Our October 2010 survey of the Intown Atlanta North markets had all but two of the submarkets continuing to suffer a decline in Average Sales Price. Again, this month Midtown and Poncey Highland were the only markets that saw a decline in the Average Number of Days on the Market. Virginia Highland and Midtown had an increase in the Number of Units Sold over the last 12 months. Midtown was the only neighborhood that had an increase in Annual Sales Volume in the last year.
Here is a market by market review of our October survey:
Ansley Park had a tiny increase in Average Sales Price from $950,754 in 2008-09 to $951,106 in 2009-10. The change since September’08 was minus 12%. The Average Days on the Market was up to 202 from 110 last year, an increase of 84%. The Number of Units Sold was down by 4% from 24 to 23 over the last two 12 month periods. Two years ago 25 properties sold in Ansley Park. Annual Sales Volume for the year ending September 2010 was $21,875,438. This number represented a decline of 4% over the last 12 months and 19% over the last 24 months.
Inman Park’s Average Sales Price of $436,230 reflected a 7% decrease over last year’s average and a drop of 16% from 24 months ago. The Average Number of Days on the Market increased by 34% to 86 days over the last year. However, 24 months ago, the average time on the market in Inman Park was 77 days. As of September, 23 properties had closed, no change from last years total and a decline of 21% over the figure from 24 months ago. Annual Sales Volume over the last 12 months totaled $10,033,290, a 7% decrease over the September ’09 number and 33% less than the September 2008’s total.
The Average Sales Price in Midtown as of September 2010 was $482,255. This average was 1% less than a year ago and 19% less that the average for September ’08. The Average Number of Days on the Market decreased to 55 in the last year, down 29% from September ’09. The Number of Units Sold over the last year was 33, up 74% over the last 12 months and 14% from July ’08. The Annual Sales Volume in Midtown was $15,913,425, up 71% from last September ’09 and down 8% from September 2008’s number.
Morningside had an Average Sales Price of $572,697, a fall of 8% over the last year and 19% over the last 24 months. The Average Number of Days on the Market in Morningside rose to 90 days from 85 days in the last year, an increase of 6%. 107 properties sold in the last 12 months, a decrease of 1% from the 108 units that sold in the prior 12 months and down 33% from 24 months ago. Annual Sales Volume was $61,278,579, 9% less than last year and 43% less than September 2008’s number.
Poncey Highland experienced a 12% increase in Average Sales Price from $406,663 to $454,666. The Average Number of Days on the Market fell 73% to 40 days down from 148 days a year ago. Only 3 properties sold in the last 12 months, a drop of 57%. Two years ago 7 units sold. Total Sales Volume between October ’09 and September ‘10 was $1,363,998, a fall of 52% over the year and 42% over the last 24 months.
The Average Sales Price in Virginia Highland was $523,870, a 10% decline over the last year and a fall of 22% since 2008. The Average Number of Days on the Market rose to 86 days from 74 days in September ’09, a 16% increase. 77 properties sold in the market over the last 12 months, a 4% increase. Two years ago, 74 properties sold in Virginia Highland. Total Sales Volume was $40,337,990, an increase of 6% since September ’09 and a fall of 29% since September 2008.
Our next report will cover the Central DeKalb cities of Avondale Estates, Decatur and Pine Lake.