Savannah real estate statistics for downtown and midtown

1156 homes sold in downtown and midtown Savannah from 4/9/2006 through 4/9/2007. From 4/9/2007 through 4/9/2008 891 homes sold in downtown and midtown Savannah. Those numbers dropped then leveled off since 4/9/2008 at around 670 a year.

I have a suspicion that without government support through Fannie and Freddie and loose lending practices, the 670 number is the norm for awhile. Everyone knows by now that the real estate market became overheated before 2008, and now it is adjusting -- with number of homes sold in downtown and midtown Savannah being consistently around 670 for the last three years, this tells me that this is the number we can expect in the Savannah market for these two areas until the economy improves and baby boomers begin to move again.

The problem, like in the rest of the country, is that too many homes were built in Savannah and surrounding areas during the boom, and now all that excess home inventory has to be sold -- then there will be another adjustment as prices begin to stabilize. I don't see prices going much lower, but they might drop another 5%. If a buyer can take advantage of a weak market at this point, they can get between 6% to 10% reductions through agressive negotiation. The statistics show a 6% difference on average between the asking price and the sales price at this point in time.