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My Examiner article entitled “The ever so small gain in Atlanta’s median residential real estate sales price”

This article first appeared at The Intown Atlanta Real Estate Examiner’s page on March 7…

The median residential real estate sales price across 8 metropolitan Atlanta counties posted a small gain of .6% during the fourth quarter of 2009 compared to the fourth quarter of 2008.

median sales price quarterly

Although slight, this is also the first positive quarterly change in median sales prices in the last 3 years.

On the downside, the median sales price in the fourth quarter was lower than that of the third quarter of 2009 and the year finished -12.5% below 2008 and -24.6% lower than 2007.
To offer some perspective, here’s a restatement of recent “sales” performance – a look at how many actually “sold:”

•Out of every 100 finalized listings, 60 failed to sell and 40 sold
•Of the 40 sold listings, 27 (67%) required a price reduction, when listing prices from previous listing periods are included, in order to attract a Buyer
•Therefore, if 60 failed due to overpricing and another 27 required a price reduction in order to sell, 87 out of every 100 listings were initially overpriced in 4Q 2009, resulting in either no sale, or a sale at a much-reduced price after a much-longer listing period.

Now, is this a momentum building?

Will 2010 reveal an overall decrease, once again?

Will 2010 be the year that the market begins a sustainable recovery?

The answer lies in pricing…a successful market turnaround will only occur when that 87% number comes down…

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