Buyer Demand Still Strong in Georgia Housing Market in November

The Monthly Housing Indicators for Georgia are in for the month of November. Closed Sales increased by 20 percent year over year with median sales prices increasing by 17 percent.
  • New Listings decreased 3 percent to 12,085
  • Pending Sales were up 19 percent to 12,001
  • Closed Sales were up 20 percent to 12,372
  • Inventory levels shrank 43 percent to 23,582 units
  • The Median Sales Price increased 17 percent to $265,000
  • The Average Sales Price increased 19 percent to $318,565
  • Days on Market was decreased 26 percent to 40 days
  • Months Supply of Inventory was down 48.6 percent to 1.8 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 – 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 priced at $199K and below, but increased above the $200K price point:

  • $124,999 or less – 11 percent decrease
  • $125,000 – $199,999 – 10 percent decrease
  • $200,000 – $299,999 – 20 percent increase
  • $300,000 and above – 29 percent increase

Additionally, Pending Sales for residences with four bedrooms or more posted the largest gain at 14 percent.

Other Housing Supply Overview Indicators include:

  • Days on Market decreased for all price ranges except for homes below $124,999, which increased by 8 percent. By housing type, one bedroom condo/townhomes saw the largest increase in Days on Market at 17 percent.
  • Median Sales Price increased for one bedroom single family homes while down slightly for condo/townhomes. Homes with three or more bedrooms increased for single family homes.
  • Inventory was down across all housing types, regardless of price. Four bedroom single family homes saw the largest decrease at 51 percent.

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