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Atlanta Area Real Estate Update From Scott DeRuiter
Published Sep 29, 2004
(Updated Mar 7, 2007)
The following is the "Atlanta Real Estate" metro area update report from Scott DeRuiter. Mr. DeRuiter is with Keller Williams Realty in Atlanta:
The number of closings slowed a bit in August over prior year. There were 5008 closings for single-family detached homes down 9.4% from the same year ago period. Condos and townhomes were flat at 656 closings.
Another closely watched figure is the absorption rate. For single-family detached homes the absorption rate dropped from 7.7 to 7.6 months-of-inventory available and for condo & townhomes from 12.8 to 12.6 months. To understand this better, if no additional single-family detached homes came on the market, it would take 7.6 months to sell all the homes currently listed.
One last important indicator is how many days a property is on the market or days on market (DOM.) For single-family detached homes, the average DOM dropped from 98.5 to 95.4 days and for condos and townhomes it dropped from 118.2 to 110.9. If this trend continues it will be the first year-to-year drop in DOM since 1998-1999!
