The Intown South market survey for September differed from last month’s survey in that all markets suffered a drop in Average Sales Price. Except for Reynoldstown, this drop occurred both when compared to last month’s figures and the annual year over year numbers comparing the 12 month average from September 2007 to August 2008 and the 12 month average from September 2008 to August 2009. Reynoldstown was the only market that continued to show improvement in Average Days on the Market. Ormewood Park, as has been the case over the last several months, was the only neighborhood that showed an increase in the Number of Units Sold.

Here is a market by market analysis for September 2009:

Cabbagetown’s market experienced a 12% drop in Average Sales Price going from $252,372 in ’07-’08 to $223,320 in ’08-’09. The Average Number of Days on the Market went from 40 to 42, an increase of 5%. The Number of Units Sold fell 29% from 17 to 12. Annual Sales Volume dropped from $4,290,324 to $2,679,840, a drop of 38%.

The Grant Park market had a 7% fall in Average Sales Price since September 2008 dropping from $261,362 to $242,558. Average Number of Days on the Market increased from 82 days to 87 days, a 6% climb. The Number of Units Sold decreased by 36% from 132 in ’07-’08 to 85 in ’08-’09. Annual Sales Volume in Grant Park was down by 40% from $34,449,784 in ’07-’08 to $20,617,430 in the last 12 months.

Ormewood Park’s Average Sales Price was down by 10% in the last year, from $247,877 to $222,738. The Average Number of Days on the Market rose from 56 days to 69 days or 23%. The Number of Units Sold increased by 11% from 61 to 68 and Annual Sales Volume was virtually unchanged with $15,120,497 in ’07-’08 to $15,146,184 in ’08-’09.

The Reynoldstown market experienced a 14% decline in Average Sales Price, from $214,268 to $184,869. The Average Number of Days on the Market improved by 8% from 72 to 66. The Number of Units Sold dropped by 20% from 40 in ’07-’08 to 32 in ’08-’09. Annual Sales Volume in Reynoldstown fell by 31% from $8,570,720 to $5,915, 808 in the last 12 months.

Our next posting will cover the Atlanta in DeKalb markets.