Buyer Demand Remains High in Georgia Housing Market in March

The Monthly Housing Indicators for Georgia are in for March. Average Sales Prices were up 18 percent year-over-year, Days on the Market decreased 24 percent, and Months Supply of Inventory shrank to 1.1 months.

• New Listings decreased one percent to 17,397
• Pending Sales decreased eight percent to 14,669
• Closed Sales were down six percent to 14,042
• Inventory levels shrank 13 percent to 15,284 units
• The Median Sales Price increased 22 percent to $334,000
• The Average Sales Price increased 18 percent to $394,685
• Days on Market decreased 24 percent to 29 days
• Months Supply of Inventory was down 9 percent to one month

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 with the exception of homes priced $300,000 and above:

• $124,999 or less – 3 percent decrease
• $125,000 – $199,999 – 35 percent decrease
• $200,000 – $299,999 – 16 percent decrease
• $300,000 and above – 28 percent increase

Additionally, Pending Sales for existing homes with two bedrooms or fewer posted the largest gain at 10 percent. Other Housing Supply Overview Indicators include:

• Days on Market decreased for all price ranges and property types.
• Median Sales Price increased for all property types regardless of bedroom count.
• Inventory was down across all housing types, regardless of price. One-bedroom townhomes/condos saw the largest decrease at 42 percent.

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