Inventory Levels Up, Pending Sales Down in Georgia Housing Market in October

The Monthly Housing Indicators for Georgia are in for October. Inventory levels were up 48 percent year-over-year, and Average Sales Price was up 10 percent.
  • New Listings decreased 9 percent to 14,384
  • Pending Sales decreased 35 percent to 9,437
  • Closed Sales were down 25 percent to 10,501
  • Inventory levels increased 48 percent to 30,722 units
  • The Median Sales Price increased 8 percent to $355,000
  • The Average Sales Price increased 10 percent to $400,363
  • Days on Market decreased 26 percent to 34 days
  • Months Supply of Inventory was up 67 percent to 2.5 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 with the exception of homes priced $300,000 and above:

  • $124,999 or less – 16 percent decrease
  • $125,000 – $199,999 – 45 percent decrease
  • $200,000 – $299,999 – 32 percent decrease
  • $300,000 and above – 9 percent increase

Additionally, Pending Sales for residences with one bedroom or fewer posted the largest decrease at 18 percent.

Other Housing Supply Overview Indicators include:

  • Days on Market decreased for all price ranges and property types with the exception of homes priced between $125,000 to $199,999.
  • Median Sales Price increased for all property types regardless of bedroom count.
  • Inventory was down for all home types priced at $200,000 and below. One-bedroom townhomes/condos saw the largest decrease at 21 percent.
  • Properties priced above below $124,999 saw a slight decrease of 0.3 percent, while properties listed at $300,000 and above posted a significant 85 percent increase in inventory.

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