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 - 30	22	2	24
31 - 60	101	7	108
61 - 90	122	3	125
91- 120	94	1	95
121+	446	5	451

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
Cash	161	8	169
VA	7	0	7
Owner Financing	4	0	4
Conventional	387	9	396
FHA	204	1	205
Other	22	0	22

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.

Athens GA Homes, Market, and Trends

Home Sales statistics in Athens, GA over the past week;

Statistics (22 listings)
	Low	High	Average	Median	Total
List Price	$28,500	$670,000	$192,549	$144,500	$4,236,074
Selling Price	$28,500	$610,000	$179,591	$136,000	$3,951,000
List/Sold(%)	78.35%	101.35%	93.97%	94.75%	--
Days on Market	19	906	227	121	--

While days on market were a little higher than had been the norm of late, the average priced sale was also a bit higher thanks to a full 21 percent of sales being in excess of $300,000. 63 percent of these sales were in East Athens, which remains a hot spot in town due to lower than the overall median home price for the area.

On sales over $300,000 this week we saw an average List/Sold percentage of "only" 91.77 percent with the low at 88 percent of List/Sales price. Compare this to sales price below $215,000, and we see at List/Sold percentage or ratio of almost 95 percent of list price.

As far as foreclosure sales are concerned, only 3 out of these 22 home sales were bank owned sales. Compared to the most recent figures from the NAR where in July 31 percent of homes sold nationwide are foreclosure sales, our 13.63 percent of foreclosure sales is thankfully low in comparison. In fact, if you go back over the past six months in Athens, GA you will find 71 bank owned foreclosure sales out of 468 total homes sold. Foreclosures nationwide have made up anywhere from a high of 49 percent of the market down to a recent 31 percent in recent months. At 15.3 percent over this time frame, we have had a relatively consistent market on distressed property this year. Consistently low as compared to non-distressed sales.

This is a great deal to be thankful for in our marketplace!

Athens GA Home Sales; Week of Aug 10, 09

This week we have seen some shorter days on market for sales in Athens, GA. Please note the chart of 13 sales thus far for the week of August 10, 2009;

Statistics (13 listings)
	Low	High	Average	Median	Total
List Price	$28,500	$429,900	$156,260	$120,900	$2,031,375
Selling Price	$28,500	$415,000	$147,723	$110,000	$1,920,400
List/Sold(%)	85.00%	101.05%	94.60%	94.55%	--
Days on Market	19	661	150	65	--

Note the "High" sales was on the market for 661 days. The only other sale out of this group of home sales that was over $175,000 sold at $280,000 in 141 days. Roughly 85 percent of this week's sales were under the $175k level.

What is important to note is that sellers are still getting a tight 95 percent of list price. That is good for all of us!

Zillow Real Estate Market Reports for Q2

Real estate powerhouse Zillow came out with their Q2 housing market report . Out of 161 MSAs (Metro Statistical Areas) they found the following;

*Home Values fell 12.1 percent year over year

*Foreclosures comprised in June 22 percent of all sales (it was noted in another one of my posts that Athens had a recent foreclosure percentage of only 10.5 percent of sales)

*Negative Equity; 23 percent of sellers lost money and had to bring a check to closing or their lender agreed to a short sale

*Home Sales off 23.7 percent in June

Now with this said, if you live in our "Classic City," was Athens, GA even reported on in this market report that will get big news today in the press? For that matter, is Athens, GA counted in the Case-Shiller market report? You know the one that has been reported on constantly and has become the harbinger of doom for the so-called "national" real estate market.

The answer is an emphatic "No." Our small hamlet, and yes I used the word hamlet, in northeast Georgia is not counted in these composite rankings.

In Athens, according to Zillow's Home Value Index (not a part of the Zillow Market Report for Q2), our market was up 11.3 percent in the past year! When you hear gloom and doom from the composite indexes from Zillow, Case-Shiller, OFHEO, or the NAR, make sure your market is included in the mix. A loss to the index does not guarantee a loss to your individual market just because the composite lost value. I know, I know that 11.3 percent increase is hard to buy for most of you, so I included the link.

Look at the S&P 500 stock index for example. Just because the index loses value in given year, it doesn't mean all 500 stocks lost value. Now if my stock were "not even in the S&P 500," I wouldn't care what the S&P 500 index did because it definitely doesn't impact me.

This report from Zillow or the next one from Case-Shiller might not impact you!