Atlanta Real Estate Recap-September 2009



The positive upward trends reported for the last couple of moths have come to an end.  September numbers do not give us a lot to be excited about. Overall we experienced a 16.8% decline in closed sales for all single family dwellings.  This includes attached and detached units.  The total number of closings for September was 4,280; which is 864 less than in 2008 and 330 less than in 2007.

Closings on detached single family units came in at 3,583.  This was decline of 18% compared to the same period in 2008.  This trend is expected to continue.  Attached single family units recorded a decline of almost 10% compared with September 2008. 

The average sales prices for single family attached homes increased by $1,800 to $142,940, from a recession low in April of this year.  This may well be short lived though.  Recently failed Corus Bank was heavily invested in single family attached construction here in Atlanta when it went under.  Nearly 1,500 newly constructed condos will be offered for sale by a yet to be named investor to be selected by the FIC to dispose of the units.  GOOD NEWS FOR CONDO BUYERS.  Not good news for condo sellers.

Single family detached homes recorded an average sales price of $203,440, which is $5,000 below same month numbers for 2008, and $57,000 below same month numbers for 2007. 

Additionally we continue to see near record numbers for days on market.  Some good news in inventory levels. Our current inventory levels for all single family units are at 47,000 units for sale.  This is the lowest inventory level since January 2006, and 23,000 lower than our all time high in July 2007 of 70,000 units.

We continue to see many pending sales fail to close.  Many factors may contribute to this, such as lack of liquidity resulting in borrowers being unable to secure financing, and property conditions causing many would-be buyers to terminate contracts.  With all the bad news, INTEREST RATES REMAIN LOW and there are GREAT VALUES out there.


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