Why is there over $100,000 difference between current listing prices and sale prices in the 30307 zip code?

Asked by Cfgal, San Francisco, CA Sat May 2, 2009

When I look at home prices, how much should I realistically expect to negotiate down?

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Lee Taylor, Agent, Decatur, GA
Sun May 3, 2009

You just heard from Hank and David and I gave their answers a "thumbs up." Based on their "suburbanacity," (my new word that I just coined) I find that their 30307 insights are quite refreshing, don't you?

30307 is a state of mind, from the parkside mansions of Druid Hills to the crystal meth labs of Edgewood (all gone now, I'm pretty sure, after the razing of 30+ properties on the Mayson/Hardee blocks)...isolating a price point, a style and an era of home, and a particular 30307 neighborhood is imperative to making "average comparisons" in 30307, or for that matter, most zip codes.

Start with the fact that there has only been one sale over $1 million since September 30, 2008 in 30307, but that there are 12 houses for sale. That sale was quickly off of the market, and it went for over $2 Million. Druid Hills.

Ya think that this throws off the average for a single zip code?

Demand for properties in 30307 is reflected in the 54 sales since September 30, 2008 - only twelve of those were over $500,000.

You do the math.

Watch my video in the web reference - I speak about the stats through 2008 for all of Intown Atlanta.

To answer your last question about realistic negotiations, the difference is an average between 96.5% and 88% off of list - watch the video to know how those percentages counterbalance.

Call me if you need help navigating 30307 - I do it without a GPS.
0 votes
davidwbrower, , Woodstock, GA
Sat May 2, 2009
The average list price for that zip is $607,000 and the average sale price since 3/1/2009 is $454,000. So, you are actually wrong.. there is a disparity of $150,000. Like Hank said, just the reflection of the market. List prices mean absolutely nothing other than a reflections of hopeful optimism or blatant stubbornness of sellers. Sale prices, however, are a true reflection of worth because a property is only worth what someone is willing to pay. Now, the broadness of the question is the real flaw.. there was a $2 million sale and a $50,000 sale in that same zip code. Breaking those stats down by specific neighborhoods would be a more accurate reflection of sale price to list price percentages to help you assess whatever it is you are trying to determine. The big question would be, why do you want to know? If you are looking to buy a home in that area, I'd be happy to help you determine value of a specific home and negotiate you an incredible deal. Good luck.

David Brower, Assistant Manager/Realtor
Crye-Leike Realtors
Web Reference:  http://davidwbrower.com
0 votes
Hank Miller, Agent, Alpharetta, GA
Sat May 2, 2009
You're seeing what sellers think they should get tempered by the market showing them what they will get.

There's not a set answer for your questions as each situation is unigue. Shoot me a more specific question and I can run stats data using our appraisal resurces, takes a few minutes.

Hank Miller, SRA, ABR
Associate Broker & Certified Appraiser
Prudential GA Realty
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