Market Conditions in Atlanta>Question Details

Jonas Davenp…,  in Peachtree City, GA

What's the % drop in med. home value in zip 30269 since mid-year '07?

Asked by Jonas Davenport, Peachtree City, GA Sun Jan 27, 2008

read an article in Fortune that analyzed coming drops in med home % value in 54 US metro areas that would be required to bring house pricing back to proper market value. They indicated metro Atlanta would need about a 13% drop over next 5 years in order for prices/values vs rents to be back in balance...but the article does not indicate how this projected drop would occur over this time.

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I can pretty much agree with the stats below. However, in niche markets like Peachtree City or Newnan or Brooks or Senoia, the prices are holding steady and we are seeeing an uptick in the market.
Web Reference: http://www.janinebanko.com
0 votes Thank Flag Link Wed Feb 6, 2008
Jonas -
My apologies - the number I sent before was the median sales price - I pasted the numbers in directly from the tax records, I added the "labels" myself. As for time frame, these stats are more commonly looked at from a YTD standpoint rather than a July to end of year - obviously certain times of year there is more buying and selling going on, so it's more accurate to look at the YTD numbers.

I personally don't have access to this data as a city (rather than by county), and regrettably, I'm not sure how one would get it - you might try to contact city hall and see if they can give you some answers.

I'm going to take a look for a that article in Fortune - I am surprised to hear that Atlanta needs a 13% correction, but as you know, the numbers can be worked any way to support anyone's opinion. Is that for single-family homes only? Does it include townhomes? How are they defining "metro" Atlanta.

Generally speaking, Atlanta has still been experiencing appreciation, just not in the double digits as it was before - the real (more than 13%) corrections have been going on in California, Florida, Las Vegas, etc.

The median prices for Fulton county are below -
Sep 2006 # homes sold 1,728 median price $215,350
Sep 2007 # homes sold 1,069 median price $239,200

Bear in mind there are a number of things not considered in these numbers or that article - such as What is the percentage of homes that are actually listed that are sold? How many days on the market?

You've got me (even more) interested in the topic now and I will post back with any findings - please do the same ...

Lee
Web Reference: http://www.leeadkins.net
0 votes Thank Flag Link Mon Jan 28, 2008
thanks for your interest and efforts...but I was interested in what any assumed price drop of the median value home, not the average price, has been since July '07....if there was a drop? The average price wouldn't necessarily indicate volatility as accurately as the median since it's more highly influenced by the extreme outlying lows & highs. I live in PTC so this is my area of interest but would like to know what the metro stat is as well
0 votes Thank Flag Link Sun Jan 27, 2008
Jonas -
I'm not sure how indicative Peachtree City is of the Atlanta Metro, but here's some stats for the Peachtree City area - might surprise you some:

Oct 2006 - 178 homes sold - avg price $256,250
Oct 2007 - 165 homes sold - avg price$260,000

These are direct from the the tax records for the county - as you likely know, there has been a lot of growth in that area.

Another great website for statistics is:
http://www.city-data.com/zips/30269.html

Hope this helps!

Lee
0 votes Thank Flag Link Sun Jan 27, 2008
From 1/27/06-1/27/07 the average sales price in PTC was 315k, from 1/27/07-1/27/08 the avg sales price dropped to 300k. 30269 probably took the least amount of damage in this market. It remains a solid investment in my opinion.
0 votes Thank Flag Link Sun Jan 27, 2008
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