In our June 2010 survey of the Intown Atlanta North markets Poncey Highland was the only neighborhood that experienced a positive trend in Average Sales Price over the last three years. Midtown and Poncey Highland were the only markets that saw a decline in the Average Number of Days on the Market since 2007 while Inman Park did experience a decline in days on the market over the last 12 months. Virginia Highland, Midtown, Morningside and Inman Park all had an increase in the Number of Units Sold over the last 12 months. Inman Park, Midtown and Virginia Highland were the only markets that had an increase in Annual Sales Volume in the last year.
Here is a market by market recap on our June survey:
Ansley Park suffered a 25% drop in Average Sales Price from $1,053,562 in 2008-09 to $796,687 in 2009-10. The change since May’08 was minus 31%! The Average Days on the Market ballooned to 139 from 84 last year, an increase of 65%. The Number of Units Sold fell from 24 to 21 a fall of 13%. Two years ago 29 properties sold in Ansley Park.
Annual Sales Volume for the year ending May 2010 was $16,520,427. This number represented a decline of 35% over the last 12 months and 50% over the last 24 months.
Inman Park had an Average Sales Price of $444,255 which reflected a 6% decrease over last year’s average and a drop of 21% from 24 months ago. The Average Number of Days on the Market increased by 41% to 83 days over the last year. However, 24 months ago, the average stay on the market in Inman Park was 88 days. As of May, 27 properties had closed, an increase of 50% over last years total and a decline of 21% over the figure from 24 months ago. Annual Sales Volume over the last 12 months totaled $11,994,885, a 42% increase over the May ’09 number and 37% less than the May 2008’s total.
The Average Sales Price in Midtown as of May 2010 was $455,897. This average was 10% less than a year ago and 29% less that the average for May ’08. The Average Number of Days on the Market decreased to 54 in the last year, down 24% from May ’09. The Number of Units Sold over the last year was 24, up 14% over the last 12 months and down 31% from May ’08. The Annual Sales Volume in Midtown was $10,941,528, up 3% from last May ’09 and down 52% from May ’08’s number.
Morningside had an Average Sales Price of $616,282, a decrease of 4% over the last year and 9% over the last 24 months. The Average Number of Days on the Market in Morningside rose to 95 days from 79 days in the last year, an increase of 20%. 110 properties sold in the last 12 months, an increase of 1% from the 109 units that sold in the prior 12 months and down 37% from 24 months ago. Annual Sales Volume was $67,791,020, 3% less than last year and 42% less than May ‘08’s number.
Poncey Highland experienced an 11% increase in Average Sales Price from $422,457 to $470,666. The Average Number of Days on the Market fell 48% to 59 days down from 113 days a year ago. Only 3 properties sold in the last 12 months, a drop of 57%. Two years ago 11 units sold. Total Sales Volume between June ’09 and May “10 was $1,411,998, a fall of 52% over the year and 69% over the last 24 months.
The Average Sales Price in Virginia Highland was $553,146. This number represents a 6% decline over the last year and a fall of 20% since 2008. The Average Number of Days on the Market rose to 86 days from 73 days in May ’09, an 18% increase. 79 properties sold in the market over the last 12 months, a 16% increase. Two years ago, 100 properties sold in Virginia Highland. Total Sales Volume was $43,698,534, an increase of 9% since May ’09 and a fall of 37% since May 2008.
Our next report will cover the Central DeKalb cities of Avondale Estates, Decatur and Pine Lake.