Atlanta Real Estate Market Report January 2008 - Sales Plunge 38.9%

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Real Estate Agent with Crye-Leike REALTORS® 165062

 

Atlanta Real Estate Market Report January 2008 - Sales Plunge 38.9%  -  The FMLS Monthly Statistical Report was just issued a few moments ago and the news is not so great!  Sales of single family homes in Atlanta have plunged across the region another 38.9%. Please keep in mind, this is not just the city of Atlanta, but represents sales in our entire MLS system which includes some 24 counties!  The numbers are abysmal!  This includes condos town homes, and single family detached homes. January saw only 2,787 single-family closings or a decline of 38.9% from January 2007.  Condos and town homes also declined. There were 386 condo and town home closings in January... a decline of 49.0% from the same year ago.  Atlanta metro area saw detached single family closed 2,401 homes in January. A 36.9% decline versus January 2007 and the 18th decline of Atlanta real estate in the past 19 months.  Lower sales also is indictive of much higher inventory levels.  We are now carrying over 83500 Active listings.

  • Single Family Detached Homes 2401 Sales
  • Town Homes  and Condos 386 Sales
  • 7,604 expired listings for all single family in January 2008.
  • 2,925 withdrawn listings for all single family in January versus 2,237 for January 2007.
  • The average condos and town-homes price was $176,895 in January '08 - 6.5% lower than January 2007
  • The average single family home price for detached was $246,833 in January 2008.  $44,000 lower than the all-time high for single family detached, which was $285,078 in June 2007.
  • The days-on-market for January single family was 101.8. This is the highest DOM since January 1998's 108.4.

Jim Crawford

 

 

 

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Anonymous
Laz

Hey Jim,

I'm curious whether you see any evidence in the FMLS reports of differences between the trends for the metro Atlanta area and the other FMLS counties?  Also, as I continue to closely monitor the explosion in in-town condo construction I wonder if you'd share your thoughts on what this most recent report indicates about that particular section of the market?

 As always thanks for the great commentary,

 Laz

Feb 21, 2008 04:20 AM #1
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

This was all of metro Atlanta!  It has pretty much flat-lined across the boards.  When you think about this 2401 sales for a city this size...and all of FMLS areas?  One word comes to mind!  "Disaster!"  I think January showed a total of 41 condos / town homes sold in Area 21.  The new condos in Atlanta?  Pure speculation!  The banks had probably already had committed the funds.

Feb 21, 2008 08:13 AM #2
Rainer
78,779
Obeoman Glade Jones
www.obeo.com - Salt Lake City, UT

Jim-

w0w. I mean w0w.

I hope the buyers are waking up a bit. I really admire your straightforward, unvarnished presentation.

This is really the kind of information the consumer-and peers-can use.

Here's to greener grass in the spring!

Steve

Feb 21, 2008 08:55 AM #3
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
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Obeoman Steven Stearns  Steve that does not even cover the foreclosures!  That is an additional 7600.  You have to identify the facts.  Hey, it's a tough job, but somebody has to do it!

Feb 21, 2008 09:45 AM #4
Anonymous
Sean

Jim -

Thanks for the info & unbiased analysis.

Man I'd love to buy right now....but I don't think I could sell.

I've got an intown (howell mill exit) townhouse, 2 car garage, end unit, carpet thats a month old, etc I'd be willing to get rid of for less than what others have sold for in 2006 and 2007.....and they weren't end units, didn't have new carpet, etc.

I'm looking to upgrade.  Is it even worth listing?  I'm looking to give a good deal so I can go out and get a good deal on a house in Dunwoody.

Should I just forget about it until the fall?

Mar 04, 2008 05:40 AM #5
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Jim Crawford
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each home stands on its own merits.  Location, appearance, and condition.  For the time being I would stay put.  No one has a crystal ball.  If you were relocating that would be another story.

Mar 04, 2008 06:59 AM #6
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