New Listings, Closed Sales Up in September

The Monthly Housing Indicators for Georgia are in for September. New Listings and Closed Sales each posted modest gains, while Pending Sales retracted slightly. Median Sale Price saw a slight dip, while the Average Sales Price was flat. Although inventory levels continue to climb, housing supply across the state remains tight.

• New Listings increased 11 percent to 18,048
• Pending Sales decreased one percent to 9,400
• Closed Sales increased four percent to 10,257
• Days on Market increased 19 percent to 56 days
• The Median Sales Price decreased three percent to $355,000
• The Average Sales Price increased one percent to $448,363
• Inventory levels increased 20 percent to 47,848 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 five percent increase; Townhouse/Condos priced at $199,999 or less posted a 27 percent increase.
• Days on Market are up across all property types and price ranges, with the most significant increase being for Townhouse/Condo priced at $199,999 or Less at 69 percent.
• Median Sales Prices ranged from flat to modest, with the exception being a nine percent decrease in Townhomes/Condos with four or more bedrooms. One Bedroom or Fewer and Two Bedroom Single Family Homes saw the largest median price increase at five 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 66 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)