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Atlanta GA Real Estate Update | Atlanta GA Real Estate Sales Report - October 23, 2009

The most recent First Multiple Listing Service* (FMLS) released the most recent real estate statistics for  our MLS service area on October 21, 2009.  Closings for all single family (Both Detached and attached homes) had a large 16.8% year-to-year decline for September. There were 4,280 closings in September versus 5,144 for September 2008 and even less than September 2007’s very low 4,610.   The reason was not the floods, or the lenders...it is simply that most home owners are under water and have a problem with liquidity (No pun intended!)  Homes will not appraise, homes are dropping in values, unemployment remains high and is rising, and it is harder for a buyer to get a loan.  

There were 3,583 closings in September for single family detached or a decline of 18.0% from September 2008.  September will end up having a doubldigit percentage decline. There were 697 closings in September for single family attached (Town homes, condos) or a decline of 9.9% from September 2008

The average sale price for single family attached in September was $142,940 or only $1,800 higher from our recession low in April 2009. The FDIC has indicated that the 1,500+ condos acquired through the Corus bank collapse will be offered for sale starting December 2009. Fifteen hundred new construction condos offered at a potentially very distressed price could reset the price down further for both the condo new construction and resale markets.

The average sale price for single family detached was $203,440 in September. This average was $57,000 below September 2007. 

*FMLS

Jim Crawford REMAX

RE/MAX Paramount Properties  678-595-5283 Direct

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4 comments • Jim Crawford ~ Atlanta Real Estate-ABR E-PRO • October 23 2009 12:02PM