The following charts show the month to month residential real estate sales volume of the Greater Athens Ga metropolitan area for the months of May 2010 through June 2011. Sales volume of residential real estate was up again in June over May marking the fifth consecutive month of rising volume. National figures showed a decrease in sales volume in Jue. The June 2011 volume is up a whopping 21% from May 2011 and a very strong 12% over June 2010 sales volume marking the first year to year increase in over a year. This continued volume increase is probably driven by several factors including the number of bargains on the market and a slightly positive increase in perception of the economy.
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. June 2011 volume had a 32 unit increase over May. Again, if fuel and food costs have not been rising significantly this might have been higher. 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. However, the uncertainty in the stock market due to the debt ceiling issues and the credit rating of the U.S. may have an impact on coming months sales.
Chart 1
Residential Units Sold and Days on Market in the Athens MSA
The total number of residential units sold in June 2011 was 183 units, up from the 151 units in May 2011. While Athens-Clarke County and Oconee County accounted for all of the increase in volume. Madison County was flat while Jackson and Oglethorpe Counties had decreases in sales volume. The average days on market also showed a positive trend decreasing from 189 to 185 days. However, only Athens-Clarke County and Jackson County showed a decrease in D.O.M while the other areas had increases.
There were 202 residential properties under contract and pending closing in the area at the end of June, down from the 240 under contract at the end of May. Residential properties include single family homes, condos, townhomes, mobile homes and modular homes.
Chart 2
Residential Average & Median Sales Prices in the Athens GA MSA
Chart 2 shows an increase in the average sales price however the median sales prices did decline May 2011. Athens-Clarke County and Oglethorpe County experienced increases in sales prices while Oconee, Jackson and Madison Counties experienced decreases. Oglethorpe and Madison Counties experienced increases in median sales prices while Oconee, Jackson and Athens-Clarke Counties showed decreases. At the risk of sounding repetitive, 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).
