That seems to make sense….
Metro Atlanta
The June 2010 numbers for home sales data in metro Atlanta just came out and as you would expect, the number of home sales is down over June 2009. It was widely reported that once the tax credit was over we would see a drop in sales so it isn’t a surprise. For the metro area the number of homes sold in June, not including lags, is 4,326 - a 6.9% drop over June 2009. The average sales price for single family detached was $214,694 which translates to a 1.3% increase over June 2009 and is $40,000 higher than the market low in February of 2009! That is good news.
Interestingly, townhome and condo sales are up significantly. An increase of 4.5% for June 2010 over 2009. It is the 11the consecutive year-over-year increase and with lags reported later, may end up as the highest number of sales since August of 2007. However, as you would expect, the reason for increased sales is the vast number of deals out there. The average sales price for single family attached was $145,856 which is an 8.6% decline over June 2009. So, if you are selling a townhome or condo the good news is people are buying them, the bad news is they’re buying at depressed prices.
Forsyth County
Comparatively, the number of homes sold in Forsyth County in June was 228, an increase of 18% over June 2009. However, the average sales price was $296,603, 10% less than the average sales price for 2009. I think the biggest reason for the reduction in the average sales price is the number of first-time home buyers purchasing for the tax credit. Over 65% of all home sales in Forsyth County for June 2010 was under $300,000. That is a great indication of affordability but not great news for that home seller priced above $750,000 which accounted for less than 1% of sales in June 2010.
Single family attached (townhome / condo) sales in Forsyth County have doubled from June 09′ to June 10′…..wait for it….from 13 sales to 26 sales! It’s hard to get excited about something doubling from nothing to next-to-nothing. The average sales price did go down by 7.5% to $202,217.
So What’s It All Mean?
It means Forsyth County is a bright spot in the metro area, a fact that I don’t think will surprise anyone reading the blog. We have seen some stabilization and, in fact, are selling more homes on average than many other areas but are still feeling downward pressure on pricing. In short, we’re heading in the right direction but have a long way to go.
Tags: condos, Forsyth County Home Sales, single family homes, townhomes
July 26th, 2010 at 6:22 pm
I really like your blogs–right to the point, thank you. You’ve given me hope that maybe buyers might start committing to purchasing before school starts. I found your website when I was posting my house for sale in South Forsyth County. MLS4068027.
I am so glad you posted how well South Forsyth High
School did nationally. I love living in this part of the county so much, that I plan to move into another home in the High School District when my house sells. I’ll be reading your thoughts at the end of the month. I would appreciate it if you would keep my house in mind for your buyer! Thanks