March Housing Indicators: Inventory Rises, while Pending and Closed Sales Decline, and Prices Show Modest Gains

The Monthly Housing Indicators for Georgia are in for March. Inventory and Days on Market posted significant increases, while Prices posted modest gains. Both Pending and Closed Sales declined.

• New Listings decreased 11 percent to 15,577
• Pending Sales decreased 17 percent to 12,246
• Closed Sales were down 19 percent to 11,571
• Days on Market increased 63 percent to 49 days
• The Median Sales Price increased two percent to $340,000
• The Average Sales Price increased two percent to $403,381
• Inventory levels increased 50 percent to 23,493 units
• Months Supply of Inventory was up to 2.1 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 – the property type with the largest price gain was the Single Family Homes segment, where prices increased 12 percent to $350,000.

The price range that tended to sell the quickest was the $200,000 to $299,999 range at 29 days; the price range that tended to sell the slowest was the $124,999 or Less range at 50 days.

Regarding Inventory, the property type that gained the most inventory was the Townhouse/Condo segment, where it increased 49.6 percent. That amounts to two months supply for Single Family homes and 2.1 months supply for Townhouse/Condo

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