The January edition of our Intown Market Survey analyzed 25 Intown Atlanta real estate submarkets.
The “unweighted” Average Sales Price for calendar year 2008 for single family homes in the survey was $349,575. This was down about 7.2% from calendar year 2007. Much less than the “horror stories” reported in real estate markets in suburban Atlanta and other parts of the country. Days on the market rose from 74 to 75.8, an increase of 2.4% Not a significant change and reflecting the effects of a buyers market. The real effect of the market slowdown shows up in the number of transactions in the combined submarkets. In 2007 these areas had 2,053 sales. In 2008 there were only 1,721 transactions, a decrease of about 16%.
Tomorrow we will look at the results in the Intown South submarkets of Grant Park, Cabbagetown, Reynoldstown and Ormewood Park.