May’s survey of the Intown South markets had some positive signs. The Grant Park market showed some price stability with only a 3% decrease in year over year Average Sales Price. The Average Number of Days on the Market in Reynoldstown remained the same over the last 24 months and the Number of Units Sold increased in Ormewood Park.

Here is a market by market analysis:

Cabbagetown’s market had a 9% drop in Average Sales Price going from $269,497 in ’07-’08 to $246,096 in ’08-’09. The Average Number of Days on the Market went from 36 to 50, an increase of 39%. The Number of Units Sold fell 46% from 26 to 14 while Annual Sales Volume dropped from $7,006,922 to $3,445,344, a drop of 51%.

The Grant Park market had only a 3% fall in Average Sales Price over the last year from $262,240 to $255,604. The Average Number of Days on the Market fell from 86 days to 79 days, an 8% decrease. The Number of Units Sold fell by 34% from 133 in ’07-’08 to 88 in ’08-’09. Annual Sales Volume in Grant Park fell by 36% from $34,877,920 to $22,493,152.

Ormewood Park’s Average Sales Price fell by 12% in the last year, from $256,734 to $225,930. The Average Number of Days on the Market rose from 57 days to 68 days or 19%. The Number of Units Sold increased by 6% from 62 to 66 and Annual Sales Volume was off by 6% from $15,917,508 in ’07-’08 to $14,911,380 in ’08-’09.

The Reynoldstown market suffered a 25% decline in Average Sales Price, from $241,782 to $180,531. The Average Number of Days on the Market was unchanged at 67. The Number of Units Sold decreased by 8% from 37 in ’07-’08 to 34 in ’08-’09. Annual Sales Volume in Reynoldstown dropped by 31% from $8,945,934 to $6,138,054 in the last 12 months.

Our next posting will cover the Atlanta in DeKalb markets.