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Metro Atlanta Report:
Metro Atlanta
Report: A Glimmer of Good News
By Steve Palm
Smart
Numbers
Our glimmer of good
news did come to be true, as October closings for both condos &
townhomes and single family detached did exceed September’s. Plus,
November’s closings after lags are reported may exceed September’s and
will be close to October. This is a good sign of market stabilization.
However, we still have a long way to go for a significant market
upturn.
There were 3,851
closings for all single family in November. This is a 32.5% decrease
from November 2006 and after lags are reported the decrease will be in
the low 20% range.
There were 623
closings for condos and townhomes or a decline of 23.8% from the same
year ago period. However, closings for single family detached were 3,228
in November for a decline of 34% from November 2006.
Year-to-date all
single family has closed 63,718 or a decline of 15.1% over the same 2006
period.
The average price
for condos and townhomes was $202,943 in November and is the highest
average ever reported for condos and townhomes. The previous record was
December 2006 at $201,744. The increase can be attributed to having 4
condos close with a sales price over a million dollars and one them
closed at $2.7MM. If these 4 units did not close the average price would
have been $192,900.
The average price
for single family detached in November was $262,811. This average is an
increase of 3% from the same year ago period, but down 1.3% from the
year to date average.
There were 5,840
expired single family detached listings and 1,059 expired condo &
townhome listings.
Combined, the 66,359
total expired listings through November exceed 2006’s total by almost
10,000 and the expireds for this month should be a record.
There were 2,216
withdrawn listings for single family detached and 372 withdrawn listings
for condos & townhomes. The total number of withdrawn listings for all
single family is almost 50% greater than 2006’s record high. Through
November there have been 97,950 expired & withdrawn listings versus
63,718 closings.
We will probably end
the year with 70,000 closings versus 110,000 expired & withdrawn
listings. I predict (and hope) we will never see this high of a ratio
ever again. The only other year that expired & withdrawn listings
exceeded closings was in 2003, 59,181 versus 62,084.
Days on market keeps
edging up. DOM in November for all single family was 92.2. This is up
from last month’s 91.6, last November’s 81.9, and 2007’s year to date
average of 87.4.
Months-supply at the
end of November had almost 40% more “months-supply” for new construction
than for resales.
There is 10.9 MS for
single family detached resale versus 14.1 MS for new construction. Condo
and townhome resales had 11.3 MS versus 15.6 MS for new construction.
Resales are in a better position to discount and this is greatly
reflected in months supply.
This document is
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