No one's partying like it's 1999, at least if they're involved with real estate.
According to the latest Standard and Poor's Case-Schiller Index report, that's the last year we saw single family home prices like Atlanta is currently experiencing. The city joins the likes of Cleveland, Detroit and Las Vegas as markets in the nation where average home prices have dipped below January 2000 levels. On the bright side, this isn't necessarily bad news for buyers.
And some encouraging words for sellers? Real estate is local, and not all of Atlanta is experiencing the housing market doldrums. The Atlanta Homes Sales Report put together by the AJC is a helpful tool for investigating real estate on a more micro level. In fact, it shows two zip codes where year-to-year median home sale prices increased over 100%.
The AJC calculations included a combination of new and existing homes and, unlike the Case-Schiller Index, also included condominiums. The first over-achiever is zip code 30318, which encompasses neighborhoods such as Atlantic Station, West Midtown, Whittier Village, and Collier Hills. It saw a 191.67% annual increase in median home sales price to $122,500. The 30337 zip code (College Park) witnessed an annual increase of 120.31% to $107,950. The third highest increase was in the Henry County portion of the 30236 zipcode, which is the zip code for Jonesboro. There, home sales prices jumped 50.88% to $221, 435.
The biggest year-to-year loser for median homes sales prices was Clarkston, or the 30021 zip code. Median sales prices there took a dive of 53.05% to $38,525. The 30106 zip code for Austell was next in line, where numbers are down 50.93 % for a median price of $53,000. And third is 30046 in Lawrenceville. The 2010 median sales price was $91,000, a 45.48% decrease from the previous year.
Other information on the report includes where homes are selling the most, where the highest and lowest overall prices are, in addition to other key indicators. It's a great way to compare area to area. As you'll see, there's more to the real estate picture than the gloomy headlines might suggest.