Georgia Housing Market in February Foreshadows a Busy Spring Market

The Monthly Housing Indicators for Georgia are in for the month of February. Closed Sales increased by 9 percent year over year with median sales prices increasing by 15 percent.
  • New Listings decreased 15 percent to 113,260
  • Pending Sales were up 10 percent to 13,026
  • Closed Sales were up 9 percent to 10,678
  • Inventory levels shrank 54 percent to 17,091 units
  • The Median Sales Price increased 15 percent to $230,000
  • The Average Sales Price increased 18 percent to $318,351
  • Days on Market was decreased 32 percent to 43 days
  • Months Supply of Inventory was down 58 percent to 1.3 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 – 10 percent decrease
  • $125,000 – $199,999 – 14 percent decrease
  • $200,000 – $299,999 – 19 percent increase
  • $300,000 and above – 34 percent increase

Additionally, Pending Sales for residences with four bedrooms or more posted the largest gain at 15 percent.

Other Housing Supply Overview Indicators include:

  • Days on Market decreased for all price ranges except for homes below $124,999, which increased by 6 percent. By housing type, one-bedroom condo/townhomes saw the largest increase in Days on Market at 11 percent.
  • Median Sales Price increased for all property types regardless of bedroom count.
  • Inventory was down across all housing types, regardless of price. Four-bedroom single-family homes saw the largest decrease at 63 percent.

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