Metro Atlanta
Real Estate Market Making a Positive Turn
By Steve Palm
Smart Numbers
There were 4,454 closings for all
single family detached to start out the first period of 2007. This was
down 8.1% from January 2006.
This is a good sign. The decline of
8.1% is less than December’s 10.4% decline. This will probably be the
best year-to-year change-reporting period for closings since August 2006
when we had a modest 1.3% increase.
Single family detached had 3,434
closings for January or a year-to-year decline of 9.8%. This will be the
6th consecutive decline after 40 consecutive increases.
Condos and townhomes had 658 closings
or an increase of 1.9% from January 2006. This is a good improvement
from December’s 9.0% reported declines.
The average sale price in January for
single family detached was $254,388. This was increase of 5.6% from
January 2006 and the largest year-to-year period increase since December
2005. This may be another sign that the housing market may be starting
to “turn the corner.”
The average sale price for condos and
townhomes was $190,450 or a decline of 0.6% from January 2006. This is
the main reason why condos and townhomes had an increase, while single
family detached had a decline in closings.
The overall inventory of homes for sale
is going through some extreme status changes. This can be expected in a
slow housing market with high inventories.
The number of expired listings in
January for all single family detached was 5,505. This is up almost 30%
from January 2006. However, that increase is small compared to withdrawn
listings reported in January. There were 2,246 withdrawn listings or an
increase of 65% over January 2006.
There were a combined 16,000 expired
and withdrawn listings for both December 2006 and January 2007. That is
60% more than what closed for all single family.
I am including the year-to year
inventory trending grid. At the end of December a lot of consumers have
taken their properties off the market for the holidays, so it very
common to see upward shifts in months supply in January and 2007 was
very indicative of this trend.
|
|
MonthsSupply
01/31/2006 |
MonthsSupply
01/31/2007 |
% Change
|
|
New - Single
Family Detached |
7.6 |
12.0 |
57.9% |
|
New - Condos &
Townhomes |
7.1 |
10.5 |
47.9% |
|
Resale - Single
Family Detached |
5.7 |
7.0 |
22.8% |
|
Resale - Condos
& Townhomes |
8.8 |
8.5 |
-3.4% |
The days-on-market for January was 90.6
for all single family. This is the second consecutive period above 90
days and the first time this has happened since 1998.
I believe the slowdown in housing has
damaged our economy enough that an interest rate cut, not a hike is
needed. This could take place, hopefully, before our summer season.
This document is copy protected by Steve Palm, Smart Numbers
and is reproduced with permission. No party may use or reproduce this
information without the express written permission of Steve Palm and Smart
Numbers.
© 2007 Smart Numbers
|
Sales Statistics
for FORSYTH County GA |
|
Most recent recording date for Forsyth County is
02/05/2007 |
|
Single Family
Residence |
|
Time Period |
Number of Sales |
Median Sale Price |
|
Dec 2006 |
387 |
$280,600 |
|
Dec 2005 |
470 |
$258,950 |
|
Nov 2006 |
380 |
$295,000 |
|
Nov 2005 |
429 |
$260,000 |
|
2006 YTD |
5,647 |
$282,000 |
|
2005 |
4,524 |
$248,650 |
|
Condominium |
|
Time Period |
Number of Sales |
Median Sale Price |
|
Dec 2006 |
116 |
$274,100 |
|
Dec 2005 |
82 |
$240,600 |
|
Nov 2006 |
84 |
$250,350 |
|
Nov 2005 |
67 |
$220,000 |
|
2006 YTD |
1,166 |
$249,000 |
|
2005 |
489 |
$228,300 |
|
Sales Statistics
for NORTH FULTON County GA |
|
Most recent recording date for North Fulton County is
02/01/2007 |
|
Single Family
Residence |
|
Time Period |
Number of Sales |
Median Sale Price |
|
Jan 2007 |
343 |
$435,651 |
|
Jan 2006 |
278 |
$404,206 |
|
Condominium |
|
Time Period |
Number of Sales |
Median Sale Price |
|
Jan 2007 |
214 |
$222,842 |
|
Jan 2006 |
198 |
$238,736 |
