Atlanta Condo Average Sales Price | Atlanta Condos Price Watch

By
Real Estate Agent with RE/MAX Paramount Properties

Atlanta right now is suffering from a condo and town home overbuilt situation.  New homes builders in the last few years scrambled to fill a market void of condos and more especially town homes.  In layman's terms they over did it on steroids.  I know for a fact that quoting inventory levels and absorption rates is useless with so many properties on the sidelines in bankruptcy court and entire blocks of units waiting to be auction off in bulk sit just below our radar.  Attached housing has a major shadow inventory in this town.

The problem for the home seller is that there is basically no demand for their units.  That is due in large part with rising unemployment and lack of consumer confidence.  How that translates into our business is less sales, and declining prices.  I created a trends chart to show you the pricing of attached condos and town homes to show you what is really occurring in our market.  The overall trend is still not good, and I do not think we have bottomed.  We need jobs.  There is no such thing as a "Jobless recovery!"  Persons need income to pay bills, and cannot contemplate purchases when they are counting the days until their unemployment runs out!  19% of upper end job seekers have left the Atlanta area recently seeking employmentAttached home prices have plunged 26.62% from January 2007 when compared to January 1020 and the current average sales price of $129,750.

*These prices are reflective of the greater Atlanta METRO MLS coverage area, and do not represent sale prices in the city of Atlanta alone.

Atlanta Condos Prices

 

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Comments 12 New Comment

Rainmaker
146,847
Home Design
Home Design and Real Estate

Jim it amazes me at the deals you can get on newer condos with city views in Buckhead right now.  3 years ago I showed a condo in a Buckhead high rise that was priced at 750k, now that same unit is in the low 400s!!

February 26, 2010 10:01 AM
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Jim Crawford
Jim Crawford Atlanta Realtor - Atlanta Real Estate
RE/MAX Paramount Properties

Matt Grohe Remax Des Moines CRS, GRI, ABR (Remax Real Estate Concepts)  Condos are in deep trouble.  There is no nice way to say it.

February 26, 2010 11:03 AM
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Jim Crawford
Jim Crawford Atlanta Realtor - Atlanta Real Estate
RE/MAX Paramount Properties

Jennifer K Giraldi, Atlanta REALTOR® Atlanta Real Estate Expert (Solid Source Realty Atlanta)  I am even seeing it in Roswell and Alpharetta.  Town homes that sold in the low 300's are now selling (when and if they sell) in the low to mid $200's!  Not good.

February 26, 2010 11:04 AM
Rainmaker
170,289
Richard Stabile
Bergen County New Homes Builder Realtor
REMAX real estate associates

Jim:

It not as bad as Florida, Arizona, So. Cal. and Nevada got luckly. Jobs are the issue as you describe. I wonder whats going to happen there.

Richard

March 01, 2010 08:08 AM
Rainer
37,110
Jim & Cathy Wood Greater Nashville Area Real Estate
Crye-Leike Realtors, Inc.

Jim-

Townhomes and condos have always been an alternative to more expensive homes.

 

When the homes are selling for reduced prices, who needs condos?

March 02, 2010 10:04 PM
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Jim Crawford

Jim Crawford Atlanta Realtor - Atlanta Real Estate
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Atlanta real estate broker associate, real estate columnist for www.RealtyTimes.com, real estate speaker. Real estate marketing, Internet marketing for real estate, real estate coaching

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