Atlanta condo market: Bad to worse

Atlanta’s intown real estate market was never as bubblicious as California, Florida, New York or Boston. Nevertheless, Atlanta’s real estate market, particularly the condo market, has taken a big hit during the past year.

From the Wall Street Journal (emphasis mine):

The median condo sales price in the Cape Coral-Fort Myers area of Florida fell 26% to $202,300 in the fourth quarter of 2007 from $273,400 a year earlier.

Prices dropped nearly 20% in Tucson, Ariz., and 12% in the Atlanta area during that time, according to National Association of Realtors data.

2008 is likely to be just as lousy, if not more so, as the current supply glut gets, er, gluttier:

More than 4,000 new units will be completed in both Atlanta and Phoenix by the end of the year . . .

That’s potentially great news if you plan to buy a condo and stay there for 10 years. But lousy news if you’re trying to sell a condo, or a house anywhere near similarly priced condos.