Savannah Ga Homes: Sales report for first 6 months of 2008 compared to 2007 and 2006
This report is for single family homes sold during the first 6 months of 2008, 2007 and 2006 in Savannah GA covering homes sold in downtown Savannah GA, midtown Savannah GA, southside Savannah GA and the islands of Savannah, GA (excluding The Landings on Skidaway Island). The information is taken from the Savannah GA MLS statistics.
568 homes have sold in 2008 with an avergage sales price of $177,500, $112.40 a sq ft, 97% of asking price, and average 88 days on market.
934 homes sold in 2007 with an average sales price of $179,900, $114.53 a sq ft, 98% of asking price, and average 65 days on market.
1014 homes sold in 2006 with an average sales price of $171,485, $109.73 a sq ft, 99% of asking price, and average 46 days on market.
So, you can see the housing downturn has had an effect on Savannah GA real estate, with about half as many homes sold with about double the time on the market before being sold. Prices have not been affected that much -- prices have stabilized at around $178,000 on average.
A big part of this slowdown has been a slowdown in out of town buyers who can't sell their homes where they live -- in over-priced areas devasted by the housing slowdown. I am currently working with 10 buyers who would buy tomorrow if they could sell their homes in the towns where they live. If you factor that in to the number of agents in Savannah who are working with similar buyers, you begin to see the problem. There are signs that the housing market is breaking loose in some areas and that 2009 will be a turn around year.