Summary:
|
2003
vs. 2004
- Number of
home sales up by ± 7% ▲
- Average Sales Price slight up by
± 3.5%
▲
- Average
initial listing price up by approximately $17,000± 4.5%▲
- Average Adjusted List price up by approximately $11,000±
4%▲
- North Metro
homes are selling within an average of 2%± of the listing price
- Average days on market stable at 74
- Overall, the North Metro market is appreciating
|
Detailed Analysis:
Number of Sales up ▲
Average Sales
Prices up ▲
North Metro Market
Appreciating ▲
Our analysis indicates that overall market values are on the rise with
the salability remaining at approximately 50%. That is to say that ±50%
of the homes listed through FMLS for sale in North Metro since January
1, 2004 have successfully closed. We have experience an average initial
listing price of $289,000 and an average adjusted list price of
$259,000.00. Over the course of 2004 the average sales price has
increased by 3.5% to $249,000.00. The number of days a home remains on
the market continues to be approximately 74 days.
Homes Sell in Just Over 2 Months on
average
Homes in North Metro are
selling in a little over two months and are selling within 2% of the
adjusted listing price on average. There has been an increase in the
sale price of homes (±$9,000.00) and in the number of homes sold
(±3,000).
How Can I Use This Information?
This analysis provides the reader with
a general awareness of the north metro market. The report includes,
North Fulton, Dekalb, Gwinnett, Cherokee, Bartow, Cobb, and Paulding
Counties.
Bearing this in mind, determining the
listing price of a home in todays market is extremely important. Over
pricing a home will cause it to stagnate, remaining on the market for an
inordinate amount of time and may ultimately result in a sale below
market conditions. Conversely, under pricing a home may result in a
quick sale but will cause the owner a loss in potential gain that may
have been achieved by properly pricing the home to meet market
conditions.
A working knowledge of the market is
crucial in order to effectively negotiate a sale and/or purchase of a
home. The information provided in this report is useful when determining
the overall condition of the market area. However, within each market
are sub markets. An accurate analysis of the sub market is necessary
when pricing a home for sale or making an offer to purchase.
Hamlin & Company, Inc. has the
knowledge and resources necessary to provide you with the information
you need to effectively negotiate the sale and/or purchase of your home.
Call today for a sub market analysis of your home.
Definitions
North Metro
As used in this report, North Fulton,
Dekalb, Gwinnett, Cherokee, Bartow, Cobb, and Paulding Counties.
Salability
Comparison between the number of homes
listed for sale and the number of homes sold. *It should be noted
that many homes listed in the last quarter of 2004 sell in the 1st
quarter of 2005
Initial List Price
The asking price of a home upon entering
the market.
Adjusted List Price
The revised asking price after entering
the market. *May adjust up or down
Market Area
A generally defined area for analysis,
i.e. North Metro.
Sub-Market
A specifically defined area for analysis,
i.e. a specific neighborhood.
The data used to compile this report was
obtained from ©2002-2004 first multiple listing service, Inc. Sales and
Listing data is based on homes listed and or sold through ©2002-2004
first multiple listing service Inc. FMLS data is believed to be accurate
but is not warranted ©2005 Hamlin & Company, Inc., a Georgia license
Broker, Powder Springs, GA, is a member of ©2002-2003 first multiple
listing service, Inc.
