Savannah Real Estate Three Year Home Price Comparison

Using the midtown and the southside areas of Savannah, I compared the prices for the past three years sold between the first of the year and 8/17 of 3 bedroom 2 bath homes with at least 1000 square feet with a price no higher than $800,000.

The findings show that prices have remained flat for the past two years and that 25% less homes were sold in 2008 than 2007 and 58% less homes were sold in 2008 compared to 2006. All the other numbers appear the same except homes are staying on the market an extra 20 days or so.

The difference in price per square feet was minimal with 2006 at $105, 2007 at $108 and 2008 at $106.

In 2006 many more homes were sold compared to 2008 and this was the biggest difference the study shows -- 719 in 2006 compared to 421 in 2008. It's amazing that the reduction in homes sold has not more negatively affected prices. All the reduction in sales has done is prevent prices from rising, yet price per square foot was still a dollar higher in 2008 than in 2006.

Since builders didn't overbuild like in some other areas around the country, the Savannah real estate market looks to be in a good position to start rebounding in the next couple of years.