The Intown Atlanta market does seem to be showing minor signs of improvement. The overall Average Sales Price of $398,368 was down 9% from June ’08 and only .43% from last month’s figure. The Average Number of Days on the market dropped by 1 day from 82 to 81 from both May’s number and the June 2008 average. On the negative side, the Number of Units Sold continued to fall-16% from a year ago and 4.2% from last month. Total Sales Volume of $470,905,590 for the market was down 30% from June 2008 and 9.5% from May’s total.
We are beginning to see some positive indicators including increased earnest money deposits and busy open houses. Both the Federal tax credit and the State of Georgia tax credit, when combined with low interest rates and discounted house prices are driving a good number of young, first time buyers into the marketplace. We are also seeing a resurgence of “move-up”
buyers taking advantage of attractive prices and rates.
Our next posting will cover the Intown South Market.
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