New Listings, Pending and Closed Sales Down in August

The Monthly Housing Indicators for Georgia are in for August. New Listings, Pending Sales, and Closed Sales each saw modest declines. Both Median and Average Sales Prices increased slightly. While inventory levels continue to rise, lack of housing supply continues to remain a challenge across the state.

New Listings decreased three percent to 17,837
Pending Sales decreased four percent to 10,268
Closed Sales decreased four percent to 10,544
Days on Market increased 23 percent to 53 days
The Median Sales Price increased one percent to $365,000
The Average Sales Price increased three percent to $449,459
Inventory levels increased 23 percent to 48,129 units
Months Supply of Inventory was up to 4.7 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 six percent increase; Townhouse/Condos priced at $199,999 or less posted a 30 percent increase, while the $500,000 and above posted a seven 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 Townhouse/Condos at 64 percent, and Townhouse/Condo priced at $199,999 or Less at 69 percent.
Median Sales Prices ranged from flat to modest, with the exception being a 10 percent decrease in Townhomes/Condos with four or more bedrooms. Two Bedroom Single Family Homes saw the largest median price increase at four percent.
Inventory increased for all property types and price levels, with Townhouse/Condos priced at $199,000 or less posting the most significant increase at 78 percent. Despite these double-digit increases, lack of inventory remains a challenge throughout the state.

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