The Central DeKalb cities of Avondale Estates and Decatur are starting to experience some weakness after maintaining a relatively strong residential real estate market. Pine Lake has reversed its trend of declining prices. The City of Decatur markets of Glenwood Estates and Winnona Park continued to be stable performers while Oakhurst and Great Lakes continued to lag behind the other two neighborhoods.
Here are the results of our April 2009 survey:
Avondale Estates had a 4% drop in Average Sales Price from $322,534 in ’07-’08 to $308,671 in ’08-’09. Average Days on the Market grew from 78 to 88 or an increase of 13%. The Number of Units Sold fell from 65 to 57 or 12%. Annual Sales Volume declined by 16% from $20,964,710 to $17,594,247.
The City of Decatur market experienced a 1% increase in Average Sales Price from $383,000 to $386,984 in the last 12 months. Average Days of the Market increased by 2 day from 66 to 68 or 3%. The Number of Units Sold fell by 16% from 262 to 220. Annual Sales Volume in Decatur dropped by 15% from $100,346,000 in ’07-’08 to $85,136,480 in ’08-’09.
The Pine Lake market experienced a 9% price decline over the last 12 months with an Annual Sales Price in ’07-’08 of $149,496 and $136,036 in ’08-’09. The Average Days on the Market in Pine Lake grew by 5% from 104 days to 109 days. The Number of Units Sold fell from 18 units to 11 units or 39%. Annual Sales Volume dropped by 44% from $2,690,928 to $1,496,396 in the last 12 months.
The City of Decatur neighborhood of Glenwood Estates had a 20% increase in Average Sales Price from $399,667 to $480,766. The Average Days on the Market fell from 70 days to 62 days or 11%. Glenwood Estates experienced a 200% increase in the Number of Units Sold from 3 to 9. Annual Sales Volume was up 261% from $1,199,001 to $4,326,894.
The Great Lakes market had a 16% decline in Average Sales Price from $489,866 in ’07-’08 to $412,980 in ’08-’09. The Average Number of Days on the Market increased by 9% from 67 to 72. The Number of Units Sold dropped by 55% from 11 to 5. Annual Sales Volume fell by 62% from $5,388,526 to $2,064,900.
The Oakhurst neighborhood had a 1% increase in Average Sales Price from $360,090 in ’07-’08 to $365,176 in ’08-’09. The Average Number of Days on the Market went up by 2% from 65 to 66. The Number of Units Sold dropped 23% from 91 to 70 and Annual Sales Volume fell by 22% from $32,768,190 to $25,562,320.
The Winnona Park market experienced a 2% increase in Average Sales Price from $422,860 in ’07-’08 to $431,793 in ’08-’09. The Average Days on the Market increased by 24% from 70 to 87 and the Number of Units Sold increased from 30 to 36 or 20% in the last 12 months. Annual Sales Volume was up by 23% from $12,685,800 to $15,544,548.
Our next posting will cover the Tri-Cities of College Park, East Point and Hapeville.
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