The Intown South submarkets of Cabbagetown, Grant Park, Ormewood Park and Reynoldstown, with one exception, showed little change from January’s numbers.
In Cabbagetown the Average Sales Price reflected a year over year drop of 11%- from $276,116 to $246,244. February’s average was up 2% from last month’s average.
The Average Days on the Market increased from 39 to 44 or 13%. The Number of Units sold fell by 45%- from 29 units to 16 units.
In Grant Park the Average Sales Price remained the same at around $236,600 a decrease of 12% from last year. The Average Days of the Market remained the same-82 and the Number of Units Sold fell by 18% from 186 in ’07-’08 to 153 in ’08-’09. This number was up 3.3% from last month’s report.
Ormewood Park’s Average Sales Price fell by 3% over the last thirty days and by 7% in the last 12 months-from $250,171 to $233,452. The Average Days on the Market remained unchanged at 61. The Total Number of Units Sold was down from 68 to 65, a decrease of 4%. The 65 units number was an 8% improvement over last month’s numbers.
The Reynoldstown submarket continued to show signs of price deterioration. The Average Sales Price has fallen from $248,204 in ’07-’08 to $199,736 for the last 12 month period. This is a decrease of 20%. The Average Days on the Market fell from 68 to 66 or 3%. The Number of Units Sold increased from 34 to 35 or 3%. This figure was one more unit higher than last month’s report.
This month’s report had some hopeful signs. The Average Sales Price in both Cabbagetown and Grant Park increased from last month’s average. The Average Number of Days on the Market was either stable or improved in all submarkets with the exception of Cabbagetown. Finally, all of the submarkets had more sale volume in February’s report than they did in January.
Our next posting will cover the Atlanta in DeKalb submarkets.