The average sales price of a home in Georgia jumped 18% in September from a year ago, while the number of days those homes spent on the market dropped 7.8% to 47 days, according to the Georgia Association of Realtors.
Over the last year, new listings dropped 1% to 15,919; pending sales increased 25.3% to 13,969; closed sales skyrocketed by 26.2% to 14,537; and inventory plummeted 38.9% to 26,801 units.
Median and average sales price was up 14.6% and 18.3%, respectively, and the number of months of supply sank 44.7% 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,” the report noted.
Pending sales dropped for those under $199,000 at a rate of 11% for those less than $124,999 and 8% for those between $125,000 and $199,999.
Homes ranging between $200,000 and $299,999 saw a 19% jump in sales, and those over $300,000 did even better, increasing 25%.
Larger homes with four bedrooms or more were the most popular type of home for pending sales, posting the largest gain at 13%.