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.
*Information supplied from GeorgiaREALTORS®
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