I must admit, I'm not really a newspaper reader. In fact, I rarely purchase the paper and if you do catch me reading it, I'm probably looking at the sales ads! I was standing in line at the grocery store on Sunday when I noticed that the front page of the Atlanta Journal-Constitution had a real estate related article as the cover story! The title, as you can see from my high quality iPhone photo above, was "Home Sales Up as Prices Plummet!" So naturally, I threw it in my cart and brought it home to read (along with the latest Target sales ad).
There are a gazillion different reports, studies, and opinions as to what the state of the real estate market is. If you get your news from a national source, you may hear that the market has bottomed out and prices are on the rise; however, being that the Metro Atlanta area was one of the hardest hit in the nation, that doesn't quite apply to us just yet. In fact, Melissa and I include graphs in our listing presentations that show just what this article is saying... the inventory level is down, the number of foreclosures is down, pending sales are up, and sold transactions are up which seems like the make up of a wonderful real estate market; however, the catch is that the average sales price is still down. So...the GOOD news: things are moving and selling! The bad news: they're still selling at lower prices.
Here are some interesting facts from the article:
- The number of overall home sales picked up by 11% across the metro Atlanta counties even though the median price dropped by nearly 15%. In most counties, the market was driven by resales, with the number of new-home sales either flat or declining.
- The ZIP codes with the most home sales were in Lawrenceville (30044 and 30043) and Cumming (30040 and 30041). The Lawrenceville ZIP 30046 also saw the greatest increase in home sales, at 125%.
- The biggest declines in number of homes sold could be found in the Cherokee community of Waleska (30183) and the Southwest Atlanta area of 30310.
- The cheapest homes can be found in the West Atlanta area of 30314, where the median home sale was just over $15,000, slightly down from where it was last year.
The Biggest Gain: 30294, Ellenwood: This part of Henry County had the biggest gains in 2011, up 22%; however, the median price was $56,500: that's still a 68.9% drop since the height of the market in 2007.
- The Biggest Loss: 30337, College Park: This city in south Fulton had the biggest price drop: down 45.7% since 2010. The median price was $57,000, a 69.2% fall from 2007