Latest Metro Atlanta Market Statistics :: March 2009

As is customary, The Peters Company brings you this monthly market snapshot for the metro Atlanta area.  We believe in market statistics, and we are proud to provide you with the best stats in the metro area from Chartmaster Chuck Carr.  It’s hard to sell homes in this market, but it’s even harder when you don’t understand the market.  We have always paid the upfront price to ensure we know what’s going on out there and so we can provide timely insight and valuable advice.  The first time homebuyer is the one that’s driving the bus here.  When the lower priced homes sell, it creates a domino effect throughout all price ranges.  The new tax credit, the coming Spring season, and the historically low interest rates have created a perfect storm for the first time homebuyer. 

The detached home market is included here:

combined-mmo-rpt-3-27-09-detached

Here are a couple of observations:

  • After comparing these numbers to the February MMO, total inventory has jumped from 12.7 months to 13.9 months.  Now that spring has sprung, we expect more and more homes to hit the market.
  • Foreclosures are up to over 32% of market sales, a number that is likely understated given the tendancy of some agents to “miscode” their listings.  This just means that there are a lot of great deals out there that buyers are taking advantage of.
  • The median list price is down over $5,000 from last month.  Sellers are becoming more and more realistic, and the first time homebuyer is back in business thanks to low prices, low rates, and free money courtesy of the $8,000 tax credit.
  • The percentage of failed listings (listings that did not sell) jumped to 70%, a little over a 3% increase over last month.  Effective pricing strategies and superb condition continue to make the difference in whether or not you sell.

If you have interest in the attached (condo/townhome) market, simply shoot us an email, and we will be happy to provide it for you.  These statistics are the tip of the iceberg.  If you are considering buying or selling this year, I hope you will give us an opportunity to share some more with you.  It would be our pleasure to work with you.  If you would like to subscribe to our bi-weekly email, The Metro Atlanta Real Estate Update, simply send us an email.  We’ll be glad to add you to the distribution!

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