counties.
Athens - Clarke County, which had a an increase of 4 units. Oconee County had a decrease of 5 units. Madison, Jackson and Oglethorpe Counties all had 1 unit increases.
There are 214 residential properties under contract and pending closing in the area. Residential properties include single family homes, condos, townhomes, mobile homes and modular homes.
Chart 2
Chart 2 shows a decrease in both the average and median sales prices from January 2011. Jackson and Oglethorpe Counties were the only ones to experience average price increases. Sales prices going forward, both average and median, are also dependant upon the recovery of the economy and an increase in jobs and employment and are subject to the same risks from increasing fuel prices as sales volume is. They are also going to be affected by the number of REO (bank owned foreclosures) and Short Sale properties on the market.
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).
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