The Georgia housing market experienced notable shifts in the month of June, with key indicators reflecting both positive and challenging trends.
Key Metrics:
- New Listings: The number of new listings in June witnessed a decline of 21%, signaling a potential adjustment in the market.
- Pending Sales: The number of pending sales saw an 11% decrease, suggesting a slight slowdown in buyer activity.
- Closed Sales: Closed sales were down by 15%, indicating a potential cooling in the market.
- Days on Market: The average days on market increased significantly by 59 days, possibly reflecting a more deliberate buying process.
Pricing:
- Median Sales Price: The median sales price settled at $360,000, offering insight into the prevailing price point in the market.
- Average Sales Price: The average sales price was calculated at $437,337, shedding light on the broader pricing trends.
Inventory and Supply:
- Inventory Levels: Inventory levels experienced a modest increase of 2%, potentially influencing market dynamics.
- Housing Months’ Supply: The housing months’ supply rose to 2.4 months, revealing the current balance between supply and demand.
Property Type Analysis:
A deeper analysis of the data underscores interesting trends within specific property types.
- Median Price Variation: The median price of smaller homes and townhomes observed a 7% increase, reaching $341,000.
- Swift Sales: Properties within the price bracket of $200,000 to $299,999 exhibited the fastest selling pace, with an average of 33 days on the market.
- Townhouse/Condo Segment: This segment experienced a notable 2% increase in inventory, potentially indicating shifting preferences.
Supply Breakdown:
- Single Family Homes: The supply of single-family homes stands at 2.3 months, contributing to the overall market equilibrium.
- Townhouse/Condo: For the townhouse/condo category, there is a 2.4 months’ supply, reflecting a balanced market for this property type.
In summary, the June Georgia housing market displayed a range of dynamics, including adjustments in key metrics, pricing trends, and property type preferences. As the market navigates these changes, both buyers and sellers may find opportunities to make informed decisions.
