This January 2011 Intown Atlanta Market Survey measures market activity and changes over the last three calendar years. This report looks at the numbers from the market as a whole from January 1, 2008 to December 31, 2010.
The Average Sales Price for the 12 months ending December 31, 2010 was $301,042 a small increase from last month’s number and down 17% from last December’s number of $361,597. On December 31, 2008 the Average Sales Price was $409,158, almost 26% higher than today’s average
Average Number of Days on the Market was 82 days over the last year. It was only 79 days in 2009. In 2008, the Average Number of Days on the Market was 77 days. Thus over one year average was up 4% and the two year change was an increase of 6%.
The Number of Units Sold during 2010 was 1,502, while in the 12 months ending December 31, 2009 1,484 units sold. In 2008 1,889 sold. The one year change is a positive 1% and over two years in number of sales was down 20%.
Annual Sales Volume for the 12 months of 2010 was $442,627,430 compared to $475,027,496 in ’09 and $657,406,948 in 2008. The one year change was a negative 7% and the two year change was negative 33%
In every category, except for Number of Units Sold, 2010 was a worse year than 2009 for the Intown Atlanta residential real estate market. 2011 ought to be a better year with employment numbers looking better and overall confidence levels going up. A combination of more confidence and relatively low mortgage interest rates should drive demand enough to increase the number of transaction this year. Whether that causes sales prices to increase is anyone’s guess. My guess is that prices will not begin to rise until 2012 and 2011 will be a year of flat prices. After several years of price decline, that will be a good occurrence!
Our next report will examine the Intown South market