Georgia Housing Market Still Hot in October As Temperatures Cool Off

The Monthly Housing Indicators for Georgia are in for the month of October. Year over year sales in Georgia were up 10% overall while Inventory Levels were down 40.5%.

  • New Listings decreased one percent to 16,163
  • Pending Sales were up 23 percent to 14,068
  • Closed Sales were up 21 percent to 14,476
  • Inventory levels shrank 41 percent to 25,956 units
  • The Median Sales Price increased 17 percent to $266,000
  • The Average Sales Price increased 19 percent to $320,970
  • Days on Market was decreased 19 percent to 43 days
  • Months Supply of Inventory was down 45.9 percent to 2.0 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 – ten percent decrease
  • $200,000 – $299,999 – 20 percent increase
  • $300,000 and above – 28 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 6 percent. By housing type, one bedroom condo/townhomes saw the largest increase in Days on Market at 16 percent.
  • Median Sales Price increased for one bedroom homes – both single family and condo/townhomes while homes with three or more bedrooms decreased slightly for single family homes.
  • Inventory was down across all housing types, regardless of price with the exception of one bedroom townhomes/condos. Four bedroom single family homes saw the largest decrease at 48 percent.

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