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2005 vs 2006 Residential Market Comparisons

By: Brad Nix, Managing+Broker
Posted: May 11th, 2006
Category: Real Estate News



Before I give the actual statistics from a local multiple listing service, it is worth restating that this blog covers the I-575 Corridor of Northwest Atlanta which consists of Cobb, Cherokee, Pickens and Gilmer counties. (Yes, I realize that I-575 becomes Hwy 515 in Pickens & Gilmer, but the road is the same and just changes names as most roads in Georgia do, this could be another topic in and of itself.) These numbers include data from four counties, while not a complete set of data as some property does not appear in the mls system, the sample size is large enough to have value.

Comparing January 1st thru May 10th of 2005 vs 2006 of residential resales, I found the following results:

  • 438 Fewer Sales to date in 2006, a 9.13% Decrease (4796 in ‘05 vs 4358 in ‘06)
  • 5.36% Average Sales Price Increase ($240,714 in ‘05 vs $253,608 in ‘06)
  • 2 Fewer Days on Market for Listings (78 in ‘05 vs 76 in ‘06)

These numbers do not consider new home sales completed before making it into the mls, nor do they count FSBOs.

The decrease in absorption rate can be attributed to the over-supply of homes on the market in 2005 that created a Buyer’s market. We now see sales prices rising and listings spending less time on the market, indicating that the Seller’s are gaining some ground as the market is beginning to shift.

The rise of interest rates has slowed some of the Buyer demand. However, with rates appearing to be on track for more increases in the future and the 5.36% average sales price increase from year to year, now may be a better time to buy than a year or two from now. If you are debating a move for the near future, I suggest you act sooner than later.

This entry was posted on Thursday, May 11th, 2006 at 8:23 am and is filed under Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

  1. Anonymous May 17th, 2006 at 11:20 am

    Great report… Are these numbers from FMLS or GAMLS?

    or a combination?

    Giles Stevens

    http://www.DevelopingAtlanta.com/wordpress

  2. brad nix May 17th, 2006 at 12:43 pm

    These #’s are from FMLS. It is my experience that FMLS provides the most thorough market coverage for the I-575 Corridor. Historically, GAMLS was rarely used by local agents in the Northwest Submarket of Atlanta.

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