In recent months, the media has really ramped up their coverage of the real estate market across the country. While that's awesome, there's a big problem with the way they are portraying what's going on. Real estate happens in a localized market--not on a national one. Sure, regional and national economics certainly impact what happens within the smaller community--but it certainly isn't the end all, be all. So with careless phrases like "the bursting real estate bubble" and "house values are declining rapidly" being thrown around out there, Pam and I thought it important to give our neighbors in the Intown Atlanta market some real numbers to work with in their particular neighborhoods. We'll be focusing on two different important indicators in this series:
1. Median Sales Price (Looking at median sales price instead of an average removes the influence of the abnormally high, and abnormally low home sales in a neighborhood that appraisers are allowed to use in comparables anyway, but have a huge impact on the numbers when using the average approach.)
2. Days on Market - Just how long are homes up for sale?
To start off the series...let's take a look at the numbers in Virginia Highland:
- Median Sales Price 2005: $440,000
- Average Days on Market 2005: 78 (Total # of sales = 162)
- Median Sales Price 2006: $499,900
- Average Days on Market 2006: 85 (Total # of sales = 142)
- Median Sales Price 2007 to date: $570,000
- Average Days on Market 2007 to date: 84
So, Virginia Highland residents, it looks like what the media has been saying doesn't really apply to you guys! Essentially what we've seen in this particular neighborhood is an increase in the number of homes that are For Sale...almost double what they were last year...especially in the million dollar+ range. In addition to that, the number of homes sold has been decreasing. What that means for sellers is the same thing we've been saying over and over again....price your homes right, and stage them, stage them, stage them!
More next time!
Wayne Tyndall - wayne@thecareteam.net - 404-978-2272
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