The following charts show the month to month residential real estate sales volume of the Greater Athens Ga metropolitan area for the months of Mar. 2010 through Apr. 2011. Sales volume of residential real estate was up again in April over Mar. The April 2011 volume, is up more than 8% over March 2011 but is still over 13% below April 2010 sales volume. This increase is probably not due to a carry over from the bad weather in January & February. It is the strongest sales volume since June 2011, when buyers had to close on homes in order to qualify for the federal, and some state, first time and move up home buyer tax credits. This is definitely positive news.
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. April 2011 volume had an 11 unit increase over March. So far, rising fuel and food costs have not impacted sales, but, if they continue to rise it might be a different story. Also, while there are jobs being created, the unemployment rate is not dropping significantly. And only a strong increase in employment will really be able to sustain and grow the real estate market.
Chart 1
Units Sold and Days on Market in the Athens MSA
The total number of residential units sold in April 2011 was 144 units, up from the 133 units in Mar. 2011. However, the increase was not across all counties. Athens-Clarke County had an increase of over 33% going from 62 to 84 units. Jackson County also experienced increase sales volume. Oconee, Madison and Oglethorpe Counties all experienced decreased sales volume. The average days on market had a slight increase, from 167 days in March to 175 in April. All counties in the MSA showed an increase in D.O.M.
There were 233 residential properties under contract and pending closing in the area at the end of April, down slightly from the 239 under contract at the end of March. Residential properties include single family homes, condos, townhomes, mobile homes and modular homes.
Chart 2 shows a decline in both the average and median sales prices from March 2011. All counties experienced decreases in Average price except for Athens Clarke County. All counties showed a decrease in Median sales price. Madison County experienced decreases in both average and median sales prices of over 50%. As stated in previous market reports, 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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