Curious about overall real estate sales trends in the Athens, GA Five County Area? Here’s a snapshot of what we intuitively know is happening.
These numbers only represent those transactions closed by realtors, and they present an interesting picture. I wish I had more graphing talent to show you just how large of a swing we’ve seen, but I will have to leave those depressing numbers to the spreadsheet below the graph. They really show what we homeowners are up against when we are making life decisions that require us to take into consideration the real estate we own.
Total Sales as Recorded by Our Local Athens MLS
Year |
2003 |
2004 |
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
Units Sold |
2055 |
2280 |
2528 |
2621 |
2091 |
1701 |
1420 |
1291 |
704 |
AverageSold Price |
177500 |
185400 |
196500 |
208000 |
213200 |
207900 |
188600 |
177300 |
166700 |
MedianSold Price |
151900 |
155900 |
164000 |
169900 |
174900 |
167000 |
154700 |
151520 |
138000 |
Notes:
- Average Sold Price in 2011 is lower than 2003 levels by over $10,000.00.
- As of July 2011, Average Sold Price is down almost $10,000.00 over last year’s numbers, and a whopping $46,500.00 over the high in 2003.
- There as been a steady decline in units sold with 2011 tracking to likely be over 2010 numbers if we have a strong second half.
- Number of units sold dropped dramatically in 2007, the peak year in the boom with an even more marked decrease in units sold the following year. Curious…
- Ouch! The median average is down over $13,000.00 in one year with half the houses in 2011 so far having sold below the 138,000 level. We have the foreclosure market to thank for this one
Conclusion:
- Prices are continuing to fall from 2007 highs in theAthens,GA.How low can we go? Don’t know. We are already way lower than the 2003 numbers.
- The current market conditions are already making this a terrific time to buy, in my opinion. Money is cheap, inventory is plentiful, and it looks like the deals will continue.
- We have the investor market thank for any robust activity, if you can call it that. Cash buyers are out in force but they aren’t stupid, and they are forcing prices lower.
Next, I will check out the trends in the higher end market since I am beginning to notice some movement there compared to the last two/three years, and I think it would be interesting to see how the numbers stack up
against my day to day observations.
JP
