The Monthly Housing Indicators for Georgia are in for the month of August. Pending Sales jumped 25 percent year over year, and Average Sales Price increased by 15 percent. Meanwhile, Inventory dropped to only 2.2 months supply.
- New Listings decreased seven percent to 16,577
- Pending Sales were up 25.5 percent to 15,877
- Closed Sales were up 12.5 percent to 15,172
- Inventory levels shrank 37 percent to 27,937 units
- The Median Sales Price increased 14 percent to $263,000
- The Average Sales Price increased 15 percent to $316,301
- Days on Market was decreased two percent to 51 days
- Months Supply of Inventory was down 42 percent to 2.2 months
Looking at the Housing Supply Overview – which takes a closer look at key metrics in relation to price range, property type and bedroom count – stark contrasts exist between single family homes and townhomes/condos, and as well and lower priced (199K or less) properties.
Pending Sales were down for all properties priced at $199K and below, but increased above the $200K price point:
- $124,999 or less – 11 percent decrease
- $125,000 – $199,999 – seven percent decrease
- $200,000 – $299,999 – 19 percent increase
- $300,000 and above – 22 percent increase
Additionally, Pending Sales for residences with four bedrooms or more posted the largest gain at 11 percent.
Other Housing Supply Overview Indicators include:
- Days on Market Decreased for all price ranges except for homes below $124,999, which increased by 4.5 percent. By housing type, one bedroom condo/townhomes saw the largest increase in Days on Market at 22 percent.
- Median Sales Price was flat for one bedroom homes – both single family and condo/townhomes. All other bedroom counts posted modest gains for both property types.
- Inventory was down across all housing types, regardless of price. Three bedroom single family homes saw the largest decrease at 43 percent.
Info Taken From Georgia Realtors Website