Metro Savannah saw significant gains in median home prices and new home sales in October, even as overall unit sales slowed slightly, according to data from local real estate tracker Savannah Multi-List Corp.
Median home sale prices leaped from $166,000 in October 2013 to $184,700 this year, an 11.3 percent increase and 1.2 percent higher than September.
Meanwhile, unit sales fell only slightly. A total of 446 homes sold in Bryan, Effingham and Chatham counties in October, 20 units less than the previous month and down 2.4 percent over the year.
Jennifer Scroggs, president of Savannah Area Realtors, said looking at the overall picture, the last three months indicate steady growth in Savannah’s market.
“The rolling 90-day average continues to increase and is currently up 3 percent from 2013 unit sales,” said Scroggs. “I think we very well may see an overall increase in year-to-year unit sales for November since the number of homes under contract for October 2014 increased 3 percent from 2013.”
The number of new-construction homes under contract increased in the three counties as well, from 72 last year to 88. The number of new homes under contract totaled 929 through October, outpacing the same period in 2013 by 196 units or 26.7 percent.
Inventory grew to 3,258 active listings from 3,192 in September, equating to about 7.3 months. Scroggs said the increased inventory and increase in prices have resulted in a pretty balanced market.
“The ongoing growth in inventory — up 27 percent or 698 units year-to-year — continues to moderate prices without stopping growth,” said Scroggs. “It’s still a good time to buy, and now it is also a good time to sell.”
How many homes sold in your neighborhood in October? A look at the top 10 ZIP codes.
31322 (Pooler): 72
31419 (Southside, Georgetown): 71
31324 (Richmond Hill): 39
31410 (Wilmington Island): 37
31312 (Guyton): 30
31406 (Southeast): 29
31401 (Historic District): 27
31405 (Midtown): 27
31326 (Rincon): 25
31404 (east Savannah): 22
Source: Savannah Multi-List Corp.
