How's the Market Doing?

That is probably the number 1 question I get asked. I wanted to provide some information to let people know what is really going on in the market. The first thing to understand is there are three different markets.

Understanding three views of the current market allows Buyers to maximize their ability to evaluate properties, receiving the highest value in their home search and Sellers to position their property to maximize money in their pocket while minimizing time on market:

Macro View: National Market
National Media Coverage

Metro View: Atlanta Market
Quarterly FMLS Market Report

Micro View: Your Community
Comparative Market Analysis

The Macro Market is what the media covers and is all the doom and gloom. Just because certain areas in the West or Northeast United States are not doing well, does not mean the market is down everywhere.

The Micro Market pertains to a certain neighborhood, community, or complex. You would need to consult a real estate professional to learn exactly how the particular market is doing by having them run a Comparitive Market Analysis. Once again, just because one neighborhood is not doing well, does not mean another neighborhood down the street is not also.

What I want to focus on here is the Metro Market. Basically Atlanta and the surrounding Metro Area. Here is a summary of the Atlanta metro market after the second quarter of 2008.

Sales: -28.1% from Year To Date June, 2007
Downward percentage trend has lessened
Foreclosures = 20.7% of sales
May be some improvement in sales in the less than $200K price range

Sales Prices: Median -7.6% from Year To Date June, 2007
1Q 08 down -8%, 2Q 08 down -3.9%

Percent Sold/List price: Median 93.2%, -3.2 percentage points from YTD June 2007
Historically low ratio
less than $200K price range impacted by foreclosures
Some signs of improvement since January, 2008

Days on Market: 32% higher YTD June, 2008, 27% higher in 1Q 2008, 39% higher in 2Q 2008
The Median DOM was lower in 2Q 2008 than in 1Q 2008 – likely due to spring market effect

Seller-Paid Closing Costs: Stable at 76% of transactions

Price Reductions: Historically high – YTD June at 49%, 1Q - 16 percentage points higher than last year, 2Q - 14 points higher,
Larger than usual drop in % S/L ratio when price reduction is taken (-9.2 percentage points in 1Q, 8.3 points in 2Q)
Less than $200K price range impact of price reduction greater (-12.7 percentage points) than for other price ranges
DOM effect – 2.3 times longer in 1Q, 3 times longer in 2Q, 2.7 times longer YTD

Failed Listings: 63.8% of listings in 2Q 2008

Overpriced Listings: 81% of listings in 2Q 2008

Supply: Still increasing, at 13.0 months supply
88% higher than in January, 2007
Some signs of moderating in recent quarter

Hopefully you have found this information to be helpful. Check back to see other metro market reports here in the near future.

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Peachtree Hills Market Activity brought to you by Our Home Team at Keller Williams Realty at Peachtree Battle.

The following information is for the month of May, 2008.

In the last 30 days, 3 homes have SOLD in Peachtree Hills:

Since the beginning of the year 15 homes have sold in Peachtree Hills with an average sale price of $512,300 and an average days on market of 82 Days.

In the last 30 days, 8 homes have been listed in Peachtree Hills:

There are 29 Homes currently for sale in Peachtree Hills. The average list price of these homes is $569,000.

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Effective January 1, 2009 the same ordinance will apply to all commercial properties and apartments.

Single Family Homes and Condos will need to have the following:

• Toilets can have a max of 1.6 gallons per flush
  
• Shower heads can put out a max of 2.5 gallons per minute
  
• Lavatory Faucets can put out a max of 2 gallons per minute
  
• Kitchen Faucets can put out a max of 2.2 gallons per minute
  

There are four exemptions to the new law:

• Homes sold via foreclosure
  
• Homes sold to Family Members, specifically spouse-to-spouse and parents-to-children
  
• Homes that will be demolished after sale
  
• Circumstances where the cost of the toilet will be over $1000 per toilet change out
  

Penalties for violating these laws include :

• First violation will be a warning
  
• Second violation (within 12 months of first violation) will be $250
  
• Third violation (within 12 months of first violation) will be $500
  

The good news is that there is a rebate program for compliance. Specifics on how to become eligible for this program can be found at the Dekalb Watershed website.

To read the ordinance in its entirty visit the Dekalb Watershed website.

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Peachtree Hills Market Activity brought to you by Our Home Team at Keller Williams Realty at Peachtree Battle.

The following information is for the month of April.

In the last 30 days, 2 homes have SOLD in Peachtree Hills:

The average sale price of homes sold since January 1^st is $463,700 with an average days on market of 97 Days.

In the last 30 days, 10 homes have been listed in Peachtree Hills:

There are 28 Homes currently for sale in Peachtree Hills. The average list price of these homes is $552,600.

Click here to see homes for sale in Peachtree Hills .