Average Sales Prices for Georgia Housing Market Increase in January

Average Sales Prices for Georgia Housing Market Increase in January

Posted on March 02, 2022

The Monthly Housing Indicators for Georgia are in for January. Average Sales Prices were up 17 percent year-over-year, Days on the Market decreased 21 percent, and Months Supply of Inventory shrank to 1.1 months.

  • New Listings decreased five percent to 12,815
  • Pending Sales decreased nine percent to 11,778
  • Closed Sales were down 10 percent to 9,080
  • Inventory levels shrank 21 percent to 15,443 units
  • The Median Sales Price increased 20 percent to $311,295
  • The Average Sales Price increased 17 percent to $366,039
  • Days on Market decreased 17 percent to 34 days
  • Months Supply of Inventory was down 21 percent to 1.1 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 up for all properties priced $124,999 or less and $300,000 and above. Homes priced between $125,000 to $199,000 and $125,000 to $199,999 decreased:

  • $124,999 or less – 2 percent increase
  • $125,000 – $199,999 –31 percent decrease
  • $200,000 – $299,999 – 9 percent decrease
  • $300,000 and above – 32 percent increase

Additionally, Pending Sales for residences with one bedroom or fewer posted the largest gain at 24 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 63 percent.

Original article: https://garealtor.com/average-sales-prices-for-georgia-housing-market-increase-in-january/

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