I recently received the monthly market update from the real estate number crunching savants at Smart Numbers. The following are totals for the entire Atlanta market and don’t reflect the nuances that really matter to anyone who’s thinking about buying or selling a home. After all, a three bedroom ranch in Dahlonega is not a four bedroom Craftsman in Decatur– and neither are a two bedroom condominium in The Dakota. Highlights (or lowlights, depending on perspective) from Smart Numbers, below:
- There are 44,840 listings on the market for all single family at the end of October. The October inventory high was 2007 with an ending inventory of 70,716. We are closing in on October 2004’s ending inventory of 41,508. With low demand and depressed prices I expect that inventory levels remain low and even drop the next two months
- The average closed price for single family detached in October was $192,591. This is 3.5% below October 2009 and after 8 consecutive year-to-year monthly percentage increases in average price there now have been 2 consecutive declines.
- There were 3,598 closings for all single family in October. This is 27% below October 2009 and the 4th consecutive year-to-year monthly double digit percentage decline. The last time there was an October with less closings was 1998.
If you are looking for more specific information on current market activity in a particular location, school district or housing type, don’t hesitate to contact me. I’d be happy to put together a comparative market analysis for you.