Out of every 100 finalized listings, 70 failed to sell and 30 sold.
This what we looked at:
Single Family Detached Residences – Inside the Perimeter (FMLS areas 21-Greater Buckhead, 23-Intown Atlanta East, 24-Intown Atlanta Dekalb, 32-Intown Atlanta Southeast , 51-Upper Intown Dekalb, 52-Greater Decatur, 71-Vinings, 132-Sandy Springs Inside 285)
Of the 30 sold listings, 20 (73%) had a price reduction, when listing prices from previous listing periods are included, before a Buyer was found.
Therefore, if 70 failed due to overpricing and another 20 required a price reduction in order to sell, 90 out of every 100 listings were overpriced in 4Q 2008, resulting either in either no sale, or a sale at a much-reduced price after a much-longer listing period
The Rootdown Group posted better numbers in 2008 than ever before – of the listings that we sold, we sold them at an average of 98.5% of list price and we sold them within an average of 28 days.
The average, price-reduced sale – the 20 out of 100 – their numbers really look horrible, but at least they sold. Their average days on market after one or more price reductions is 222 days, and they sold at an average of 81% of the original list price.
The average, priced-right sale – the 10 out of 100 – their numbers are close to our average – these 10, the only properties that sold quickly and for close to full price, sold within 28 days and at an average price of 96.4% of list price.
2009 will require a judicious approach, won’t it?
Check back here for more market data details – 2009 is going to be transformational.
The Rootdown Group operates our real estate practice at an exceptionally high level of skill, commitment, and competency. We simply offer excellent assistance to anyone who needs real estate help, anywhere in the world. Our specialty is the Intown Atlanta and Decatur submarket – please remember to contact us when we can help you or someone that you know.