Our June 2010 survey of the Atlanta in DeKalb markets showed that all of the markets suffered declines in value over the 3 year period from June ’07 to May ’10. The year over year numbers were much better over the last 12 months with Druid Hills, East Atlanta and Edgewood posting increases in Average Sales Price. East Lake was the only neighborhood with a positive trend in the Average Days on the Market category. Candler Park and Edgewood were the only markets that experienced an increase in the Number of Units Sold over the past three years and Druid Hills, East Atlanta, East Lake and Lake Claire had positive numbers in this category over the last 12 months. All of the markets suffered a decline in Annual Sales Volume over the last three years. Candler Park, Druid Hills, East Atlanta and Edgewood all experienced an increase in Sales Volume over the last 12 months. Here is a recap of the individual markets.
Candler Park had an Average Sales Price of $424,426 which reflected a year over year decline of 6% and a decline of 9% since May 2008. The Average Number of Days on the Market increased to 96 days, a year over year increase of 45% and a two year increase of 66%. The Number of Units Sold increased from 40 to 51 over the last year, a 28% increase. Sales Volume in the 12 months ending in May was $21,645,726, which was up 20% over the last year and down 4% from two years ago.
In Druid Hills, the Average Sales Price increased 5% over the last year from $552,358to $578,265. However, it was down 19% from the figure for the year ending in May of 2008. The Average Days on the Market in Druid Hills was up to 90 days from 81 a year ago and 71 two years ago. 62 properties sold in this market in each of the last two 12 month periods. This number was down from77 in the 12 month period that ended in May ’08. Annual Sales Volume was $35,852,430, a 5% year over year increase. It was 35% less than the period from June ’07 to May ’08.
The Average Sales Price in East Atlanta was essentially unchanged over the last two years with the average being $188,044 in the last 12 months and $187,914 in the prior 12 months. Going back to May ’08 the average then was $226,045, thus the current Average Sales Price reflects a 17% decrease in value. The Average Number of Days on the Market this year was 76 days, up from 67 days last year and 71 the year before. East Atlanta had 121 transactions in the last 12 months a 14% increase over the year ending May ’09 and 9% less than the Number of Units Sold in the year ending in May ’08. Annual Sales Volume was $22,753,324, up 14% over the last year but down 24% from the 12 months ending May ’08.
East Lake had an Average Sales Price of $203,412 which is a 6% decrease in value over the last year and 17% decline over the last 24 months. The Average Days on the Market fell to 51 days from 81days, a 37% decrease in time on the market. 49 properties closed in each of the last two years; this was down from 59 units in the year ending in May ’08. Annual Sales Volume in East Lake was $9,967,188 which was a 6% decrease form last year’s figure of $10,621,436 and a 31% drop since May 2008.
The Edgewood market experienced an 8% increase in Average Sales Price over the last 12 months going from an average of $146,006 in ’09 to $158,179 in ’10. This number is still 11% less than what it was in ’08. The Average Days on the Market rose to 79 days this year, an 18% increase over last year and only a 1% increase over 2008’s number. Edgewood had a 6% increase in the Number of Units Sold, from 49 to 52 over the last 12 months. The one year period ending May ’08 had 50 sales. The Annual Sales Volume was $8,225,308, a 15% increase over ‘09’s number and 7% less than ‘08’s Annual Sales Volume.
Kirkwood experienced a 1% decrease in Average Sales Price going from $222,150 in 2009 to $219,740 this year. In 2008, the Average Sales Price in Kirkwood was $262,028.
The Average Number of Days on the Market ballooned to 84 days from 63 days last year and 64 days the year before. The Number of Units Sold fell 6% over the last year from 146 to 137. In 2008 143 properties sold in Kirkwood. Annual Sales Volume was $30,104,380 this year, a decline of 7% from last year and 20% less that 2008.
Lake Claire’s current Average Sales Price is $410,891, down 8% from last year’s number of $445,298. The Average Number of Days on the Market increased by 57% over the last year from 61 days to 96 days. In 2008 this number was 60 days. In the last 12 months 29 properties sold in Lake Claire, up 4% or 1 unit from ’09. Two years ago, 46 properties sold. Annual Sales Volume was down 4% over the last 12 months from $12,468,344 to $11,915,839. In 2008, Lake Claire had a sale volume of $20,462,134, 72% more than 2010.
Our next posting will cover the Intown Atlanta North markets.