The December 2010 survey of the Intown Atlanta North markets had only two of the submarkets experiencing an increase in Average Sales Price. Inman Park, Midtown, Morningside, Poncey Highland and Virginia Highland were markets that saw a decline in the Average Number of Days on the Market. Midtown and Virginia Highland were the only markets to have an increase in the Number of Units Sold over the last 12 months. Midtown and Poncey Highland were the only neighborhoods that had an increase in Annual Sales Volume in the last year.
Here is a market by market review of our December survey:
Ansley Park had a 2% increase in Average Sales Price from $948,446 in 2008-09 to $968,949 in 2009-10. The change since November’08 was a positive 3%. The Average Days on the Market was up to 201 from 107 last year, an increase of 88%. The Number of Units Sold was down by 4% from 24 to 23 over the last 12 month period. Two years ago 21 properties sold in Ansley Park. Annual Sales Volume for the year ending November 2010 was $22,285,827. This number represented a decline of 2% over the last 12 months and 13% over the figure from 24 months ago.
Inman Park’s Average Sales Price of $447,641 reflected a 1% decrease over last year’s average and a drop of 11% from 24 months ago. The Average Number of Days on the Market decreased by 9% to 72 days over the last year. However, 24 months ago, the average time on the market in Inman Park was 75 days. For the year ending this November, 24 properties had closed, down two transactions from last year’s total and a decline of 17% over the figure from 24 months ago. Annual Sales Volume over the last 12 months totaled $10,743,384, an 8% decrease over the November ’09 number and 26% less than the November 2008’s total.
The Average Sales Price in Midtown as of November 2010 was $484,675. This average was 4% less than a year ago and 19% less that the average for November ’08. The Average Number of Days on the Market decreased to 61 in the last year, down 12% from November ’09. The Number of Units Sold over the last year was 36, up 140% over the last 12 months and 16% from November ’08. The Annual Sales Volume in Midtown was $17,952,018, up 69% from last year and down 5% from November 2008.
Morningside had an Average Sales Price of $571,419, a fall of 9% over the last year and 14% over the last 24 months. The Average Number of Days on the Market in Morningside fell to 83 days from 91 days in the last year, a decrease of 9%. 106 properties sold in the last 12 months, a decrease of 2% from the 108 units that sold in the prior 12 months and down 28% from 24 months ago. Annual Sales Volume was $60,570,414, 11% less than last year and 38% less than November 2008’s number.
Poncey Highland experienced a 13% increase in Average Sales Price from $395,260 to $446,300. The Average Number of Days on the Market fell 5% to 55 days down from 58 days a year ago. Five properties sold in each of the last three 12 month periods. Total Sales Volume between December ’09 and November ‘10 was $2,231,500, a rise of 13% over the year and a decrease of 7% over the last 24 months.
The Average Sales Price in Virginia Highland was $501,794, a 13% decline over the last year and a fall of 24% since 2008. The Average Number of Days on the Market fell to 72 days from 82 days in November ’09, a 12% decrease. 80 properties sold in the market over the last 12 months, an 8% increase. Two years ago, 83 properties sold in Virginia Highland. Total Sales Volume was $40,143,520, a decrease of 6% since November ’09 and a drop of 26% since November 2008.
Our next report will cover the Central DeKalb cities of Avondale Estates, Decatur and Pine Lake.