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Kerry Lucasse's Blog

By Kerry Lucasse | Agent in Atlanta, GA

Atlanta Real Estate - 2008 Home Sales in Kirkwood

Atlanta Real Estate - Kirkwood Atlanta homes for sale

The results are in!  2008 was a challenging year for many areas around the country, 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. 


2006 2007 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?

  • 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.
  • 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. 
  • 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.


TO VIEW THE ALL THE HOMES FOR SALE IN KIRKWOOD, VISIT:

www.inKirkwood.com


 KERRY LUCASSE   ::   KELLER WILLIAMS REALTY   ::    404.432.1844   ::    KerryLucasse@yahoo.com

**Serving Metro Atlanta and specializing in Atlanta's Intown Neighborhoods, including Kirkwood, Oakhurst, Grant Park, Ormewood Park, East Atlanta, and Virginia Highlands

Comments

By Lee Taylor,  Fri Jan 16 2009, 05:34
The hardest submarket of my fair Kirkwood is $400,000+ homes.

Immediate demand went elsewhere, especially in 2008.

Doesn't mean that we won't see some sales in the $400's this year, but demand will be harder to come by, won't it?

I sold two on the island in the middle of Kirkwood, Hawthorn Park last year - I sold the lowest priced sale at $365 and the highest priced sale at $440. My neighbors keep asking if we are going to see a pick up...

Here's what I told one this morning - she asked:

"...I have a question for you..how is the market right now? ... Are people spending 500k for homes right now? Are you having the feeling the next year will still be rough and is there still some type of dim light at the end of the tunnel?

we would love to hear your thoughts.."

I answered:

"...The metro Atlanta market is and shall remain a buyer's market - probably for at least 3-5 years. I like to say, base your decisions on probability, not possibility.

67 out of 100 sellers in Intown Atlanta fail to sell because they hope something will happen and they aren't "in" the market, they are merely "on" the market.

Immediately, here in Hawthorn Park, I believe that our collective goal should be a $450,000 minimum sale in the first quarter. The relist at 222 Elvan is at $450 now. Smart price.

There is a new listing at 221 Elvan, and I understand that their price is lower than that. I could not find the listing online this morning, but my Business Partner Greg said that he saw the sign last night.

Less than $450 is realistic for the next sale, even for the biggest house in HP. Bigger is not better in HP.

Our limited demand headcount has a platter of deep and wide choices on the Intown menu.

I've spoken with 11 different HP households in the past 2 months - some will sell their houses this year. Some will list with Rootdown. The conversations are difficult, most of the time.

There is really no demand to speak of in the mid to high $400's in our elementary school district. Money spends the same across Atlanta, and there is ample supply to meet the limited, picky demand. People will buy a $500,000 house elsewhere, right now.

I think that your house is imminently rentable for a long, long time. You keep being a great landlord and a great neighbor and you'll start to see an increase in rent. Rents are down now, but we are in the third year of a massive market correction at all consumer touchpoints - everything is being questioned - rents, sales prices, players in the game, commissions, business models...

We are in a declining metro market; since June 2006 average prices have fallen.

In the best performing submarkets, we see good/great ESD's and solid further public schooling, plus parks, retail, better public safety, etc..

HP is a wonderful island in the middle of Kirkwood, and if an HP house is staged well and priced to beat about 150-200 other "new or newer" single family competitors, and about 200-300 townhome competitors, in a given 30 day period, it will sell..."

Kerry - how's that for a comment?

See ya "in Kirkwood..."

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