Tuesday, August 4, 2009

Athens GA Homes; High End Homes still in a Quagmire

Realtor.com Magazine had a quote yesterday from The Wall Street Journal which stated that high-end housing is still pain. High end homes are still struggling through a quagmire of slow sales.

Sales Statistics Last 7 Days Athens MLS
(18 listings)

List Price$79,900$389,900$150,061$129,900$2,701,100
Selling Price$77,320$376,000$143,293$125,000$2,579,270
Days on Market37893241159.5--

There was one sale in these 18 that was at $376,000. There was not another sale in our MLS over $214,000. Most of these sales fell in that average to median range of $125,000-$143,293.

Sales Statistics last 30 days in the Athens Market
(83 listings)

List Price$12,000$525,000$154,396$129,900$12,814,849
Selling Price$8,000$452,000$147,375$128,000$12,084,770
Days on Market22999185114--

During the last 30 days of sales activity we don't see much change in this trend. Only about 6 percent of homes sold in the Athens MLS were over $300,000. One of the most notable sales in Five Points, and the most expensive, sold for $452,000 or 80 percent of list price!

Look at the trends of average and median price. Still in that $125k-$145k range that the last 7 days showed us in the chart above.

What is the meaning behind this post? If you have a home priced over $250,000 you should expect a longer hold time. The 185 average days on market for a $147,000 sale is not going to happen for you. These homes that sold above $300,000 had an average days on market of 315 days while only netting 91 percent of list price as compared to 95 percent on the average.

Things will turn, but from my experience the numbers are telling me that while low to moderate priced homes are moving now in the Greater Athens area, homes that are above the norm in price will either continue to stagnate or their prices will need to be lowered to move.

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