In April’s survey of the Intown South markets, Ormewood Park continued to be the real bright spot. Reynoldstown continued to experience a steep decline in Average Sales Price while the number of Days on the Market and Number of Units Sold were in the normal range for that market. Grant Park and Cabbagetown suffered a sharp drop in transactions which translated into a significant decrease in sales volume.
Here is a market by market analysis:
Cabbagetown’s market had a 6% drop in Average Sales Price going from $271,174 in ’07-’08 to $255,227 in ’08-’09. The Average Number of Days on the Market went from 36 to 46, an increase of 28%. The Number of Units Sold fell 46% from 28 to 15 while Annual Sales Volume dropped from $7,592,872 to $3,828,405, a drop of 50%.
The Grant Park market had a 10% fall in Average Sales Price over the last year from $248,942 to $224,426. The Average Number of Days on the Market fell from 83 days to 76 days, an 8% decrease. The Number of Units Sold fell by 28% from 185 in ’07-’08 to 133 in ’08-’09. Annual Sales Volume in Grant Park fell by 35% from $46,054,270 to $29,848,658.
Ormewood Park’s Average Sales Price fell by 9% in the last year, from $254,037 to $230,980. The Average Number of Days on the Market rose from 57 days to 68 days or 19%. The Number of Units Sold increased by 3% from 67 to 69 and Annual Sales Volume was off by 6% from $17,020,479 in ’07-’08 to $15,937,620 in ’08-’09.
The Reynoldstown market suffered a 26% decline in Average Sales Price, from $244,471 to $181,413. The Average Number of Days on the Market fell from 65 to 63 or about 3%. The Number of Units Sold increased slightly from 33 in ’07-’08 to 35 in ’08-’09. Annual Sales Volume in Reynoldstown dropped by 21% from $8,067,543 to $6,349,455 in the last 12 months.
Our next posting will cover the Atlanta in DeKalb markets.
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