Monday, August 24, 2009

Athens GA Real Estate Trends and Analysis

If you haven't had your home on the market for the past 12 months you probably don't know what to expect in terms of DOM (days on market). How have properties in Athens, GA performed under pressure?

Time on Market Analysis

For Units Sold

Days

Residential

Other

Total

0 - 3022224
31 - 601017108
61 - 901223125
91- 12094195
121+4465451

Out of 803 residential properties sold in the last 12 months (through 8/24/09), roughly 3 out of 5 was on the market for more than 121 days. The price point with the longest DOM was actually between $250,000-$299,999 where the average home sold in 346 days on market! The price range with the most homes sold was between $100,000-179,999 where more than half of all homes in the Athens area sold.

How about financing? How are people finding money for home purchases and putting deals together in this period of tight credit?

Type of Financing Analysis

For Units Sold

Financing

Residential

Other

Total

Cash1618169
VA707
Owner Financing404
Conventional3879396
FHA2041205
Other22022

A full 1 buyer in 4 was able to obtain FHA backed financing. "Conventional" financing was most dominate with roughly half going that route while a few put together deals with the help of VA and owner financed arrangements. What might surprise you is that almost 1 home in 5 was a cash purchase!

There are still homes being bought and sold and money to be found in the purchase of a home when the "deal" is found or that right "first" or "step-up" home is being sought after. The key is to keep looking! Right now homes are at such a relative bargain.

3 comments:

  1. Fantastic real estate blog post! Pictures are worth thousands of words, it’s nice to see the attention to detail from your end. Thanks

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  3. I appreciate this post. Very interesting Real estate blog. Hope it will always be alive! Thanks for this

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