Find Us:

City of Decatur real estate stats from 2010 to the present

My friend and neighbor Nathan asked an interesting question on the Lenox Place neighborhood Facebook page this week, and this article should serve as a comprehensive answer. He asked: “Does anyone know how to find average house prices in the City of Decatur or if there’s an easy way to do this? I’m trying to track average prices of, at least, 3-2′s and 2-1′s over the past few years.”

Let me preface the following "LONG” answer to Nathan’s question with a look at the most up to date median sales price history for Atlanta, metro wide. My people and I haven’t crunched the average, just the median number, but this is the chart of all charts for a sense of where we are and where we’ve been…

image

Simply put – versus Atlanta metro wide, Decatur has healthier numbers, and the overpriced vs. correctly priced ratios are much, much better.

So, here’s the long answer…

For 2012, looking only at 2 bedroom, 1 bath houses (2/1’s)  – just 7 sales so far this year, here are a few impressions:

* almost all were in Oakhurst

* the highest priced sale was 163 Coventry for $320000 – just 15 days on market

* the average list price was $207,000 – the average sold price was $221,000! That’s a 113% increase over list price – a strong ratio

* average days on market – just 42 days

Looking back at 2011 – the average price for the 20, 2/1’s that sold was $195,000 at an average of 91% of the list price, with 89 days on market.

Looking back at 2010 – the average price for the 14, 2/1’s that sold was $212,000 at an average of 96% of the list price, with 100 days on market.

For 2012, looking only at 3 bedroom, 2 bath houses (3/2’s) – 51 sales so far this year, and here are a few impressions:

* the lowest priced sale was 137 McClean on the edge of Oakhurst/College Heights – listed for $80,000 – sold for $107,600 – that’s 135% of list!

* the highest priced sale was 136 Barry in “Old Decatur” built in 2007 and sold for $485,200 – it was listed for $475,000, so that means it sold for 111% of the list price…it’s interesting to note that Decatur First Bank executed a foreclosure deed on that property in 2010 – the mortgagor/owner owed $520,000, so in the great scheme of foreclosures, the bank recovered a good bit of their initial loss

* the average list price for the 51 SOLD properties was $349,600 – the average sold price was $342,000 -  That’s a 97% list price to sales price ratio

* the average days on market – just 59 days

Looking back at 2011 – the average price for the 84, 3/2’s that sold was $325,000 at an average of 95% of the list price, with 94 days on market

Looking back at 2010 – the average price for the 75, 3/2’s that sold was $320,500 at an average of 93.5% of the list price, with 99 days on market.

Here are a few conclusions about where the Decatur market is today:

In general, across metro Atlanta, the recent April to June 2012 market displayed an unusual combination of seasonality and supply/demand relationship overcoming the normally detrimental effects of a large portion of distressed property sales.

Also, several indicators of a comeback market were in evidence, such as a higher median sales price (+5.9%), increased sales (+13%), a new high point for the median S/L ratio (91%), many fewer failed listings (32%), lower median DOM (80) and much lower (-42%) supply of active listings.

Decatur is indeed one of the strongest submarkets in Georgia – good schools, terrific culture, a well run city, and super convenient amenities  will keep the city of Decatur in high demand for years to come.

Nathan – this article is for you – I hope that it answers your primary questions!

Speak Your Mind

*

« Back to text comment