In our July 2010 survey of the Intown Atlanta North markets Poncey Highland continued to be the only neighborhood that experienced a positive trend in Average Sales Price over the last three years. Once again, Midtown and Poncey Highland were the only markets that saw a decline in the Average Number of Days on the Market since 2007. Virginia Highland and Midtown had an increase in the Number of Units Sold over the last 12 months. Inman Park, Midtown and Virginia Highland were the only neighborhoods that had an increase in Annual Sales Volume in the last year. All of the markets had decreases in Annual Sales Volume when looking back a couple of years.
Here is a market by market recap on our July survey:
Ansley Park suffered a 23% drop in Average Sales Price from $1,058,913 in 2008-09 to $818,019 in 2009-10. The change since June ’08 was minus 21%! The Average Days on the Market was up to 171 from 101 last year, an increase of 69%. The Number of Units Sold was unchanged at 23 over the last two 12 month periods. Two years ago 29 properties sold in Ansley Park. Annual Sales Volume for the year ending June 2010 was $18,814,437. This number represented a decline of 23% over the last 12 months and 37% over the last 24 months.
Inman Park had an Average Sales Price of $441,996 which reflected a 9% decrease over last year’s average and a drop of 19% from 24 months ago. The Average Number of Days on the Market increased by 20% to 79 days over the last year. However, 24 months ago, the average stay on the market in Inman Park was 86 days. As of June, 29properties had closed, an increase of 93% over last years total and a decline of 22% over the figure from 24 months ago. Annual Sales Volume over the last 12 months totaled $12,817,884, a 75% increase over the June ’09 number and 22% less than the June 2008’s total.
The Average Sales Price in Midtown as of June 2010 was $458,075. This average was 11% less than a year ago and 26% less that the average for June ’08. The Average Number of Days on the Market decreased to 49 in the last year, down 36% from June’09. The Number of Units Sold over the last year was 27, up 42% over the last 12 months and down 13% from June ’08. The Annual Sales Volume in Midtown was $12,368,025, up 27% from June ’09 and down 35% from June 2008’s number.
Morningside had an Average Sales Price of $612,029, a decrease of 4% over the last year and 12% over the last 24 months. The Average Number of Days on the Market in Morningside rose to 97 days from 77 days in the last year, an increase of 26%. 106 properties sold in the last 12 months, a decrease of 3% from the 109 units that sold in the prior 12 months and down 28% from 24 months ago. Annual Sales Volume was $64,875,074, 6% less than last year and 36% less than June 2008’s number.
Poncey Highland experienced a 15% increase in Average Sales Price from $395,525 to $454,666. The Average Number of Days on the Market fell 65% to 40 days down from 113days a year ago. Only 3 properties sold in the last 12 months, a drop of 63%. Two years ago 7 units sold. Total Sales Volume between July ’09 and June ‘10 was $1,363,998, a fall of 57% over the year and 51% over the last 24 months.
The Average Sales Price in Virginia Highland was $553,242, a 5% decline over the last year and a fall of 18% since 2008. The Average Number of Days on the Market rose to 91 days from 73 days in June ’09, a 25% increase. 81 properties sold in the market over the last 12 months, a 9% increase. Two years ago, 92 properties sold in Virginia Highland. Total Sales Volume was $42,827,587, an increase of 4% since June ’09 and a fall of 27% since June 2008.
Our next report will cover the Central DeKalb cities of Avondale Estates, Decatur and Pine Lake.