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Cobb County Sales Statistics for April 2010

Posted by Terry Burger on Wednesday, June 9th, 2010 at 8:24pm.

Go to this link to watch the YouTube Video:

http://www.youtube.com/user/burgerrealty

Transcribed from YouTube Video on Cobb County Real Estate

In April 2010 there were 640 home sales in Cobb County.  You may be asking what has taken me so long since we’re currently in June. However,  if I wait just a little bit longer the statistics are usually more accurate.  So I’m certain 640 sales is fairly. Out of those 640 Cobb home sales, 175 were foreclosures.  Contrast that data to April 2009 where there were 464 sales at average price of $213,944.  April 2010 posted a sales volume gain gain of about 15% and the average home sale $228,097.  A 7% increase in sales price occurred between this year & last year in April. 

Now let’s take a look at the 175 foreclosures. They sold at an average of $161,935.  The non-foreclosure average sales price $252,997, $90,000 more than the foreclosure average price.  That’s a big deal.  Two conclusions can be drawn from this data: First, foreclosures are selling at the lower end of the price range, and two, there is a two to one ratio for non-foreclosed properties to foreclosed properties.  So about one out of every three homes is a foreclosure and about two out of every three is a non foreclosure. 

A couple of other key stats to know in the foreclosure world is that the homes sold for 92% of their final list price.  That means if you’re making an offer on a Cobb foreclosure,  you might want to start at about 12-14% less than list price. I’ve had several clients purchase foreclosures at close to full price simply because the price on them was too good to pass up AND  there were multiple offers.  Multiple offers on a foreclosure require a fair amount of negotiating expertise.  

The non foreclosures are coming off their final list price about 6%.  The average list price of a non foreclosure in April was $268,896.  The average sales price was about 6% less than that.

That is this week’s Two Minutes with Terry. If you have any more questions about the Cobb County real estate market or I can help you buy a home or sell a home you can reach me at 678-388-1020.
 

 

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