2008 – Vinings Condos and Townhomes

Vinings at a Glance

The Smyrna Vinings area is one of the most desired addresses in the Metro Atlanta area. New upscale restaurants and shopping as well as immediate access to I-75 and I-285 make this a preferred area for families as well as first time homebuyers. Since buying land in the Vinings area might not be as affordable as compared to some of the lots further West of town many people decide to move into condos and townhomes. In fact, one is able to purchase a condo for about $100,000, while the most expensive condo on the market at the time of this post is listed at 2.5 million.

2008 Vinings Listings

Now how did the sales of condos in the Vinings area stack up in 2008? Well in order to figure out this information I pulled the statistics for FMLS area 71, which includes the Vinings area. There were 610 Residential-Attached homes listed for the year of 2008, with the average price of $330,502. The highest amount of listings came in the month of January with 76. Now I don’t know if that is due to a lot of people deciding to start of the year by selling their house or because a lot of people had their listing contracts expire in January and just decided to re-list. The total value of all condos listed in 2008 is just over $200,000,000.

Going Once, Going Twice, Sold!

After talking about how many condos and townhomes were listed the next natural step is to see what happened in the sales department. The average sales price was $270,791, which is almost $60,000 less than the average listing price. I think that this can be partially explained if we compare the total amount of homes listed and total amount of homes sold, which are 610 and 153 respectively, or just about 25%. Not many sales means that the sellers are willing to take a loss in order to move their property, having to compete not only with condos and townhomes in the Vinings area but also properties in the Atlanta area. This is however great news for buyers, more choices and a bigger chance to get the deal of a lifetime. Another reason this area might be appealing to buyers is the fact that you can be in Cobb County – meaning Cobb County taxes, while having an Atlanta address.

 

2008 Vinings Average List and Sales Price

 

 

Take a Number and Have a Seat

If you do have your condo or townhome listed in FMLS area 71 how long should you expect to wait until you get it sold? Introductory, let me explain how the statistics works. What we do is look at every house that closed during that time and then look at how many days that house was on the market. So for example if in the month of May the average Days on market (DOM) was 91, this means that the most homes sold in may were listed in February. Back to how long it would take you to sell your home, if you end up falling right into the mean of the average days on the market you would have to wait 101.2 days to close on the contract. The shortest sales time came in November, just 40 days, but I do not take this information to be “accurate” since only 2 homes sold during the month. A more reasonable answer would be 73 during the month of October while the longest was 191 days in September .

 

Average Days on the Market for Vinings in 2008

 

 

As I have stated in the “Who is Writing This?” section and in my previous post lease note that these figures come from FMLS, meaning they were calculated and entered in my humans and hence are prone to mistakes and errors, just like my calculations.