Information Summary

The subject's market is declining overall.  Although prices are relatively stable, the months of housing supply exceeds a year.  Further, almost 20% of the sales are bank owned indicating that buyers are ignoring typical resales seeking a bargain-priced bank owned property.  Although the number of active listings is erratic, the absorption per month is gradually declining indicating that the market is not absorbing properties as quickly as they come on the market.  The current market conditions show stable/declining prices and an oversupply of inventory.   The days on market as indicated by the marketing histories of the comparable sales and comparable listings indicate that marketing times in excess of six months is common.

The days-on-market in the analysis are unreliable.  Agents often allow a property to expire and then relist it.  Georgia MLS does not maintain a cumulative days-on-market so a property listed multiple times shows only the days-on-market for the most recent listing.  The subject's market has seen a decline in the past 12 months. The median sale in the past 6 months was $36K and the previous 6 months, it was $59K. This is a decline of 39%. Time adjustments have been made for sales older than 180 days. This is because the market has remained stable in the past 6 months at $36K. Price declines are already reflected in their sales price.

The subject's market is declining.  The median sale in the past 6 months was $30K and the previous 6 months, it was $43K.  This is a decline of 30%.  Time adjustments have been made for sales older than 90 days.  Homes that have sold within the past 90 days already reflect the decline in the market and it is reflected in their sales price.  The days-on-market in the analysis are unreliable. Agents often allow a property to expire and then relist it.  Georgia MLS does not maintain a cumulative days-on-market so a property listed multiple times shows only the days-on-market for the most recent listing.