In our June 2010 survey of the Tri-Cities markets, East Point was the only market that experienced a year over year increase in Average Sales Price. When looking back over the last 24 months, all of the markets suffered a significant decrease in Average Sales Price. East Point and College Park had a decline in the Average Number of Days on the Market. Hapeville was the only market that did not have a decrease in the Number of Units Sold on a year over year basis. In the last 24 months, all of the markets had a decrease in the Number of Units Sold. East Point was the only market that showed a year over year increase in Annual Sales Volume.

Here are the results from our June 2010 Market Survey for the Tri-Cities:

College Park had a 21% decrease in Average Sales Price from $155,834 in 2008-09 to $123,160 in 2009-10. Since 2007-08, the Average Sales Price was down 50%. The Average Number of Days on the Market fell from 118 days to 117 days, a decrease of 1%. The Number of Units Sold dropped from 62 to 54 or 13%. The Annual Sales Volume in College Park was down by 31% from $9,661,708 to $6,650,640 over the last 12 months and down 57% over the last 24 months.

The East Point market had a 6% increase in Average Sales Price from $62,440 to $66,293 in the last year. Going back 24 months, East Point experienced a 46% decrease in Average Sales Price. The Average Number of Days on the Market went from 97 to 86 or an 11% drop. The Number of Units Sold decreased from 261 in ’08-‘09 to 196 in ’09-‘10, a decline of 25%. Annual Sales Volume in East Point had a 20% drop from $16,296,840 in 2008-09 to $12,993,428 in 2009-10. Over the last 24 months, Annual Sales Volume was off 53% in East Point.

Hapeville’s Average Sales Price was down from $119,086 in 2008-09 to $80,784 in 2009-10 or 32%. The decline in Average Sales Price from 2007-08 to the present was 40%. The Number of Days on the Market increased from 89 to 105 or 18%. Over the last 24 months, the average Number of Days on the Market increased by 30%. The Number of Units Sold was unchanged over the last year with 34 properties selling in each of the last two twelve month periods. In the period June 2007 to May 2008, 35 properties sold. Annual Sales Volume dropped by 32% from $4,048,924 to $2,748,656 over the last year.
Over the last 24 months, Hapeville’s Annual Sales Volume is down by 42%.

Our next posting will feature an overview of July’s Adams Realtors Intown Atlanta Market Survey.