In our March 2011 survey of the Tri-Cities markets, the College Park market had a year over year increase in Average Sales Price, while East Point and Hapeville continued to lose value. The East Point and Hapeville markets had a year over year decline in Average Number of Days on the Market. None of the markets had an increase in the Number of Units Sold. College Park was the only market that experienced an increase in Annual Sales Volume.
Here are the results from our March 2011 Market Survey for the Tri-Cities:
College Park had an 18% increase in Average Sales Price from $124,262 in 2009-10 to $146,643 in the last year. Since 2008-09, the Average Sales Price was up 34%. The Average Number of Days on the Market was up from 105 to 129 or 23% over the last two years. The Number of Units Sold fell from 59 units to 51 units in the last 12 months. The Annual Sales Volume in College Park was up 2% from $7,331,458 to $7,478,793 over the last 12 months and up 14% over the last 24 months.
The East Point market had a fall in Average Sales Price from $62,616 to $52,918 or 15% in the last year. Over the last 24 months, East Point experienced a 29% decrease in Average Sales Price. The Average Number of Days on the Market went from 87 to 80 or an 8% drop. The Number of Units Sold decreased from 216 in 2009-10 to 197 in the last year, a decline of 9%. Annual Sales Volume in East Point had a 23% drop from $13,525,056 in 2009-10 to $10,424,846 over the last 12 months. Over the last 24 months, Annual Sales Volume was off 46% in East Point.
Hapeville’s Average Sales Price was down from $92,095 in 2009-10 to $74,942 in the last year or 19%. The decline in Average Sales Price from 2008-09 to 2010-11 was 36%. The Number of Days on the Market decreased from 94 to 91 or 3%. Over the last 24 months, the average Number of Days on the Market increased by 1%. The Number of Units Sold fell from 32 to 25 properties per year over the last two 12 month periods. In 2008-09, 36 properties sold. Annual Sales Volume was down by 36% from $2,947,040 to $1,873,550 over the last year. Over the last 24 months, Hapeville’s Annual Sales Volume has dropped by 56% from $4,246,236.