The number of homes sold in metro Savannah surpassed the 500 mark again in July, just slightly lower than the previous year, according to latest data from the Savannah Multi-List Corp.
Unit sales totaled 501 last month, about 22 fewer than the previous year and 45 below last month.
Michele Gutting, a Realtor with RE/MAX Savannah, said she had a big June with July as more of a normal month, but her overall sales were 30 percent higher than this time last year.
“Sometimes it slows down a bit in the summer because people are on vacation,” said Gutting. “I sell houses every month out of the year — usually around 50 a year — and we've already sold 40 and it's August, so it's been a great year, and I think it's going to continue to be that way.”
The number of months of inventory, meanwhile, stayed around the six-month level with 3,296 active listings, signaling a healthier market.
“Supply is lower than it was a year ago as far as inventory,” said Gutting. “Now is a great time for a seller to put a house on the market. A lot of time they think they missed their chance during the summer because school's back in session, but a lot of people move in the fall.”
Prices continued to climb as well, with median home prices 1.2 percent
higher than last month at $187,000.
Jennifer Scroggs, president of the Savannah Area Realtors, said new construction was particularly strong. In Chatham, Bryan and Effingham counties, the number of new construction homes under contract totaled 662 in the first seven months of this year, a 28 percent increase.
“In general, this year has been fantastic,” said Scroggs. “We continue to improve and are tracking ahead of last year, especially with new construction.”