Once again, in our July 2010 survey of the Tri-Cities markets, East Point was 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. As in last month’s survey, East Point and College Park had a decline in the Average Number of Days on the Market. College Park and Hapeville were the only markets that did not have a decrease in the Number of Units Sold on a year over year basis. In the last 24 months, all of the markets experienced a decrease in the Number of Units Sold. All of the markets experienced a decrease in Annual Sales Volume.
Here are the results from our July 2010 Market Survey for the Tri-Cities:
College Park had a 16% decrease in Average Sales Price from $152,161 in 2008-09 to $128,050 in 2009-10. Since 2007-08, the Average Sales Price was down 47%. The Average Number of Days on the Market fell from 127 days to 110 days, a decrease of 13%. The Number of Units Sold was 58 units in each of the last two years. The Annual Sales Volume in College Park was down by 16% from $8,825,338 to $7,426,900 over the last 12 months and down 52% over the last 24 months.
The East Point market had a 7% increase in Average Sales Price from $61,066 to $65,626 in the last year. Going back 24 months, East Point experienced a 40% decrease in Average Sales Price. The Average Number of Days on the Market went from 95 to 85 or an 11% drop. The Number of Units Sold decreased from 266 in ’08-‘09 to 194 in ’09-‘10, a decline of 27%. Annual Sales Volume in East Point had a 22% drop from $16,243,556 in 2008-09 to $12,731,444 in 2009-10. Over the last 24 months, Annual Sales Volume was off 47% in East Point.
Hapeville’s Average Sales Price was down from $120,556 in 2008-09 to $76,584 in 2009-10 or 36%. The decline in Average Sales Price from 2007-08 to the present was 41%. The Number of Days on the Market increased from 91 to 106 or 16%. Over the last 24 months, the average Number of Days on the Market increased by 31%. The Number of Units Sold was up over the last year 31 to 34 properties. In the period July 2007 to June 2008, 36 properties sold. Annual Sales Volume dropped by 30% from $3,737,236 to $2,603,858 over the last year. Over the last 24 months, Hapeville’s Annual Sales Volume is down by 44%.