-This is a transcript from Go Gaddis Radio to listen to the episode click here-> https://on.soundcloud.com/aTK8x
Welcome back to another week's edition of Go Gaddis Real Estate Radio right here on a nine 20. The answer. In this first segment of the show, we've got the Metro Atlanta Residential Real Estate update through the end of July. I know we are already into August, but it takes a few weeks to get all those numbers together in our, something you should know about Atlanta, we are featuring Constitution Lakes Park, specifically the Dolls head trail, and then our foreclosures on the rise As you listen to the news media.
Makes me think that foreclosures are on the rise. Are they or are they not? My name is Cleve Gaddis. You're listening to Go Gaddis Real Estate Radio, where we help listeners go from real estate novices to experts. So home selling and buying can be done with total confidence and without all the worry that is so typical with life's biggest investments.
We don't want you to learn anything. At closing or after that you should have learned before. And whether you're looking to buy a home or whether you're looking to sell a home anywhere in metro Atlanta, we just want to be interviewed for the job. As a home buyer, you're the boss. As a home seller, you're the boss, and we might be able to bring something to the table to help you sell for more a bit, get a better deal on a home if you're a buyer, or even find a home if you're a buyer.
My real estate business is called Modern Traditions Realty Group. We help people buy, sell, and invest in property all over metro Atlanta. We can be reached by calling 7 7 0 4 9 7 0 0 0 0. And don't forget, we want to connect with you and it is easy. Simply go to go gaddis radio.com. That's g o. G A D D I S radio.com.
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Without further ado, let's jump into the real estate update for the month of July and through July year. To date, we're gonna give it a little bit of a different format. Today, in the month of July in 2022, there were 6,900 new listings came. That came into the market. Fifty two hundred and twenty seven is the number for July.
Of 2023 year to date, 46,000 5 75 homes listed. Single family detached homes, uh, year to date in 2022. Year to date, 2023. 22% less listings, 36,028. Ho home sales that went pending in the month of July 3,512, which is a 15.7% decrease from the prior July year to date, 26,000 8 39, which is a 20.5% decrease over the 30 3007 60 year to date in 2022.
Close sales for the month, 3,600 plus or minus. Which is 21.7% down from the 4,600 closed sales in July of the prior year. Year to date are closed sales residential detached units are down 24.5%, 25,243 total days on the market. Year to date, excuse me, July of 20 22, 16 days. July of 2023. 23 days, year to date, July of 2022.
18 days on the market. Year to date, through July of 20 23, 35 days on the market. The average sales price, single family detached, 400, $541,059 in July, which is up 1.7%. Year to date, 526,000, which is up 1.5% and the month's supply of inventory. This time last year, 2.1 months worth of inventory. Uh, this time, this year, 2.2 months worth of inventory.
Let's look at the residential attached numbers. 1,919 listings. These are condos and town homes July of 2022. This year we're down 21.3% to 1,510. Year to date, we're also down 15.4%. In new listing, single family attacks, condos, and town homes at 10,481. Pending sales we had 1,261 in July of 2022, 1,023, which is a decrease of 18.9% in 2023.
Year to date, 9,700 listings. Condos and town homes went under contract in the first seven months of 2022, down 17.3% this year to a little under 8,000 having gone under contract this year. Closed sales, 1,317 in 2022. 1,021 in July of 20. 23. That's a decrease of 22.5%. Condos and townhome sales year to date are down.
22.9% to seventy five hundred and thirty six days on the market have doubled. July over July. July 20, 22, 15 days on the market. July 20, 23, 30 days, year to date, through July of 20, 22, 20 days on the market. Year to date this year, 34. Days, average sales price July over July rose, 6.7% to 401,857, breaking the $400,000 mark.
Year to date average sales prices of condos and town homes up four point, excuse me, 2.5% at 388,477. Inventory of homes for sale is actually down 5.7% there, twenty three hundred and twenty five. Condos and town homes for sale in the metro Atlanta market, and months supply of inventory has gone from, from 1.7 months worth of inventory at the end of July, 2022 to 2.2 months worth of inventory at the end of July, 2023.
What does this mean? Honestly, and I know it sound like a broken record and probably hard to believe, but it is still a very good opportunity for home sellers, especially home sellers who have a nice home to sell that is priced correctly. And it's also a good opportunity for home buyers. Even though inventory is down.
We continue to get more inventory flowing into the market, uh, on many weeks, which gives more opportunities for home buyers in the metro Atlanta area. In our, something you should know about Metro Atlanta, we're featuring Constitution Lakes Park and specifically Dolls head trail. For those unfamiliar with Constitution Lakes Park, it is in South DeKalb County.
It's 1305 South River Industrial Boulevard, and that's Atlanta 3 0 3 1 5, just north of 2 85, uh, on the south side and just east of Highway 23. You can explore Constitution, lakes, park, the hiking nature, preserve the boardwalk that that. Passed by Glassy Lake views. You can explore whimsical displays of found object artwork.
That all comes from the site there. You can do all that on the park's memorial. Memorable Doll's head trail, it has been described as scenic, artistic, a bit unusual. And it's one of Atlanta's most unique hiking adventures. You have crosses of paved paths, unpaved trails, boardwalks through scenic wildlife, field wetlands.
You can catch views of several small marshy lakes. And then you've got the dolls head trail, which is a short loop in the middle of this adventure, which is an ultra unique experience. A short hike through. Uh, displays of bricks and toys and tiles found around the park. The trail winds through the forest.
You can explore collections of found objects that all washed from the banks of the nearby South River, which have now artfully and whimsically been arranged in displays of folk art and culture. The park was once a site of a 19th century brick company that excavated. Georgia's famous Red Clay. The excavation pits, which are now filled with water comprise the duo of the two Constitution lakes.
I guess a duo is two. If you go though, it says, snakes seem to thrive in the wetlands, which makes sense. So be on the lookout. You'll likely see a few early mornings, say they say, can be particularly beautiful. Time to visit when the blanket. So fog cover the lakes. The hike begins at the Constitution Lakes Park Trail head.
The trail's first quarter mile is paved leading to the first of several extended boardwalks in the beginning of the dolls head loop. After reaching the end of the boardwalk, the hike mirrors the dolls head trail head. A charming little doll arm will point you in the right direction and the hike will continue along the red pebble path until reaching another sign ushering you to the left where the doll's head trail begins.
The trail features creative works of art found at the park signs encourage hikers to contribute their own art to the trail and use only items find found in the park. I don't know about you, but I'm going to go to Constitution Lakes Park and hike the Dolls head trail. This segment of the show is brought to you by John Birchfield and Capital City Home Loans.
John makes it his mission to guide each home buyer step-by-step through the entire loan process so they are confident in the mortgage options available so they can make the best decisions along the way. He can be reached by calling 6 7 8 2 2 6 7 8 8 7 6 7 8 2 2 6 7 8 8 7. Immediately following today's show, we've got a free investor webinar, the Six Keys to Success in Real Estate Investing.
We're gonna talk about four different ways to get a return, how to sell properties without paying taxes or deferring the taxes and everything you should know. Real estate investment today, August 26th from 10 to 11 and Wednesday, August the 30th at 7:00 PM each one of them. An hour long. Go to go gaddis radio.com.
Click on the link in the upper right hand corner, free investing. Webinar, reinvesting seminar, and sign up. If you are planning to sell your home in metro Atlanta, anytime in the next six months, we believe we can sell your home for $28,000 more than your neighbor. And we definitely believe that regardless of who you plan to sell your home with, you should interview us.
You're the boss and you deserve the opportunity to see if we can bring more to the table than anyone else. Go to go gatis radio.com, click on sell for $28,000 more. You'll be on and off there. In 30 seconds and I will reach out to you personally to discuss your situation. Many of you who are afraid of a foreclosure crisis probably shouldn't be.
Bill McBride, who publishes Calculated Risk, he was one of the first to actually, uh, notify or start sounding the alarms with the market crash in 2008. And he says very specifically, and it, and I do quote this, there will not be a foreclosure crisis at this time. The reason is foreclosures last time were caused by lax and lending standards.
You just simply don't have that today and to help you understand. Both Fannie Mae and Freddie Mac, those are the two government entities. The number of foreclosure starts or number of loans that are three months past due is 0.6%, not 6% 0.6%. That is low. We're gonna take a quick break when we come back.
What is a home bought and mortgage 1 0 1? Understanding rates and loans and financing in 2023. And interest rates that are the highest in about 20 years. Stick with us. We'll be back.