The Good News:  In some areas in and around Athens, Georgia average home prices are remaining mostly stable and appreciating!



The not so great news:  The average sales prices have dropped  in 9 out of 12 areas measured.  The hardest hit, Area 10, is North Madison County defined by the Athens MLS as north of Highway 98.  My prediction of  probable cause: gas prices going up and affecting the cost of commuting.

Approximate percentage of change in average sales prices of home by MLS Area:

Area 1   decreased 5%
Area 2    increased 9%
Area 3    increased 6%
Area 4   decreased 4%
Area 5   increased 6%
Area 6   decreased 9%
Area 7   decreased 1%
Area 8   decreased 3%
Area 9   decreased 11%
Area 10 decreased 39%
Area 11 decreased 2%
Area 13 decreased 4%

Well, lets be thankful that any homes are selling, unlike certain other parts of the country.  Below is a comparision of number of homes sold at the end of 2nd Quarter 2007 versus the end of 2nd Quarter 2008 by MLS Area.


Athens MLS Areas 2, 7, 9 and 10 actually had an increase in numbers of homes sold by the end of the second quarter of 2007 versus 2008.  In case you didn't notice that blows my theory for the reason the average sales price in Area 10 has decreased right out of the water!  I'm going to have to analyse that pattern and get back to you.  





The days on the market for sold homes at the end of the second quarter 2007 versus 2008 actually decreased in Areas 3, 6, 11, and 13.  Area 7 shows a huge increase spike, I'll try to dig into that more to figure out what is going on in SouthOconee County for you and report back soon.

Key to MLS Areas:

Personal observation: our company's business has picked up in the last 30 days, I don't know if it will be enough to show gains for this year overall, but I'm anxiously awaiting the end of the third quarter, so I can report back to you.  

If you have views, observations, or questions about specific neighborhoods, I'd love to hear from you in the comments below!  



*All information is compiled and extrapolated from Athens MLS statistics and is believed accurate, but not guaranteed.

 Sometimes it difficult to get an accurate picture of the commercial real estate market in Athens, GA.  It takes combing through local newspaper listings, Loopnet.com, the Athens Multiple Listing Service and other sources to get an real overview of what is going on in the commercial real estate arena.  

Why?  because many of the mature brokers in the Athens area don't list everything available on the Local MLS, but I am seeing more activity there.  Today I got a heads up on

• 172 Commercial and Industrial Properties For Sale
• 18 Commercial Properties For Lease

Year to Date 2008 there have been 19 commercial properties sold, per Athens MLS, ranging in price from $29,000 (vacant lot) to $711,100 (a brick home near Five Points that had been converted to office space).

During the same time period in 2007, there were 14 commercial properties sold, per Athens MLS, ranging in price from $45,000 to $695,000.

This is a little like comparing oranges to apples, but does give an overview of the market conditions in Athens.  My personal observation is that there is a healthy supply of office and retail available in many areas (bordering on an oversupply of office rentals in older buildings and less traveled corridors), but industrial and smaller warehouse space is in tight demand at this time.  

Use our IDX to

metro area (just make sure you have "commercial" in the first drop box) and feel free to give me at call at 706-207-2502 if you prefer to have someone sort through the variety of sources of commercial information available!  If you are looking for the residential real estate market report, don't worry -  will be here next week.

 You work hard all day, don't you deserve to come home to this Paradise on a Hill in Madison County, Georgia?

• $374,900
• 5 bedrooms
• 4 baths
• Inground pool
• Huge Master Suite
• Curving, asphalt drive
• 3.5 Miles from new Madison County Middle School

Premium, custom constructed all brick home on 4.515+- Acres! This house is fabulous and the landscaping is spectacular!  The main level features 4 bedrooms, 3 baths and very spacious living areas. Upper level features 1 bedroom, 1 bath and 3 bonus areas perfect for in-law or teen suite. The spacious kitchen has has granite countertops, custom maple cabinets and black appliances.

   

Outside you will find a huge fort playscape, tree house (set in the woods), in ground pool with salt water system (no chlorine - very low cost & maintenace), huge patio for entertaining and fun. The landscaping is significantly upgraded and absolutely gorgeous, featuring beds and islands throughout the 4.5+ acres, sides and rear have drip irrigation system.

• Only 20 miles from Athens, Comerce, Elberton, or Royston, Georgia
• Only 10 Miles from Danielsville, GA
• Only 4.8 miles from dwontown Comer, GA  - Madison County, Georgia's center of cultural arts, coffee house, Farmer's Market & more!

                  View more photos, floorplan, & information at

We'd love to help you make the decision to move to Athens, Georgia Area!

Absolutely Move In ready condition featuring new carpet in all bedrooms, light fixtures, blinds, paint, garage door & more! The foyer, living room, kitchen, dining area, both baths, & hall areas all have laminate wood flooring in excellent condition. The living room is very spacious with vaulted ceiling and fire place with new tile surround.
 
Offered at $139,900

• 3 Bedrooms
• 2 Baths
• 2 Car Garage
• Spacious Living Room
• Fireplace
• Vaulted Ceilings
• Private Rear Yard
• Double sized Patio
• Excellent Condition

Kitchen features a pass through over sink - enlarging the area and opening to the living room. Patio size has been doubled and has plenty of room for outdoor entertaining, in the very private, wooded rear yard. This house is located on a small cul de sac street with only seven houses!

   

East Athens, GA immaculate home for sale - convenient to everything!
View more information and photos at 116 Richmond Court, Athens, GA 30605!

We'd love to help you make the decision to move to Athens, Georgia!

If you would like to see what is available for sale in the Athens Georgia and surrounding area real estate market, please search our IDX via the multiple listing service, just click on the "search for homes" button below.

            

 If you are a regular visitor here, you may already know that I am a real estate broker  and a real estate appraiser (see the sidebar for more information).  I spend most of my time listing and selling real estate, but I get involved in the "complex appraisals"  that come into our appraisal office, also.

Most of the Athens, GA real estate market is still stable, although activity is still slower than typical in some areas.  Lately I'm seeing a disturbing trend in the Athens, GA market area - subdivisions that could go either way as far as appreciation or declining values are concerned.  These are subdivision  have historically been very stable, but are at the crisis or "tipping point" and activity over the next month or two may change their status.  

Let's take a look at Holiday Estates Subdivision in West Athens, Georgia - MLS Area 1, near the Georgia Square Mall, today.

There are 8 currently active listings or pending/under contract sales in the subject subdivision.  Of these, 3 are REO properties (Real Estate Owned - the typical abbreviation for a property that has been foreclosed upon and is now for sale by a bank or mortgage lender) that have been foreclosed upon which are currently listed from $79,900 to $94,500.  Because of the condition and the competition from REO marketers these houses are listed below "typical" market value so that the new owners can get them out of their inventory and take their loss off the books.  When these REO sales are sold, they may have a moderate affect on the marketing and sale of current listings in the subdivision.  

Although some of these REO properties are currently under contract, there has been only 1 recent REO sale (for $89,000 on 4/24/2008) and minimal sales in the prior 90 days.  So the challenge to an appraiser doing an appraisal in this subdivision is to "forecast" or predict how these sales will affect the market and decide if this is a new trend, a slight hiccup which will level out when these REO properties are absorbed, or if things are about to get nasty with more foreclosure activity in the area.  

In the past 12 months, there have been 10 sales in the subdivision, ranging from $89,000 to $149,750, per Athens MLS.  And now there are at least 2 other houses in the subdivision which were recently foreclosed upon which will be entering the market as REO properties soon.


Currently the choices for overall property values on an appraisal are:

• Increasing
• Stable
• Decreasing

So, "The Missing Box" on the appraisal should be called "unstable" because there times in this market when no one really knows what will happen next!

Holiday Estates Subdivision in Athens, GA has historically been stable, but this subdivision is curently changing  and may be at the beginning of a moderate decline. Personally, I think the Athens GA area is only going to have a "slight correction" in the housing market overall, so it may be a great time for investors or first time buyers who want to put some sweat equity into a home to take a look at Holiday Estates, but my crystal ball is a little cloudy today and I really need a box marked "Unstable"!  



P.S. Is there is a subdivision or market area that you would especially like to see the trends explored?  If so, please drop me a note in the comments and I will be happy to include it it in this new series - next week I'll be analyzing some activity in the Five Points Area of Athens, GA!

...

fell from 65.9 to 62.3.  "The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households."


At an annualized rate, the

•         768 new real estate listings placed on the market
•         253 sold properties in the overall Athens, GA market area
•         246 expired listings in the overall Athens, GA market area

to view our Athens, GA real estate comparision of 2006 versus 2007 housing market statistics with graphs.  

Please visit next week for some specific subdivision and neighborhood market comparisions and reports.  If you have a specific Athens, GA area subdivision that you would like to see a detailed market report about, please leave me the name of the subdivision in the comments!

 

"The Athens Human Rights Festival brings together political activists, ...

I recently spoke to a young couple who had been considering buying a home for over a year.  They were paying high rent -typical in Athens, a university town - where rents are often higher than a house payment, had decent jobs and were considering starting a family soon. 

They had actually looked at houses last summer, but were traumatized!  The process just felt overwhelming, so they quit looking and signed a new lease which is going to expire in a few months.  They called because they decided to "bite the bullet" and try again.  So we are putting together a plan of action to help take some of the trauma/drama out of buying their first home.

• Find a REALTOR®  you can be comfortable working with - disclosing all manner of traditionally private and personal information can be uncomfortable - it's critical that your representative in the transaction knows enough about your personal and financial life to be of assistance to you!  Home buying is not only a big financial commitment, but also an emotional one. This couple had felt pressured to by more home than they really felt comfortable with!  Do you really want to live on dried beans and macaroni for the next 30 years?
• Don't wait to get a loan. Talk to a mortgage lender and get prequalified for a mortgage before you start looking!  Again it's really important to choose someone you are comfortable working with!
• Remember, there's no "right" time to buy, any more than there's a right time to sell. If you find a home now, don't try to second-guess the interest rates or the housing market by waiting. Early this week rates were great, but the market has moved.  some people predict rates will drop again after the first of the year, but there is no good way to "time" the market!  The difference in rates this week equates to the cost of a few expensive coffees a month - don't let that make you miss the perfect home!
• Don't ask for too many opinions! It's natural to want reassurance for such a big decision, but too many ideas will make it much harder to make a decision.  This couple passed on a pretty good deal that met most of their needs and wants because a family member criticized purely cosmetic issues in a home that would have been easily changed!
• Choose a home first because you love it; then think about appreciation. While homes in the Athens Georgia real estate market have historically appreciated, a home's most important role is as a place to build your life and memories! 

So here are the top five steps to the plan or part one.  Next week I'll publish the next 5, so come back by or give me a call at 706-207-2502 for your personalized plan of enjoyable house buying, I can help you take the "puzzle" out of buying a home!

Fortunately, the housing market in Athens has remained very stable, take a look at the Athens Georgia Real Esate Market Statistics for 2006 versus 2007.

Please explore our Link Guide for Plannning a trip to Athens, GA to find resources to make your trip to serach for real estate in Athens, GA easier.

while we're shopping.

706-207-2502  cell                           706-543-1553 office

For more information about homes for sale and real estate in Athens, GA or to request a Relocation Package by mail for Athens, GA and the surrounding areas , please visit our website at Success Realty or email Michelle DeRepentigny at Michelle@SuccessRealtyGa.com for more information.