College Park was the winner and Hapeville narrowly beat out East Point for second place for the dubious honor of the market that lost the highest percentage of Average Sales Price over the last 12 months. All of the markets experienced a decline in the Number of Units Sold. The decline in Sales Volume was nearing 50% in both College Park and Hapeville. The only bright spot for the Tri-Cities markets was that all of the markets had a drop in the Average Number of Days on the Market.
Here are the results from our January 2010 Market Survey for the Tri-Cities:
College Park suffered a 40% decline in Average Sales Price from $209,448 in 2008 to $126,525 in 2009. The Average Number of Days on the Market fell from 138 days to 98 days, a decrease of 29%. The Number of Units Sold fell from 60 to 54 or about 10%.
The Annual Sales Volume in College Park dropped by 46% from $12,566,880 to $6,832,350 over the last year.
The East Point market had a 29% decline in Average Sales Price from $83,207 to $59,009 in the last twelve months. The Average Number of Days on the Market went from 107 to 87 or a 19% decline. The Number of Units Sold dropped from 245 in ‘08 to 225 in ’09, a decline of 8%. Annual Sales Volume in East Point suffered a 35% decline from $20,385,715 in 2008 to $13,277,025 in 2009.
Hapeville’s Average Sales Price was down from $122,385 in 2008 to $84,598 or 31% over the last year. The Number of Days on the Market fell from 93 to 81 during 2009 or 13%. The Number of Units Sold declined from 37 to 28, a drop of 24% and Annual Sales Volume fell by 48% from $4,528,245 to $2,368,744 over the 12 months of 2009.