Wondering how the East Atlanta real estate market fared in 2011? See how the year stacked up compared to the previous three years…
Data extracted from the Atlanta FMLS by Kerry Lucasse on 01/13/2012
Single Family Homes Sold in East Atlanta
The number of single family homes sold in 2011 was up slightly from 2010, but the average home sales price did take a beating, dropping almost 17% from the previous year.
Based on our research and in-depth knowledge of the East Atlanta neighborhood, it appears that the drop was due to several factors:
- A higher number of low dollar foreclosure sales (i.e. under $100,000), many located on the outskirts of East Atlanta
- An increase in the # of short sales
- A small decline in the overall home values in the area
One interesting item to note is that the list price to sales price ratio remained strong at 95%. For example, a $200,000 home would sell (on average) for 95% of the listing price or $190,000.
Days on the Market (i.e how long it took to sell a home in East Atlanta)
EAV homes took almost 12% longer to sell in 2011, most likely due to the fact that sellers were trying to adjust to the declining home values.
|Days on Market||75||76||79||75||85|
No matter what market we are in, it is always so important to price your home correctly the first time. If your home is priced according to the current market value, not only is it going to sell quickly, previous research tells us that is it going to sell for significantly MORE than if you had it on the market for 3, 4 or 6 months.
Questions, thoughts? If you would like to better understand the current market value of your East Atlanta home and/or get the latest real estate market statistics, please don’t hesitate to call us at 404.721.3001.