Savannah Home Sales Statistics

Since the beginning of the adjustment in real estate prices, especially after hearing national news of price decreases in certain areas, I have periodically checked the Savannah real estate statistics from different areas around Savannah. What I found earlier in the year when I first began to keep track was that most areas in Savannah are continuing to appreciate although at a much lower rate of appreciation.

In a few areas I found a slight downturn in the number of homes sold, but all other measurements had not changed much.

Today I researched the statistics from what our Multi-List service labels as Area 2 which is midtown Savannah. I used the month of October and went back 12 months looking back over the last three years. I used the criteria of 3 bedrooms, 2 baths, 1500-1800 square feet.

The average sales price for 2006-2007 is $181,669, 2005-2006 was $180,324, and 2004-2005 was $159,857.

As you can see from the third year back to the second year back there was a huge jump in average sales price, but from the second year back to this present year back there was a small increase.

I expect this is what we will see for the next year, except I think the appreciation will slightly higher than this last year. I already see an increase in demand from my business. Interest rates are good and prices have stabilized, so it seems likely that pent-up demand will gradually drive prices a little higher.

In area 2, Midtown Savannah, during the 2004-2005 period 75 homes were sold, during 2005-2006 87 homes were sold and during 2006-2007 90 homes were sold, so the number of homes sold during this last year has increased over the past two years, contrary to trends in other areas hit harder by the housing slow-down.

In the next day or two I will perform research on Downtown Savannah and the Savannah Islands, areas 1 and 4. After I have completed the research I will try to put in perspective to give a clearer picture of what is going on Savannah Ga real estate. I will also research larger, more expensive homes in Area 2 to see if there is a difference in price ranges.

Mike from Savannah