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The 4^th Quarter 2010 stats are in!

Inventories in the Atlanta market continue to be high. Even if no more houses went on the market, it would still take 11 months for the houses currently on the market to sell. The highest inventories are in the million + market, which has a 26-month supply of homes for sale. The “under $200K” market is much closer to balanced with a 9.7-month inventory.

The 4^th Q statistics show that pricing your home correctly has never been more important. Only 9% of homes sold without price drop. 27% required a price drop, netting sellers just 76% of their asking price. A full 64% of homes did not sell at all, almost certainly because they were over-priced.

Foreclosures and short sales (when a lender agrees to take less than it is owed) continued to dominate the real estate landscape. In the 4^th Q, 39.9% of all homes that sold were distressed properties, the highest percentage all year.

Monthly median sales prices in 2010 were consistently higher than in 2009 until July, when they declined to the lowest level since 2003.

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