New Listings Up, Pending and Closed Sales Down in April

The Monthly Housing Indicators for Georgia are in for April. New Listings saw moderate year-over-year gains, while Pending and Closed Sales declined. While Median Sales Prices were flat, Average Sales Prices increased slightly. Inventory levels continue to rise, however lack of housing supply continues to remain a challenge across the state.

• New Listings increased 12 percent to 20,461
• Pending Sales decreased 8 percent to 10,902
• Closed Sales decreased 2 percent to 11,047
• Days on Market increased 35 percent to 54 days
• The Median Sales Price decreased one percent to $360,000
• The Average Sales Price increased two percent to $452,385
• Inventory levels increased 42 percent to 43,565 units
• Months Supply of Inventory was up to 4.4 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 following indicators were noted:

• Pending Sales were down across all property types and price ranges except for Single Family Homes priced at $500,000 and above, which posted a six percent increase
• Days on Market are up across all property types and price ranges, with the most significant increase being for one bedroom Townhomes/Condos at 70 percent. More bedrooms meant fewer days on market at every price level.
• Median Sales Prices ranged from flat to modest, with the exception being a four percent decrease in Townhomes/Condos with four or more bedrooms. Two bedroom Single Family Homes saw the largest price increase at four percent.
• Inventory increased for all property types and price levels, with one bedroom Townhome/Condos priced at $199,000 or less posting the most significant increase at 72 percent. Despite these double-digit increases, lack of inventory remains a challenge through the state.

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