Cumulative monthly sales of single family detached houses houses in Intown Atlanta continue to lag further behind those of 2007 throughout 2008.
For the full year of 2008, sales are down -12.2% compared to 2007 and -23.7% compared to 2006.
The downward quarterly percentage change trend has resumed after a flat 3Q 2008 trend, which shows us just how deep and wide the chasm is between buyers and sellers coming into 2009.
I find it very interesting that the <$200,000 price range had a 36% increase in sales during 4Q 2008, which was spurred by foreclosures.
The foreclosure percentage is still rising – 26.6% of 4Q 2008 sales across all price categories, 50% of sales in the <$200,000 price range. In a future post, I’ll show you how foreclosures in the lowest price range act like a “downward gravitational pull” on the rest of the market.
We gathered this data from researching the following Intown Atlanta submarkets: Vinings, Inside the perimeter Sandy Springs, Inside the perimeter North Dekalb (Brookhaven, Chamblee, etc.), Greater Buckhead, Greater Decatur, Eastside Atlanta – Fulton, Eastside Atlanta – Dekalb, and Southside Atlanta (Grant Park, Ormewood Park, etc.)
Stay tuned for more details as we dissect the numbers from the 4th quarter, seek wisdom from the charts and graphs and look ahead to a “Spring thaw…”