Georgia’s May Housing Market: Decrease in Sales, Rise in Inventory

The Monthly Housing Indicators for Georgia are in for May. Pending and Closed Sales declined, along with New Listings. Median Sales Price was flat, with just under one percent increase year over year.

• New Listings decreased 16 percent to 15,883
• Pending Sales decreased 15 percent to 12,021
• Closed Sales were down 14 percent to 12,384
• Days on Market increased 77 percent to 39 days
• The Median Sales Price increased less than one percent to $356,000
• The Average Sales Price increased three percent to $433,052
• Inventory levels increased 19 percent to 23,613 units
• Months Supply of Inventory was up 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 – the property type with the largest price gain was the Townhouse/Condo segment, where Median prices increased eight percent to $341,000.

The price range that tended to sell the quickest was the $200,000 to $299,999 range at 32 days; the price range that tended to sell the slowest was the $124,999 or Less range at 50 days.

The property type that gained the most inventory was the Townhouse/Condo segment, where it increased 19 percent. That amounts to 2.1 months supply for Single Family homes and 2.2 months supply for Townhouse/Condo.

Click here to access the full reports (page is password protected)