The Adams Realtors January 2009 Intown Market Survey for the INTOWN SOUTH submarkets reflected a continued erosion of Average Sales Prices and all but one submarket experienced a decline in the Number of Units sold.
The results are as follows:
Cabbagetown had an Average Sales Price of $241,029 in ’08, a decline of 13% from 2007.
On a positive note, Average Days on the Market dropped from 46 to 33. The Number of Units sold declined sharply from 31 to 14-a 55% decrease.
Grant Park had an Average Sales Price of $236,834, a decline of 12% from ’07. The Average Days on the Market increased from 75 to 82- a little over 9% and the Number of Units Sold dropped by 21% from 187 to 148.
Ormewood Park had an Average Sales Price of $240,878 a decrease of 4% from 2007. The Average Days on the Market fell by 7% from 61 to 57. The Number of Units Sold went from 68 to 60-a decrease of 12%.
Reynoldstown had an Average Sales Price of $202,111 a drop off of 18%. The Average Days on the Market decreased from 68 to 63 and the Number of Units Sold increased from 23 to 34.
The good news for most of these submarkets is that the Average Days on the Market is decreasing. This reflects more “realistic” pricing by Listing Agents and Sellers.
Our next posting will cover the Atlanta in DeKalb submarkets.