Atlanta Real Estate March 2008 Home Sales Report | Atlanta Home Sales Continue Decline

By
Real Estate Agent with Crye-Leike REALTORS® 165062

Atlanta Real Estate March 2008 Home Sales Report. Atlanta home sales and condos continue their decline.  In Atlanta we closed single family detached 3,599 Atlanta Homes in March 2008 a decline of 35.9% YTD over March 2007. Atlanta condos and town homes closed down  to 648 units in March - a decline of 40.3% YTD from same timeframe last year.  Reduced sales, higher inventory of homes for sale and a big increase in Atlanta foreclosures has also lead to a major price decline for the once price stable Atlanta real estate market.  The average price for single family detached Atlanta home was $246,901 in March 2008 or a decline of 7.4% from the same period last year.  The average price for Atlanta condos and town homes in March 2008 has also declined. The sales price for Atlanta condos was $180,556 or a decline of 6.8% from March 2007.

Atlanta had 6,172 expired listings for all single family homes in March 2008. Our first quarter in Atlanta saw 19,667 expired listings for all single family units- matching the entire year 2000. We also had 2,967 withdrawn listings in March 2008 for all single family or an increase of 524 over March 2007 nearly double March 2006.  Expired listings and withdrawn listings in Atlanta FMLS are now exceeding sales 3 - to - 1.

Atalnta Real Estate Snapshot:

  • Active - 87519 Properties Found
  • Active - 57522 Single Family Homes Detached
  • Active - 11589 Condo / Town Home Properties Found

 

Posted by

James Crawford ABR, Broker Associate

 

 

 

 

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Rainmaker
1,040,866
Charles McDonald
Charlottesville Real Estate Solutions - Charlottesville, VA
REALTOR®, Blogger, Principal Broker®, Owner

WOW, that is a lot of homes. I actually did not realize how big Atlanta was.

Your Friend in Charlottesville Virginia!

Apr 23, 2008 04:36 AM #1
Rainer
141,784
Karen Luke
South Metro Property Management, LLC - McDonough, GA
Henry County Real Estate
We're feeling it, too, down here on the southside.
Apr 23, 2008 05:13 AM #2
Rainmaker
81,351
Christopher Ohlsen
Credit Werx, LLC. - Malone, NY
I have not felt as much of a pinch directly here in Upstate NY but I have felt the pinch in underwriting. Most banks that I deal with determine their underwriting guidelines based on what is happening on the national scene. I have been getting hammered lately on my appraisals lately.
Apr 23, 2008 05:47 AM #3
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Charles McDonald / Your Trusted Agent for Charlottesville Real Estate   Some say it is 11 counties, other say 24 counties.  I just cover whatever is listed in the primary FMLS MLS.

Apr 23, 2008 07:14 AM #4
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
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Karen Luke --- Stockbridge -- McDonough Real Estate   I heard it is very soft on the southside!

Apr 23, 2008 07:15 AM #5
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR
Christopher Ohlsen  Everyone is getting hammered on appraisals!
Apr 23, 2008 07:16 AM #6
Rainmaker
898,547
Kay Van Kampen
RE/MAX Broker, RE/MAX - Springfield, MO
Realtor®, Springfield Mo Real Estate
Living in Atlanta with so many homes, I see why you work the way you do.  Great information!
Apr 23, 2008 02:41 PM #7
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
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Kay Van Kampen, Broker, Springfield Missouri Real Estate  Thanks Kay!  Internet is the only way to do it!
Apr 23, 2008 03:18 PM #8
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Jesse & Kathy Clifton
Jesse Clifton & Associates, REALTORS® - Fairbanks, AK
Retired
Wow.  Jim, that's some set of numbers.  We only sold 1,192 houses in all of '07.  That's barely one neighborhood for you guys.  That said, we're experiencing about the same level of decline.    
Apr 23, 2008 04:22 PM #9
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
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Jesse Clifton, Broker Associate  It is beyond local.  We have 42000 agents every month after those sales!
Apr 24, 2008 01:42 AM #10
Rainer
194,655
Steve Harless
Blue Diamond Realty LLC - Las Vegas, NV
Jim: when do you see the bottom coming....I know that is a difficult question
Apr 24, 2008 02:52 PM #11
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Steve Harless  Not this year.  Mid to later 2009.  There is too much of a head a steam to the downside.  An Analogy is there is like having a small sponge and someone just knocked over a barrel of water.  There is too much inventory, not enough buyers, no EZ credit.

Apr 25, 2008 01:32 AM #12
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