In our February 2011 Adams Realtors Intown South survey, Grant Park and Reynoldstown experienced an increase in Average Sales Price. The Average Days on the Market was down in Grant Park and in Reynoldstown. The Number of Units Sold fell in every market. Annual Sales Volume also dropped in all of the markets.
In Cabbagetown, the Average Sales Price over the last 12 months was $205,210; this number reflects a 4% decline in value over the last year and a 17% decrease in value over the last 24 months. Average Days on the Market was 100 days, a 47% increase over the last year and a 156% increase over a two year period. In the last year 10 properties sold in Cabbagetown, down from 13 in the 12 months ending in January 2010 and down from the 29 properties that sold during the 12 months that ended in January 2009. This represents a decrease of 23% over the last year and a fall of 66% from 24 months ago. Sales Volume in the last year totaled $2,052,100, a decrease of 26% over the prior year and down 71% from two years ago.
The Grant Park market had an Average Sales Price of $265,739. This number was 4% above the January 2010 figure and slightly up from the 2008-09 average. The Average Number of Days on the Market was 79 days. This was down from 82 a year ago and 86 two years ago. 69 properties sold in Grant Park during 2010-11. This represents a 30% decrease from January 2010’s number of 99 and a drop of 41% from two years ago when 117 properties were sold. Annual Sales Volume for the year 2010-11 was $18,335,991, a 27% decrease over ‘09-‘10’s figure and 40% less than annual sales volume of $30,649,905 from 2008-09.
The Average Sales Price in Ormewood Park was $186,530 over the last 12 months. This number reflected a decrease of 15% over the last year and a drop of 25% over the last 24 months. The Average Number of Days on the Market in Ormewood Park was 69 days. Last year it was 68 days and the year before, the average was 61 days. The Number of Units Sold in the market for the 12 months ending January 2011 was 55 properties. This represented a decrease of 23% from 2009-10. Total Sales Volume was $10,259,150, a 34% decrease from last year’s figure of $15,650,885 and a 40% decrease over the January 2009 total of $17,011,628.
The Reynoldstown market had an Average Sales Price of $167,375 which represented a 1% increase from last year’s figure of $165,755 and a 33% drop from the ’08-‘09 figure of $248,204. The Average Days on the Market fell to 46 days, a decrease of 25% over last year and a 32% drop when compared to the average two years ago. 19 properties sold in Reynoldstown during the last 12 months compared to 31 units in 2009-10 and 34 units in 2008-09. Sales Volume in this market was $3,180,125 for the 12 months that ended in January 2011. This was a drop of 38% from 2009-10 and 62% from 2008-09.
Our next report will cover the Atlanta in DeKalb markets.