New Listings Up, Median and Average Sales Prices Flat in May

The Monthly Housing Indicators for Georgia are in for May. New Listings saw moderate year-over-year gains, while Pending and Closed Sales declined. Median and Average Sales Prices were flat. Inventory levels continue to rise, however lack of housing supply continues to remain a challenge across the state.

• New Listings increased 11 percent to 20,849
• Pending Sales decreased three percent to 11,078
• Closed Sales decreased five percent to 11,733
• Days on Market increased 32 percent to 50 days
• The Median Sales Price decreased one percent to $365,280
• The Average Sales Price increased one percent to $454,014
• Inventory levels increased 39 percent to 46,274 units
• Months Supply of Inventory was up to 4.6 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 following indicators were noted:

• Pending Sales were down across all property types and price ranges except for
  Single Family Homes priced at $500,000 and above, which posted a five percent
  increase
• Days on Market are up across all property types and price ranges, with the most
  significant increase being for one bedroom or fewer Townhomes/Condos at 75
  percent.
• Median Sales Prices ranged from flat to modest, with the exception being a six
  percent decrease in Townhomes/Condos with four or more bedrooms. Two
  bedroom Single Family Homes saw the largest price increase at five percent.
• Inventory increased for all property types and price levels, with one bedroom
  Townhome/Condos priced at $199,000 or less posting the most significant
  increase at 72 percent. Despite these double-digit increases, lack of inventory
  remains a challenge through the state.

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