Ardsley Park and Midtown Savannah Home Sales Statistics

I just ran some numbers on homes sales and sales prices for midtown Savannah homes. There was actually an increase in the average sales price for the last year, $170,382 compared to $162,881 for the previous year.

Homes stayed on the market 18 days longer this past year than the year before and the biggest change was in the number of homes sold -- last year a total 667 homes were sold in midtown Savannah compared to 884 the year before.

217 fewer homes sold last year then the year before, but the ones that did sale sold for $7501 more on average this past year than the year before. Interesting statistics -- it seems sellers are holding out for their prices and getting them.

What I've noticed is that sellers are negotiating, but home valuess aren't falling -- so sellers who set their prices too high are coming off the asking price, but not a lot. I suspect the difference in number of homes sold had a lot to do with national downturn in real estate, and that many sellers who didn't have to sell chose to take their homes off the market.

However, judging from the numbers, they should have left their homes on the market because Savannah is not experiencing a melt-down in prices like the west and in Florida. I have noticed that prices have dropped this past year from the year before in Tybee Island, but the prices on Tybee island had soared for the past few years. The rest of Savannah, with the exception of the Historical District, appears to be much more stable. I will show the recent numbers from downtown historical Savannah tomorrow.

In a few days I will look at the recent numbers for new home sales in west Chatham, also.