The Intown North markets, for the first time in our survey experienced a decrease in Average Sales Price in every market. Except for two neighborhoods, these markets tended to have a decrease in the Average Number of days on the Market. Like most of the other Intown Atlanta markets, the Intown North markets had a drop in the Number of Units Sold which resulted in a drop in Annual Sales Volume.
Here are the results of our April 2009 survey on a market by market basis for Intown North:
The Ansley Park market had a 9% drop in Average Sales Price with an average sales price of $1,129,641 in ’07-’08 and $1,032,975 in ’08-’09. The Average Number of Days on the Market fell from 104 to 98, a drop of 6%. The Number of Units Sold fell by 33% from 30 to 20 in the last 12 months. Annual Sales Volume fell by 39% from $33,889,230 to $20,659,500 this year.
In Inman Park, the Average Sales Price dropped from $570,806 to $439,158, a decrease of 23%. The Average Number of Days on the Market went from 82 to 65, a decrease of 21%. The Number of Units Sold fell by 27%, from 33 to 24 and Annual Sales Volume decreased from $18,836,598 in ’07-’08 to $10,539,792 in ’08-’09 or a fall of 44%.
The Midtown market continued to suffer the worst drop of this group in Average Sales Price with a decrease of 27%-$675,112 to $493,215. Average Days on the Market grew by 11% from 63 to 70 and the Number of Units Sold fell by 38% from 39 to 24 in the last 12 months. Annual Sales Volume fell by 55% from $26,329,368 to $11,837,160.
Morningside had a 5% fall in Average Sales Price from $678,992 to $643,977. The Average Number of Days on the Market decreased from 79 to 70, a drop of 11% while the Number of Units Sold fell by 34% from 183 in ’07-’08 to 120 in ’08-’09. Annual Sales Volume in Morningside fell from $124,255,536 to $77,277,240 or 38% in the last year.
The Poncey Highland market experienced a 3% drop in Average Sale Price from $420,300 to $405,740. The Average Number of Days on the Market increased by 89% from 72 to 136 days. The Number of Units Sold fell from 11 to 5 or 55% and Annual Sales Volume went from $4,623,300 to $2,028,700, a drop of 56%.
The Virginia-Highland market had a 6% decrease in Average Sales Price-$673,761 to $630,958. The Average Number of Days on the Market decreased from 67 to 65 and the Number of Units Sold fell from 101 in ’07-’08 to 74 in ’08-’09, a decrease of 27%. Annual Sales Volume was down by 31% from $68,049,861 to $46,690,892 in the last 12 months.
Our next posting will cover the Central DeKalb cities of Avondale Estates, Decatur and Pine Lake along with four City of Decatur neighborhoods.
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