Pending sales statewide up 25% in July

by Timothy Inklebarger

Buyers were “out in force” in July, which is driving prices upward, according to the Georgia Association of Realtors’ Monthly Housing Indicators for Georgia.

New listings were down 2% to 17,673, but that’s an improvement over the 3.5% year-over-year drop in June and the 19.9% and 26.6% drops in May and April, respectively.

Pending sales jumped 25% to 16,100, while closed sales had a year-over-year gain of 14% to 16,032. The median sales price of those homes was up 9.5% to $259,000.

Inventory plummeted in July, down 30% to 30,599 units from July 2019. That dropped the supply of inventory to 2.5 months, a decline of 34% from a year ago.

Homes spent an average of 53 days on the market, up 10% from July 2019.

“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, as well as lower-priced ($199,000 or less) properties,” the report noted.

Homes under $199,000 were down from the previous year, but those price at $200,000 and higher sold better than July 2019.

GAR broke the numbers down like this:

$124,999 or less – 11% decrease
$125,000 – $199,999 – 7% decrease
$200,000 – $299,999 – 17% increase
$300,000 and above – 17% increase