Here’s another eye opener…we’ve seen this trend for a long, long time – at least since The Rootdown Group got started in April 2004…but…in Intown Atlanta, which we define thusly:
1. Ansley Park and Morningside southward to Inman Park and Reynoldstown – that includes Midtown and VAHI
2. Eastside Atlanta Dekalb – the neighborhoods East of Moreland and Briarcliff, plus Johnson Estates and southward to Edgewood and Kirkwood – all North of I20
3. Southside Atlanta Fulton – Grant Park, Summerhill, Boulevard Heights, Ormewood Park, EAV
4. Greater Decatur – South of Mercer U, down to I20 at South Dekalb Mall
…We see, that for the first half of 2008:
1. The median of the sales price as a percentage of the original list price dropped to its lowest level in three years during 1Q 2008 and, although higher than in 1Q, remained historically low through 2Q 2008
2. The 2Q 2008 percentage is nearly the same as in the greater metro Atlanta area
So, at 92.6% of original list price most listing agents and sellers are missing significant sales by overpricing – overpricing by over 7% on average.
Median Sales Price as a %age of Original List Price
Does your Realtor get this?