It is starting to become the norm to have a double-digit percentage gain for condos and townhomes, because
for the 24th consecutive monthly reporting period we did it again. There were 852 closings in May or a
10.2% increase over the same year ago period.

Single family detached closed 5,600 units in May for an increase of 4.4% over May 2004. After lags are
reported the increase should be over 9%.

After we report the June numbers for single family detached, the amount closed for single family should be
greater than what we closed ten years ago for the entire year. However, condos and townhomes will have
closed more than what we did only five years ago for the entire year. As you can see, Metro Atlanta’s real
estate market has expanded greatly over the past decade.

The average sale price dropped again for condos and townhomes. The average price for condos and
townhomes was $186,593 in May or a decrease of 5.6% from the same year ago period. This is now the 5th
consecutive decrease, the 14th decrease out of the past 19 periods, and the second greatest decrease out of
those 14 reported. As condo and townhome prices remain down and interest rates very low, this market will
continue to be very strong.

The average sale price for single family detached was slightly down from the previous period, but still a
5.4% increase over May 2004. The average price was $256,043, which just missed being an all-time high by
$358.

The average year-to-date sale price for all single family is $239,629 or only an increase of 2.7% over 2004’s
average. With such a low increase, it is not surprising to have double-digit plus growth in closings for the
same period.

For the 5th consecutive period, expired listings decreased from the prior year period. This may be one of the
most interesting trends to report. After 59 consecutive monthly increases, we now have 5 consecutive
decreases.

The percentage of withdrawn listings to expired listings has increased dramatically over the years. There
were 1,546 withdrawn listings for all single family or 43% withdrawn listings to expired listings. A year ago
the percentage was only 36%.

Thank you,
 

Steve Palm
Smart Numbers

© 2005 Smart Numbers