Downtown Savannah Ga Real Estate - 2007

I was expecting prices in downtown Savannah to take a sharp turn downwards this year, but the statistics show otherwise. I did a three year comparison of home prices based on cost per square foot. The average cost per square foot for 2007 has been $251. This is up from 2006 when the average was $246. In 2005 the cost per square foot was $217.00.

I did find a 20%drop in the number of homes sold in 2007 – 117 sold, compared to 148 in 2006 and 146 in 2005.

I measured using homes that sold for $250,000 and above for each year. The highest priced homes were slightly over one million.

There was a one percent drop in the percentage of sales price to asking price. In 2005 and 2006 the percentage was 96%, in 2007 the percentage has been 95%.

Houses in 2007 stayed on the market an average of 30 days longer compared to 2005 and 2006.

Overall, there hasn’t been much change in the statistics, prices are somewhat higher this year, but nothing exorbitant, and no decrease, which is what I thought I might find. This shows me that downtown real estate is stable and healthy at this point.

There is an abundance of condos on the market which should make for a good buying time for condos this coming year. This has to do with the increased activity this past year or so with condo conversions and a slightly slower market. This is good news because, for the most part, older buildings that were going into disrepair have been renovated and made useful – at affordable prices in areas on the periphery of the historic district.

Tomorrow, I will do a similar analysis of midtown.

Mike from Savannah