Until recently, the Intown North submarkets all had year over year increases in Average Sales Prices. By the end of 2008, only 2 out of the 5 submarkets were in positive territory.
Inman Park’s Average Sales Price dropped from $568,879 to $487,582 or 14% in 2008. Average Days on the Market decreased by 25% from 95 to 71 days. The Number of Units Sold fell by 10% from 31 to 28.
Midtown suffered a 30% decline in value with the Average Sales Price going from $685,247 in ’07 to $482,664 in 2008. The Average Number of Days on the Market fell slightly from 66 to 64 or 3%. The Number of Units Sold declined by 32% from 38 to 26 in ’08.
Morningside held its own with a 1% increase in Average Sales Price from $650,978 to $655,782.
The Average Number of Days on the Market also increased by 1% from 73 to 74. The Number of Units Sold fell by 26% in 2008 from 179 to 133.
Poncey Highland’s Average Sales Price went from $430,300 in 2007 to $407,980, a fall of 5%. The Average Days on the Market had a huge increase from 68 to 142 or 109%. Sellers in that submarket must think it’s still 2006! The Number of Units Sold fell from 11 to 5 a drop of 55%.
Virginia Highland had the largest percentage gain in Average Sales Price with an increase of 5%-$642,592 to $672,879. The Average Number of Days of the Market increased by 6% from 63 to 67 and the Number of Units Sold fell sharply from 104 in ’07 to 77 in ’08-a decline of 26%.
Our next posting will look at year end results for the City of Decatur, several of its neighborhoods, Avondale Estates and Pine Lake.
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