Savannah GA homes sales statistics: new and old
Monday, June 30, 2008 at 09:46AM Looking at the first six month 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 squre foot of $102.15 with an average sales price of $156,465, 75 days on the market and 104% of slaes 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.
Tomorrow I will report on new construction in Richmond Hill/Bryan County.
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