In our June 2010 Adams Realtors Intown South survey the Grant Park and Ormewood Park markets looked like they were on the road to recovery, while the markets in Cabbagetown and Reynoldstown were still suffering.
In Cabbagetown, the Average Sales Price over the last 12 months was $217,000; this number reflects a 12% decline in value over the last year and a 19% decrease in value over the last 24 months. Average Days on the Market was 74 days, a 51% increase over the last year and a 106% increase over a two year period. In the last 12 months 12 properties sold in Cabbagetown, down from 14 in the 12 months ending in May 2009 and 26 during the 12 months that ended in May ’08. This represents a decline of 14% and 54% respectively. Sales Volume in the last year totaled $2,604,000, a fall of 24% over the prior year and 63% down from the 12 month period ending two years ago.
The Grant Park market had an Average Sales Price of $254,268. This number was 2% higher that the May ’09 figure and down 3% from the May ’09 average. The Average Number of Days on the Market was 75 days. This was down from 78 a year ago and 86 two years ago. 104 properties sold in Grant Park during the last 12 months. This represents a 17% increase from May 2009’s number of 89 and a drop of 22% from two years ago when 133 properties were sold. Annual Sales Volume for the most recent 12 month period was $26,443,872, a 19% increase over last year’s figure and 24% less than annual sales volume from two years ago.
The Average Sales Price in Ormewood Park was $223,842. This number reflected a decrease of 2% over the last 12 months and a drop of 13% over the last 24 months. The Average Number of Days on the Market in Ormewood Park was 63 days. Last year it was 71 days and the year before, the average was 57 days. The Number of Units Sold in the market for the 12 months ending May 2010 was 78 properties. This represented a 26% increase over each of the last two years. Total Sales Volume was $17,459,676, a 24% increase over last year’s figure of $14,116,408 and a 10% increase over the May 2008 total of $15,917,508.
The Reynoldstown market had an Average Sales Price of $172,543 which represented a 2% decrease from the ’09 figure of $176,377 and a 29% drop from the ’08 figure of $241,782. The Average Days on the Market fell to 47 days, a decrease of 32% over last year and 30% fall when compared to the average two years ago. 29 properties sold in Reynoldstown during the last year compared to 32 units the year before and 37 units in 2008. Sales Volume in this market was $5,003,747 for the 12 months that ended on May 31st. The was a drop of 11% from ’09 and 44% from ’08.
Our next report will cover the Atlanta in DeKalb markets.