In our January 2011 survey of the Tri-Cities markets, the College Park and Hapeville markets had a year over year increase in Average Sales Price. Once again this month, East Point was the only market that 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 and Hapeville also showed an increase in Annual Sales Volume.
Here are the results from our January Market Survey for the Tri-Cities:
College Park had a 14% increase in Average Sales Price from $124,922 in 2009 to $142,502 in 2010. Since 2008, the Average Sales Price was down 32%. The Average Number of Days on the Market was up from 99 to 135 or 36% over the last two years. The Number of Units Sold fell from 60 units to 57 units in the last 12 months. The Annual Sales Volume in College Park was up by 8% from $7,495,320 to $8,122,614 over the last 12 months and down 32% over the last 24 months.
The East Point market had a fall in Average Sales Price from $59,802 to $53,416 or 11% in the last year. Going back 24 months, East Point experienced a 36% decrease in Average Sales Price. The Average Number of Days on the Market went from 88 to 77 or a 13% drop. The Number of Units Sold decreased from 232 in 2009 to 196 in 2010, a decline of 16%. Annual Sales Volume in East Point had a 25% drop from $13,874,064 in 2009 to $10,469,536 in 2010. Over the last 24 months, Annual Sales Volume was off 47% in East Point.
Hapeville’s Average Sales Price was up from $84,598 in 2009 to $89,010 in 2010 or 5%. The decline in Average Sales Price from 2008 to 2010 was 29%. The Number of Days on the Market increased from 81 to 106 or 31%. Over the last 24 months, the average Number of Days on the Market increased by 13%. The Number of Units Sold fell from 28 to 27 properties per year over the last two 12 month periods. In 2008 35 properties sold. Annual Sales Volume was up by 1% from $2,386,744 to $2,403,270 over the last year. Over the last 24 months, Hapeville’s Annual Sales Volume has dropped by 45%.