Georgia Housing Market Remains Hot in February

[David G. Barton]

The Monthly Housing Indicators for Georgia are in for February. Average Sales Prices were up 17 percent year-over-year, Days on the Market decreased 23 percent, and Months Supply of Inventory shrank to 1.3 months.

• New Listings decreased two percent to 13,678
• Pending Sales decreased seven percent to 12,525
• Closed Sales were down four percent to 10,761
• Inventory levels shrank 20 percent to 14,616 units
• The Median Sales Price increased 21 percent to $320,089
• The Average Sales Price increased 17 percent to $369,678
• Days on Market decreased 23 percent to 33 days
• Months Supply of Inventory was down 23 percent to one month

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 up for all properties priced $124,999 or less and $300,000 and above. Homes priced between $125,000 to $199,000 and $200,000 to $299,999 decreased:

• $124,999 or less – 0.2 percent increase
• $125,000 – $199,999 –33 percent decrease
• $200,000 – $299,999 – 11 percent decrease
• $300,000 and above – 31 percent increase

Additionally, Pending Sales for residences with one bedroom or fewer posted the largest gain at 20 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 down across all housing types, regardless of price. One-bedroom townhomes/condos saw the largest decrease at 62 percent.