Statistics for Savannah homes in midtown

As I promised in the previous post, here is the first set of sales statistics from 2007 to 2010.

These statistics are for midtown Savannah. Next, I'll provide the numbers for downtown.

In 2007 there were 746 sales, average sq ft of 1549, 3 bedroom 2 baths, list price of $174,558 and sales price of $166,668, 106 days on the market and the sales price was 96% of asking price. These are all averages.

In 2008 there were 487 sales, sq ft 1600, 3/2, list price $157,347 and sales price $148,550, 110 days on market and the sales price was 94% of asking price.

In 2009 there were 478 sales, sq ft 1383, 3/2, list price $142,990, sales price $133,430, 112 days on market and the sales price was 93% of asking price

In 2010 there were 468 sales, sq ft 1600, 3/2, list price $136,104, sales price $125,953, 118 days on market and the sales price was 91% of asking price.

This comes to approximately a 24% drop in prices, although the days on market have remained constant. The sales price to asking price dropped about 5%. Since the average sq ft varies, I've calculated the price per square foot.

2007 -- price per sq ft = $107.59

2008 -- price per sq ft = $99.00

2009 -- price per sq ft = $96.47

2010 -- price per sq ft = $78.72

This doesn't take into account higher demand neighborhoods like Ardsley Park, so for curiosity's sake tomorrow I will isolate Ardsley Park to see if there is a difference.