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Atlanta Intown North Markets-April 2009

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.

Posted in: Intown North Submarkets

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• All my experiences have had a profound effect on me and the company that I began in 1979. I had a commercial real estate background but came to realize that strong neighborhoods are vital to a city’s quality of life and even its very existence. Our approach to residential real estate has always reflected the values of neighborhood activism. Our transactions involve people, not just numbers. After more than Forty years of service, our hope, and our goal in each of our sales is still that our clients and the communities in which they choose to live are better off because of having done business with us.

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