Inventory up Significantly in Georgia Housing Market in December
The Monthly Housing Indicators for Georgia are in for December. Inventory Levels increased 56 percent year over year and Average Sales Prices up slightly.
- New Listings decreased 15 percent to 8,962
- Pending Sales decreased 27 percent to 7,398
- Closed Sales were down 33 percent to 9,201
- Inventory levels increased 56 percent to 26,257 units
- The Median Sales Price increased four percent to $325,000
- The Average Sales Price increased four percent to $383,627
- Days on Market increased 36 percent to 42 days
- Months Supply of Inventory was up 92 percent to 2.3 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 with the exception of homes priced $300,000 and above:
- $124,999 or less – 21 percent decrease
- $125,000 – $199,999 – 47 percent decrease
- $200,000 – $299,999 – 35 percent decrease
- $300,000 and above – 2 percent increase
Additionally, Pending Sales for residences with one bedroom or fewer posted the largest decrease at 26 percent.
Other Housing Supply Overview Indicators include:
- Days on Market decreased for homes priced between $125,000 to $199,999 and homes $300,000 and above.
- Median Sales Price increased for all property types regardless of bedroom count.
- Inventory was up for all property types regardless of price. Homes with four bedrooms or more saw the biggest increase at 118 percent.
- Properties priced below $124,999 saw an increase of 44 percent, while properties listed at $300,000 and above posted a 85 percent increase in inventory.
Click here to access the full reports (page is password protected)