Georgia Housing Indicators for April

Listings and Sales Down, Prices Hold Steady
Tuesday, May 13, 2020

The Monthly Housing Indicators for Georgia are in for the month of April. Georgia was under a Shelter in Place directive for the entire month due to the COVID-19 pandemic, so it’s not a surprise that the metrics for Pending Sales, New Listings, and Closed Sales are all down significantly. Since real estate is considered an essential business in Georgia, transactions were still taking place throughout the state during this time. Despite decreases in most of the key metrics, both Average Sales Price and Median Sales Price posted modest gains.

  • New Listings decreased 27.2 percent to 13,809.
  • Pending Sales were down 23.7 percent to 10,514
  • Inventory levels shrank 7.6 percent to 38,386 units.
  • The Median Sales Price increased 8.6 percent to $245,000.
  • Days on Market was down 3.6 percent to 53 days.
  • Months Supply of Inventory was down 10.8 percent to 3 months.

Additionally, the Housing Supply Overview – which takes a closer look at key metrics in relation to price range, property type and bedroom count – showed disparity between lower ($199K or less) and higher ($200k+) prices.

Pending Sales were down for houses priced at $199K and below, but increased above the $200K price point:

  • $124,999 or less – 12 percent decrease
  • $125,000 – $199,999 – six percent decrease
  • $200,000 – $299,999 – 13 percent increase
  • $300,000 and above – 10 percent increase

Other Housing Supply Overview Indicators include:

  • The demand for single family homes rose six percent while demand for condos and townhomes fell 37 percent.
  • Days on Market was down across all price ranges. When divided into bedroom count, Days on Market increased eight percent for one bedroom or less but decreased in all other categories. Days on Market for single family homes decreased four percent but increased six percent for condos and townhomes.
  • Median Sales Price increased for all property types, all bedroom counts, and in all price ranges.
  • Inventory was flat at the $124K or less price point, but down across all other price points. In regard to bedroom count, inventory increased by 13 percent for one bedroom or less, and decreased four percent for two bedrooms, seven percent for three bedrooms, and 12 percent for four bedrooms or more. In regard to property type, there was an 11 percent decrease in single family homes, and a two percent increase in condos and townhomes.

These indicators highlight a couple of emerging trends. First, buyers are looking for more space. The greatest demand is for single family homes with three or more bedrooms. Second, prices are showing modest gains, despite the pandemic.

“I have heard from REALTORS® across the state who have multiple closings scheduled in May,” said Faron W. King, 2020 President of the Georgia REALTORS®. “Most buyers understandably put a pause on the home search going into April, but we expect the market to pick up quickly as the economy recovers.” King added, “The fact that prices are holding steady across the board, even during Shelter in Place, indicates that a strong housing market lies just beneath this brief interruption.”