In our August 2010 survey of the Tri-Cities markets, East Point was once again this month, the only market that experienced a year over year increase in Average Sales Price. Over the last 24 months, all of the markets suffered a significant decrease in Average Sales Price. East Point was the only market that had a year over year decline in Average Number of Days on the Market. All of the markets experienced a decrease in the Number of Units Sold on a year over year basis. Each of the markets experienced a decrease in Annual Sales Volume.
Here are the results from our August 2010 Market Survey for the Tri-Cities:
College Park had a 12% decrease in Average Sales Price from $151,276 in 2008-09 to $132,657 in 2009-10. Since 2007-08, the Average Sales Price was down 43%. The Average Number of Days on the Market was up from 121 days to 124 days, an increase of 2%. The Number of Units Sold dropped slightly from 58 units to 57 units in the last 12 months. The Annual Sales Volume in College Park was down by 14% from $8,774,008 to $7,561,449 over the last 12 months and down 47% over the last 24 months.
The East Point market had a 10% increase in Average Sales Price from $58,049 to $63,776 in the last year. Going back 24 months, East Point experienced a 39% decrease in Average Sales Price. The Average Number of Days on the Market went from 96 to 80 or a 17% drop. The Number of Units Sold decreased from 261 in ’08-‘09 to 185 in ’09-‘10, a decline of 29%. Annual Sales Volume in East Point had a 22% drop from $15,150,789 in 2008-09 to $11,798,560 in 2009-10. Over the last 24 months, Annual Sales Volume was off 48% in East Point.
Hapeville’s Average Sales Price was down from $112,475 in 2008-09 to $81,342 in 2009-10 or 28%. The decline in Average Sales Price from 2007-08 to the present was 31%. The Number of Days on the Market increased from 95 to 97 or 2%. Over the last 24 months, the average Number of Days on the Market increased by 13%. The Number of Units Sold dipped over the last year 34 to 32 properties. In the period July 2007 to June 2008, 35 properties sold. Annual Sales Volume dropped by 32% from $3,824,150 to $2,602,944 over the last year. Over the last 24 months, Hapeville’s Annual Sales Volume is down by 37%.