New Listings Increase in Georgia Housing Market in May

The Monthly Housing Indicators for Georgia are in for May. Median Sales Prices were up 22 percent year-over-year, Days on the Market decreased 18 percent, and Months Supply of Inventory rose to 1.4 months.
  • New Listings increased eight percent to 18,889
  • Pending Sales decreased eight percent to 114,183
  • Closed Sales were down five percent to 14,140
  • Inventory levels increased six percent to 19,566 units
  • The Median Sales Price increased 22 percent to $355,000
  • The Average Sales Price increased 17 percent to $422,864
  • Days on Market decreased 18 percent to 22 days
  • Months Supply of Inventory was up eight percent to 1.4 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 – 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 – 8 percent decrease
  • $125,000 – $199,999 – 39 percent decrease
  • $200,000 – $299,999 – 22 percent decrease
  • $300,000 and above – 21 percent increase

Additionally, Pending Sales for existing townhomes with four bedrooms or more posted the largest gain at 84 percent. Other Housing Supply Overview Indicators include:

  • Days on Market decreased for all price ranges and property types.
  • Median Sales Price increased for all property types regardless of bedroom count.
  • Inventory was up for single family homes priced at $125,000 and above, while condos and townhomes were down across all price ranges and bedroom counts. One-bedroom townhomes/condos saw the largest decrease at 50 percent.

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