Our October 2010 Adams Realtors Intown South survey had all of the markets suffering a drop in Average Sales Price and Sales Volume. The Number of Units Sold increased in both Cabbagetown and Ormewood Park. The Average Days on the Market fell (a good trend) in Grant Park and Reynoldstown.
In Cabbagetown, the Average Sales Price over the last 12 months was $225,792; this number reflects a 3% decline in value over the last year and a 6% decrease in value over the last 24 months. Average Days on the Market was 84 days, a 47% increase over the last year and a 110% increase over a two year period. In the last 12 months 14 properties sold in Cabbagetown, up from 12 in the 12 months ending in September 2009 and 18 during the 12 months that ended in September 2008. This represents an increase of 17% over the last year and 22% decrease over the last 24 months. Sales Volume in the last year totaled $3,161,088, an increase of 13% over the prior year and down 27% from two years ago.
The Grant Park market had an Average Sales Price of $246,803. This number was less that 4% below the September ’09 figure and down 4% from the September ’08 average. The Average Number of Days on the Market was 79 days. This was down from 87 a year ago and 84 two years ago. 82 properties sold in Grant Park during the last 12 months. This represents a 6% decrease from September 2009’s number of 87 and a drop of 39% from two years ago when 134 properties were sold. Annual Sales Volume for the most recent 12 month period was $20,837,246, a 10% decrease over last year’s figure and 41% less than annual sales volume of $34,280,416 from two years ago.
The Average Sales Price in Ormewood Park was $206,123. This number reflected a decrease of 5% over the last 12 months and a drop of 16% over the last 24 months. The Average Number of Days on the Market in Ormewood Park was 68 days. Last year it was 65 days and the year before, the average was 59 days. The Number of Units Sold in the market for the 12 months ending September 2010 was 66 properties. This represented an increase of 2% from last year. Total Sales Volume was $13,604,118, a 4% decrease over last year’s figure of $14,103,570 and a 27% decrease over the September 2008 total of $17,235,120.
The Reynoldstown market had an Average Sales Price of $151,636 which represented a 16% decrease from the ’09 figure of $179,873 and a 29% drop from the ’08 figure of $212,194. The Average Days on the Market fell to 31 days, a decrease of 55% over last year and a 54% fall when compared to the average two years ago. 22 properties sold in Reynoldstown during the last year compared to 33 units the year before and 40 units in 2008. Sales Volume in this market was $3,335,992 for the 12 months that ended on September 30th. This was a drop of 44% from ’09 and 61% from ’08.
Our next report will cover the Atlanta in DeKalb markets.