According to the Athens MLS, if we look at a previous 12 months of residential home sales from June 1, 2007-June 1, 2008 and compare to the most recent 12 months from June 1, 2008-June 1, 2009, we find that home sales in our area have gone down from 1426 to 910 respectively. This is roughly a 36% decrease in home sales year over year.
What is interesting is that average home sales price went up from $170,058 to $172,049 during these two periods. I also found out from an associate that “days on market” for home listings has increased in the past year to more than 200 days for the average residential Athens listing, so if you get a quick sale thank the good Lord above! I also found that in terms of numbers of sales from a month to month and year over year basis that we see no slow down yet in decreases. The only so-called silver lining is that it appears that as far as pricing is concerned in the Classic City, home prices have leveled. This opinion rather is rather academic when you consider multiple increases not just in the past year, but also monthly when considering a rolling 12 month average. I would be happy to furnish this data directly from the Athens MLS upon request!
It seems that due to the fact that Athens, according to real estate search engine Trulia, is benefiting due to having a much lower percentage of foreclosures than in other areas of the state and nation.
If you are a buyer in our market, these are probably the best buying conditions in 30 years! If you would like to search the Athens MLS with MapTracks please take a look at listings in our “Classic City” today! On this web MLS search solution you can search every listing on the Georgia MLS for the Greater Athens area or in your Georgia town!