The results are in!
2008 was a challenging year for many areas of Metro Atlanta, but Atlanta's popular intown neighborhood, Kirkwood fared quite well overall.
To follow is an overview of the sales activity in Kirkwood from 2006 and 2008.
|# Homes Sold||176||152||147|
|Average List Price||$260,722||$279,130||$248,029|
|Average Sale Price||$252,931||$271,446||$238,098|
|% of List to Sale price||97.0%||97.2%||96.0%|
|Days on Market||62||61||66|
Information retrieved from First MLS by Kerry Lucasse on 01/04/09 and is believed to be accurate but is not guaranteed.
SO WHAT DO THE NUMBERS ACTUALLY MEAN TO YOU?
- NUMBER OF HOMES SOLD IN KIRKWOOD -- The number of homes sold year over year declined 16% from 2006 to 2008, but only 3.3% from 2007 to 2008.
- KIRKWOOD HOME PRICES -- The average home price in Kirkwood spiked in 2007, partially due to a higher number of new construction home sales, high-end bungalow renovations, and the completion of the new Kirkwood Village. The average list price AND the average sale prices in Kirkwood were much lower in 2008 due in part to the higher number of foreclosure homes. I will say that the high quality bungalow renovations are still demanding a price similar to 2006 and 2007. It isn't an exact science, but quality updated homes are almost always the first to sell in any neighborhood -- and even in this market, we are still seeing multiple offers.
- HOW MUCH DID SELLERS REDUCE THEIR ASKING PRICE? The percentage of list price to sale price ratios remained fairly constant over the last three years, which tells us that sellers and their agents are doing a good job pricing the homes correctly. Using the average percentage from 2006, if a home was listed at $300,000 the average final sales price would be $291,000. In 2008, the $300,000 home (on average) would sell for $288,000.
- HOW LONG DID IT TAKE HOMES IN KIRKWOOD TO SELL? The number of days that a Kirkwood home was on the market has also remained fairly stable -- approximately 6% longer from 2006 to 2008. If you are thinking about selling your home in Kirkwood -- or any neighborhood -- it is so important to price you home correctly the FIRST time. Research tells us that your home will sell faster and for a higher price.
If you have any questions about the sales data or if you would like to understand what your home is worth in today's market, please call anytime at (404) 432.1844 or email me.
KERRY LUCASSE :: KELLER WILLIAMS REALTY :: 404.432.1844 :: KerryLucasse@yahoo.com