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/