Home Inventory Levels Increase in Georgia Housing Market in July

[David G. Barton]

The Monthly Housing Indicators for Georgia are in for July. Median Sales Prices were up 17 percent year-over-year, Days on the Market decreased 4 percent, and Months Supply of Inventory rose 40 percent.

• New Listings decreased five percent to 18,209
• Pending Sales decreased 19 percent to 11,956
• Closed Sales were down 21 percent to 12,660
• Inventory levels increased 28 percent to 27,624 units
• The Median Sales Price increased 17 percent to $349,900
• The Average Sales Price increased 12 percent to $406,807
• Days on Market decreased four percent to 22 days
• Months Supply of Inventory was up 40 percent 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 – 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 – 12 percent decrease
• $125,000 – $199,999 – 41 percent decrease
• $200,000 – $299,999 – 26 percent decrease
• $300,000 and above – 20 percent increase

Additionally, Pending Sales for existing townhomes with three bedrooms posted the largest gain at 33 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 for all home types with the exception of homes priced at $300,000 and above with two or more bedrooms. One-bedroom townhomes/condos saw the largest decrease at 36 percent.