Atlanta Real Estate Closings Over the Past Six Years

The FMLS puts together statistical reports monthly from their data and this chart is something I meant to post about a week ago. Sorry to be a little late on the most recent numbers, but, here they are. This chart reflects closed sales over the past 6 years. It may illustrate the market better than just about anything I've done recently.

I apologize that this isn't the fanciest chart you may have seen, but, I didn't make it. The point here is that for all of the pontificating about the market not being as bad as the media says, the truth is that it is quite bad - for sellers.

Atlanta real estate is definitely not hurting as bad as many areas, but there can be no question that we are hurting. In economic terms, this would border on depression. Remember that a "recession" is defined as 2 consecutive quarters of negative growth. We are looking at 2 consecutive years.

What this means to sellers is that pricing must be realistic if you are going to list your home for sale. Very few areas are not affected, but, they do exist. For buyers - I suppose what is really important is whether or not we are at the bottom.

If this isn't the bottom, we are darn close. We have to be. We are now at a point were even the new construction in the best of areas are selling at no profit or a loss because if they don't sell that low, they aren't selling. A perfect example is a new home we placed an offer on this week. The home was originally listed for $1,000,000. It's now listed for 25% less and we are currently negotiating lower than that. make no mistake, the market is soft, but there isn't much more room to go down so we are very close to if not at the bottom. At least that is my opinion.

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