Georgia Housing Market Report Shows Homes Still Selling Quickly in April

The Monthly Housing Indicators for Georgia are in for April. Median Sales Prices were up 21 percent year-over-year, Days on the Market decreased 16 percent, and Months Supply of Inventory shrank to 1.2 months.

• New Listings decreased nine percent to 17,063
• Pending Sales decreased 14 percent to 13,526
• Closed Sales were down 11 percent to 13,443
• Inventory levels shrank eight percent to 16,979 units
• The Median Sales Price increased 21 percent to $345,000
• The Average Sales Price increased 17 percent to $406,102
• Days on Market decreased 16 percent to 26 days
• Months Supply of Inventory was down eight percent to one month

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 with the exception of homes priced $300,000 and above:

• $124,999 or less – 6 percent decrease
• $125,000 – $199,999 – 39 percent decrease
• $200,000 – $299,999 – 20 percent decrease
• $300,000 and above – 22 percent increase

Additionally, Pending Sales for existing townhomes with four bedrooms or more posted the largest gain at 114 percent. Other Housing Supply Overview Indicators include:

• Days on Market decreased for all price ranges and property types.
• Median Sales Price increased for all property types regardless of bedroom count.
• Inventory was down across all housing types, with the exception of homes priced $300,000 and above. One-bedroom townhomes/condos saw the largest decrease at 62 percent.

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