Georgia Housing Market Remains Hot in February

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 1.3 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 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.

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

The post Georgia Housing Market Remains Hot in February appeared first on Georgia Association of REALTORS®.

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