October Report: Single Family Home Sales
Ok, it is time for me to admit that my neutral to upbeat feelings from last month’s report have to be adjusted. I hoped that our market would continue to buck the national trends and avoid a big drop in sales. Well the numbers for October were not very good and it looks like I will have to join the hurricane forecasters and adjust my thinking.
Total sales for October were down 37.9% from October of 2005. This month there were no price ranges that were spared. The lower range (under $275,000) fell a whopping 46.7% as compared to October of 2005. The mid range ($275,000-$600,000) was down 32.4%, while the upper range (over $600,000) fell by 36.1%.
Overall October sales and inventory figures showed that Alpharetta, Georgia had a 7.68 month supply of homes…