The following charts show the month to month residential real estate sales volume of the Greater Athens Ga metropolitan area for the months of Feb. 2010 through Mar. 2011. Sales volume of residential real estate was up sharply over February. The March 2011 volume, while up 75% over February 2011 but is still almost 4% below February 2010 sales volume. This increase is most likely partially because of the bad weather in January and February with closings holding over into March. However, it does show significant improvement, regardless.
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. March volume had a 57 unit increase. The question is, with the rising costs of fuel and food, and the increase in the annual mortgage interest premium (MIP) by FHA, will April hold up and show a continued positive trend. Early figures are inconclusive so far.
Chart 1
The total number of residential units sold in March 2011 was 133 units, up from the 76 units in Feb. 2011. All counties experienced the volume increase. The average days on market had a sharp decrease, from 225 days in February to 167 in March, ending 3 consecutive months of increasing D.O.M. D.O.M. decreased in all areas except for Oglethorpe County where there was a slight increase from 124 to 141 days, but still below the average for the entire MSA.
There were 239 residential properties under contract and pending closing in the area at the end of March. Residential properties include single family homes, condos, townhomes, mobile homes and modular homes.
Chart 2
Chart 2 shows a sharp in both the average and median sales prices over February 2011. All counties experienced increases except for Madison County which had a slight decline in both and Oglethorpe County which had a median price that remained flat. Sales prices going forward, both average and median, continue to be 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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