In our March 2011 Adams Realtors Intown South survey, Grant Park was the only neighborhood to experience an increase in Average Sales Price. The Average Days on the Market was down in Ormewood Park and in Reynoldstown. Once again this month, the Number of Units Sold fell in every market and Annual Sales Volume also dropped in all of the markets.
In Cabbagetown, the Average Sales Price over the last 12 months was $199,387; this number reflects a 6% decline in value over the last year and a 19% decrease in value over the last 24 months. Average Days on the Market was 116 days, a 73% increase over the last year and a 170% increase over a two year period. In the last year 8 properties sold in Cabbagetown, down from 14 in the 12 months ending in February 2010 and down from the 17 properties that sold during the 12 months that ended in February 2009. This represents a decrease of 43% over the last year and a fall of 53% from 24 months ago. Sales Volume in the last year totaled $1,595,096, a decrease of 47% over the prior year and down 62% from two years ago.
The Grant Park market had an Average Sales Price of $255,340. This number was 1% above the February 2010 number and down 2% from the 2008-09 average. The Average Number of Days on the Market was 80 days. This was unchanged from a year ago and down 4% from 83 days two years ago. 77 properties sold in Grant Park during 2010-11. This represents a 23% decrease from February 2010’s number of 100 and a drop of 31% from two years ago when 111 properties were sold. Annual Sales Volume for the year 2010-11 was $19,661,180, a 22% decrease over ‘09-‘10’s figure and 32% less than Annual Sales Volume of $28,847,790 from 2008-09.
The Average Sales Price in Ormewood Park was $181,712 over the last 12 months. This number reflected a decrease of 17% over the last year and a drop of 23% over the last 24 months. The Average Number of Days on the Market in Ormewood Park was 65 days. Last year it was 68 days and the year before, the average was 59 days. The Number of Units Sold in the market for the 12 months ending February 2011 was 58 properties. This represented a decrease of 18% from 2009-10. Total Sales Volume was $10,539,296, a 32% decrease from last year’s figure of $15,592,807 and a 33% decrease over the February 2009 total of $15,732,002.
The Reynoldstown market had an Average Sales Price of $161,818 which represented a 3% decrease from last year’s figure of $165,899 and a 13% drop from the ’08-‘09 figure of $185,462. The Average Days on the Market fell to 43 days, a decrease of 31% over last year and a 32% drop when compared to the average two years ago. 18 properties sold in Reynoldstown during the last 12 months compared to 30 units in 2009-10 and 35 units in 2008-09. Sales Volume in this market was $2,912,724 for the 12 months that ended in February 2011. This was a drop of 42% from 2009-10 and 55% from 2008-09.
Our next report will cover the Atlanta in DeKalb markets.