Candler Park Real Estate Market Update

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Candler Park may not be one of Atlanta’s largest neighborhoods, but it more than makes up for it in amenities.  It’s always been an Atlanta neighborhood that passed the “”smell test”” for me- only a few minutes walking its streets and you know that you’re in a community that’s more than just a collection of homes.

The neighborhood features two parks (the 55 acre Candler Park as well as neighboring Freedom Park), a public golf course, swimming pool and tennis courts.  Highly acclaimed Mary Lin Elementary is the neighborhood’s darling, and with close access to Downtown Atlanta, Emory and Decatur, Candler Park residents enjoy phenomenal access to multiple employment centers.

All that said, let’s get at the heart of the matter: how’s the real estate market looking?   A quick look back at Q1 and Q2 sales (Jan.1-June 30) over the past five years:

 

Year # of Sales Avg. Sales Price Avg. Days On Market Avg. SP/LP $500k+ % 500K +
2007 34 $443,997 59 95% 6 18%
2008 33 $436,093 45 96% 8 24%
2009 21 $456,529 90 91% 6 29%
2010 22 $388,405 75 92% 2 14%
2011 18 $387,972 116 91% 2 11%

So, what do all of those numbers really mean?

1.  In terms of total sales volume, things really fell off a cliff from 2008 to 2009.   As noted in my Decatur Real Estate update, I think that it can be attributed to the hangover/unintended consequences of the First Time Homebuyer Tax Credit.

2. I made a point of counting all home sales $500,000+, as well as their % of total sales.  Infill development- tearing down and rebuilding- made a significant impression on the market in the boom years.   In this particular sub market, that translated to more homes selling for over $500,000 from 2007-2009.  Of course, when the global economy mutated, home builders and banks became much less enthusiastic about building new homes on speculation.   To focus solely on the median sales price without noting the collapse in inventory of new construction would be somewhat misleading.

3.  Today’s home seller needs to adjust their expectations.   In five years, that Average Days On Market has gone from 59 to 116… and this is just for the homes that have sold!  Average List Price/Sales Price ratio has also dipped precipitously, and it’s likely that the number of homes that expired without selling also skyrocketed (a statistic not measured as a part of this exercise).

4. Prices have stayed consistent over the last two years, but are still down 13% from 2007.

A few footnotes:

1. This search includes all detached, single family homes in Candler Park.  This means no townhomes or condominiums.

2. All data courtesy of FMLS.  While I searched by neighborhood, I also cross-referenced by map, to ensure that I wasn’t accounting for any homes that were “”mislabled”” by the listing agent.  You’d be surprised to know that there were homes in neighboring Edgewood and Poncey Highland that were “”masquerading”” under the Candler Park moniker.

3. I’ve chosen not to include the most recent data- Q3 (July-Sept.) because it often takes a few weeks for all sales to be finalized by the listing agent in the FMLS database.  I just didn’t think I’d be able to produce an “”apples to apples”” comparison by including the most recent data.

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alexandra