Georgia Housing Indicators for May

The Monthly Housing Indicators for Georgia are in for the month of May. The Shelter in Place directive expired at the beginning of the month and both buyers and sellers began to test the waters in the housing market.

  • New Listings decreased 20.5 percent to 16,106.
  • Pending Sales were up 5.7 percent to 14,918.
  • Closed Sales were down 28 percent to 10,381.
  • Inventory levels shrank 17.7 percent to 35,582 units.
  • The Median Sales Price increased 2 percent to $240,320.
  • Days on Market was up 1.9 percent to 53 days.
  • Months Supply of Inventory was down 21.1 percent to 3 months.

 

While the statistics above reflect year over year, when looking at the indicators from April, Pending Sales went from a 24 percent decrease in April to a six percent increase in May.  Most other indicators were comparable month over month.

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

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

  • $124,999 or less – 12 percent decrease
  • $125,000 – $199,999 – seven percent decrease
  • $200,000 – $299,999 – 13 percent increase
  • $300,000 and above – 11 percent increase

Other Housing Supply Overview Indicators include:

  • The demand for single family homes rose five percent while demand for condos and townhomes fell 3 percent.
  • Days on Market was down an average of three percent across all price ranges and bedroom counts for single family homes.
  • For townhomes and condos, Days on Market was up an average of five percent, with a notable increase of 28 percent for one-bedroom properties.
  • Median Sales Price increased for all property types, all bedroom counts, and in all price ranges.
  • For single family homes, inventory was, on average down, by 22 percent.
  • For condos and townhomes, inventory declined by 28 percent for properties priced less than $124,999. Inventory hovered around a three percent increase on average for other price ranges.

 

Prices are still on the rise, though more modestly than in recent months and years.