In our April 2010 survey of the Intown South neighborhoods all of the markets experienced a decline in year over year Average Sales Price and only Cabbagetown had a double digit decline in value. Reynoldstown and Grant Park were the only markets that had a decrease in the Number of Days on the Market. All of the markets had a decrease in the Number of Units Sold and all four markets experienced declines in Annual Sales Volume. The market in this part of Intown Atlanta is showing signs of stability. The rate of decline in Average Sales Prices seems to be leveling off. The Average Number of Days on the market is pretty reasonable in all of the neighborhoods. The big negative in all of the markets is the Number of Units Sold which in some cases, like Grant Park, is down by 50% from what was the average number of annual transactions over the last 30 or so years. This decline in units sold also drives down Annual Sales Volume in all of the markets.
Here is a market by market analysis for April 2010:
Cabbagetown’s market experienced a 15% decline in Average Sales Price from $255,277 in 2008-09 to $217,500 in 2009-10. The Average Number of Days on the Market was up from 46 to 67, an increase of 46%. The Number of Units Sold fell by 7% from 15 to 14. Annual Sales Volume declined from $3,829,155 to $3,045,000, a fall of 20%.
The Grant Park market had a 1% decrease in Average Sales Price from $255,781 in 2008-2009 to $253,580 in 2009-10. Average Number of Days on the Market fell from 80 days to 79 days in the last 12 months or 1%. The Number of Units Sold decreased by 8% from 106 in 2008-09 to 98 in 2009-10. Annual Sales Volume in Grant Park dropped by 8% from $27,112,786 in ’08-‘09 to $24,850,840 in ’09-‘10.
Ormewood Park’s Average Sales Price was off 3% in the last year, from $229,234 to $222,935. The Average Number of Days on the Market was up by one day from 66 days to 67 days or 2%. The Number of Units Sold was down by 3% from 71 to 69. Annual Sales Volume declined by 5% with $16,275,614 in 2008-09 to $15,382,515 in 2009-10.
The Reynoldstown market had a 5% decrease in Average Sales Price, from $180,707 to $172,320 in the last twelve months. The Average Number of Days on the Market was down by 2% from 62 to 61. The Number of Units Sold fell by 17% from 36 in’08-‘09 to 30 in ’09-‘10. Annual Sales Volume in Reynoldstown dropped by 21% from $6,505,452 to $5,169,600 in 2009-10.
Our next posting will cover the Atlanta in DeKalb markets.