Savannah GA real estate market: are you finding the same thing?

Posted by: Mike Farmer on July 1st, 2008

I will be cutting back on my contributions here because of time constraints, but I wanted to offer what I have found in the Savannah, GA real estate market and see if others are experiencing the same thing.

Looking at the first six months of 2006, 2007 and 2008, I used new home sales for each year from west Chatham and Effingham counties—where most of the new construction is taking place.

This year there have been 186 homes sold with an average sales price per square foot of $110.75 with an average sales price of $222,363, 145 days on the market and a 98% sales price to listing price.

In 2007 there were 350 homes sold with an average sales price per square foot of $119.05 with an average sales price of $220,410, 130 days on the market and a 100% sales price to listing price.

In 2006 there were 421 homes sold with an average sales price per square foot of $114.63 with an average sales price of $212,633, 131 days on the market and a 100% sales price to list price.

The biggest changes have been the number of homes sold and sales price per sq ft. Buyers are getting much more for their money, but fewer buyers are buying.

I then looked at resales in midtown Savannah to see how resales compare with new construction using the same first six months of each year.

This year there have been 201 homes sold with an average sales price per square foot of $104.29 with an average sales price of $166,125, 103 days on the market and 95% of sales price to list price.

In 2007 there were 391 homes sold with an average sales price per square foot of $101.72 with an average sales of $167,580, 94 days on the market and 95% sales price to list price.

In 2006 there were 368 homes sold with an average sales price per square foot of $102.15 with an average sales price of $156,465, 75 days on the market and 104% of sales price to listing price.

Total sales are down in 2008, but sales price per sq ft is up. Days on the market are up, too.

What does this mean? Hmm, good question.

Fewer buyers all the way around, good news for buyers of new construction—midtown has fewer buyers, but the sellers that are selling are getting more per sq ft. Does anyone think the elections will have an impact on the housing market? I tend to think things will begin to pick up after the election.

I also posted these results on www.MikeFromSavannah.com where you will also find plenty of photos and information at Savannah if you are planning on visiting.

To read more from Mike, click here.

Click to learn more about Savannah real estate and Savannah home prices.

Mike Farmer is owner/broker of Mike Farmer Realty in Savannah, Georgia.

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Comments

5 Comments on “Savannah GA real estate market: are you finding the same thing?”

homebuyerfirst

Great post being from GA I found this to be very interesting. Savannah is a large tourist city and so I know that they are getting more for their money now than most lower class places. Thank you so much for the post.
homebuyerfirst

http://first-time-home-buyer-s.com

Ken in Chicago

We are seeing less volume and lower price per sq foot. Buyers are getting more home for the dollar and most of the time buying a home for the same price as they would have purchased it in 2005.

mike farmer

I thought it was interesting that resale prices have gone up while new construction has fallen.

Thanks for the comments.

Ana in San Antonio

Market might be a bit slow, however home values seem to still be climbing. Which is great news.

Ian

Any idea how rentals are looking? Has the decrease in purchases seen a corresponding increase in renters?

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