Notice how in each county listed above, the second quarter numbers are better than the first and third. Wonder why? ...the home buyer tax credit. In order qualify for the credit, buyers had to be under contract by April 30th and closed by June 30th (the close date deadline ended up being extended later on, but originally it was June 30th). With more sales and a higher average sales price, I would say it worked; however, now that it's gone, we're seeing the true colors of the 2010 real estate market. Over to the right of each table, I've included the 3rd quarter numbers for 2009. Remember Melissa's post about waiting until next spring to list your home? This is a clear example as to why that might not be such a bright idea. For the folks who considered putting their home on the market in the 3rd quarter of 2009 but waited until early spring, look at the price differences:
Clayton County 3Q2009 VS 3Q2010: 12.13% decrease in value
Fayette County 3Q2009 VS 3Q2010: 3.15% decrease in value
Henry County 3Q2009 vs 3Q2010: 2% decrease in value
The numbers are clear... values are still declining! So if you're thinking of selling, unless you can afford to wait a few years, now might be the best time to sell. In a few months, the numbers will likely still be declining as our market hasn't hit rock bottom yet.
We can't wait until the day that we can post a blog about the increasing value and appreciation we're seeing across the southern crescent of Atlanta, but until then, we're calling it like we see it!
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