In our February year over year survey we compared the 12 months from February 2007-January 2008 to the 12 months from February 2008-January 2009. All of the submarkets, except one, continued to lose value, although some at a lesser rate. In most of these neighborhoods, the Average Days on the Market was more than last year and the Number of Units Sold continued to fall.

Inman Park experienced an 18% drop in Average Sales Price from $591,670 to $487,582 over the past 12 months. In a bit of good news, Average Days on the Market fell from 89 to 71 or 20% and the Number of Units sold remained the same at 28 sales.

The Midtown market saw a decrease in Average Sales Price from $651,340 to $548,738 or 16%.
The Number of Days on the Market increased slightly from 64 to 69 or 8%. The Number of Units Sold dropped 14% from 35 in ’07-’08 to 30 in ’08-’09.

Morningside suffered only a 1% drop in Average Sales Price-from $666,522 to $658,852. The Average Number of Days on the Market increased by only 3 days or 4%- from 73 to 76.
The Number of Units Sold in Morningside fell from 176 in the period ’07-’08 to 142 for the last 12 months, a 19% slide.

The Poncey Highland market saw Average Sales Prices drop 7%- from $430,300 to $400,116. The Average Days on the Market increased a whopping 79%- from 68 to 122 and the Number of Units Sold fell by 45%- from 11 to 6.

Virginia Highland experienced a small increase of 2% in Average Sales Price- from $651,646 in ’07-’08 to $661,697 in ’08-’09. Average Days on the Market increased by 8% from 64 to 69. The Number of Units Sold fell by 20%- from 103 to 82 sales.

Our next posting will cover Pine Lake, Avondale Estates, Decatur and several of its neighborhoods.