In March’s survey of the Intown South markets, Cabbagetown, Grant Park and Ormewood Park remained relatively stable. Reynoldstown continued to experience a steep decline in Average Sales Price while the number of Days on the Market and Number of Units Sold were in the normal range for that market. Here is a market by market analysis:

Cabbagetown’s market had an 11% drop in Average Sales Price going from $277,754 in ’07-’08 to $246,244 in ’08-’09. The Average Number of Days on the Market went from 38 to 44, an increase of 16%. The Number of Units Sold fell 41% from 27 to 18 while Annual Sales Volume dropped from $7,499,358 to $3,939,904, a drop of 47%.

The Grant Park market had a 9% fall in Average Sales Price over the last year from $256,994 to $233,990. The Average Number of Days on the Market was unchanged at 79 days and the Number of Units Sold fell by 21% from 183 in ’07-’08 to 144 in ’08-’09.
Annual Sales Volume in Grant Park fell by 28% from $47,029,902 to $33,694,560.

Ormewood Park’s Average Sales Price fell by only 7% in the last year, from $252,390 to $234,727. The Average Number of Days on the Market rose slightly from 59 days to 60 days or 2%. The Number of Units Sold fell by 4% from 69 to 66 and Annual Sales Volume was off by 11% from $17,414,910 in ’07-’08 to $15,591,982 in ’08-’09.

The Reynoldstown market suffered a 28% decline in Average Sales Price, from $249,463 to $180,743. The Average Number of Days on the Market remained unchanged at 67 and the Number of Units Sold fell slightly from 34 in ’07-’08 to 32 in ’08-’09. Annual Sales Volume in Reynoldstown dropped by 32% from $8,481,742 to $5,783,776 in the last 12 months.

Our next posting will cover the Atlanta in DeKalb markets.