In today’s edition of the Atlanta Journal-Constitution there was an article reporting that housing prices had declined 27% in the last year in DeKalb County. The January edition of the Adams Realtors Intown Market Survey covered eight submarkets in the DeKalb portion of the City of Atlanta. Only one submarket was close to the -27% figure and one submarket actually showed a positive increase in value. It seems that Atlanta-Dekalb is much healthier than the county as a whole.
Our results from January’s survey are as follows:
Candler Park experienced an 11% decline in Average Sales Price in 2008 with the average price dropping to $432,281 from $485,307 in ’07. The good news in this submarket is that the Number of Days on the market decreased by 27% and the Number of Units Sold increased by 2%.
Druid Hills had a drop in Average Sales Price of 9%-$689,858 to $626,034 in 2008. Average Days on the Market fell from 82 to 69, a decrease of 16%. The Number of Units Sold fell by 14% from 85 to 73 over the last year.
East Atlanta saw an 11% decline in Average Sales Price in ’08-$230,450 to $204,773. Average Days on the Market went from 61 days to 71 days for an increase of 16% and the Number of Units Sold fell by 20% from 145 in ’07 to 116 in ’08.
East Lake experienced a decrease in Average Sales Price of 16% from $261,688 in ’07 to $219,851 last year. The Average Number of Days on the Market increased by a whopping 29% from 72 to 93 days. The Number of Units Sold went from 61 to 56, a decrease of 8%.
Edgewood had the largest drop in Average Sales Price-21%- as the average price fell from $193,162 to $152,859 in ’08. On a positive note, the Number of Days on the Market declined by 22% from 83 to 65. The Number of Units Sold declined by 16% from 57 to 48.
Kirkwood saw a decline of 12% in Average Sales Price in 2008-$267,897 to $234,725. The Average Number of Days on the Market rose from 60 to 66 days or 10%. The Number of Units Sold fell by 7% from 153 to 143.
Lake Claire was the only Atlanta-DeKalb submarket that had an increase in Average Sales Price-$436,459 in 2007 to $448,300 in 2008 or a 3% increase in value. The Average Number of Days on the Market fell by 27% from 64 to 47 and the Number of Units Sold dropped by 36% from 50 to 32.
Our next blog will report on the Intown North submarkets.