This posting covers two of the three “Tri-cities” submarkets-College Park & East Point, that were included in our January survey.
In the College Park submarket the Average Sales Price fell from $218,633 to $212,507 or about 3%. The Average Number of Days on the Market also fell by 3% from 141 to 137. The Number of Units Sold declined from 59 in 2007 to 55 in 2008, a fall of 7%. Overall, given current market conditions, the College Park submarket seems to be fairing better than most.
East Point had the biggest decline of any submarket in the survey. The Average Sales Price in East Point went from $133,778 in ’07 to $87,035 in ’08, a sharp drop of 35%. The Average Number of Days on the Market increased by 13%-93 to 105. The Number of Units Sold was fairly stable going from 231 in 2007 to 224 in 2008, a decrease of 3%.
Our next posting will discuss appealing your property tax valuations. Later on this week, we will look at the results of our February Intown Market Survey.