The July 2011 Intown Atlanta Market Survey measures market activity and changes for the residential real estate market as a whole from July 1, 2008 to June 30, 2011.
The Average Sales Price for the 12 months ending June 30, 2011 was down from $311,413 last month to $309,728, a 1/2% decrease. The Average Sales Price was down 12% from last June’s number of $352,945. On June 30, 2009 the Average Sales Price was $378,541, 18% higher than today’s average.
Average Number of Days on the Market was 86 days over the last 12 months. It was only 81 days in 2009-10. In 2008-09, the Average Number of Days on the Market was 80 days. Thus, over one year, the average was up 7% and the two year change was an increase of 8%.
The Number of Units Sold during last 12 months was 1,583, while in the 12 months ending June 30, 2010, 1,547 units sold. In 2008-09 1,493 units sold. The one year change was up 2% and over two years the number of sales was up 6%.
Annual Sales Volume for the last 12 months of 2010-11 was $490,298,702 compared to $494,630,535 in ’09-‘10 and $436,744,634 in 2008-09. The one year change was a negative 1% and the two year change was positive 12%
The positive spin on this month’s survey is that the Average Sales Price seems to have stabilized over the last several months. In month over month changes, the Average Sales Price has been floating in a very narrow range. One month up a few percent and the next month down a few percent. The Average Days on the Market figure also remained stable. The Number of Units sold was up 2% from last year and up about 7% from last month’s number. Total Sales Volume was up 6% from last month’s number and down slightly from June 2010’s number. At the midpoint of 2011, our company’s residential sales volume, which mostly reflects “intown” Atlanta sales, is up by 20% year to date over YTD 2010’s figures.
The increase in Sales Volume may be the result of buyers feeling that home prices have hit their bottom, interest rates will soon be rising and stricter loan underwriting requirements may make it more difficult to purchase a home. The “Window of Opportunity” may soon be closing!