For the month of June in the entire Savannah MLS (which covers all of Chatham, Effingham, Bryan, and parts of Long and Liberty Counties), we have seen the following:
– 1,401 new listings, compared to 1,482 new listings in May & 1,364 new listings in June of last year, 2021
– 1,218 homes sold, compared to 1,112 homes sold in May & 1,367 homes sold in June of last year, 2021
There were 1,831 homes total on the market in June. This brings us to a total of 1.68 months of inventory, compared to 1.49 months of inventory in April, and 1.66 months worth in May. In a balanced market, we expect to see 6 months of inventory, so we are still very much in a seller’s market.
And this chart shows us the trends, also over the last 5 years, of the number of new listings (green) & number of houses sold (blue):
Another interesting trend we can see through this graph is the number of homes that have sold each month over the past 5 years for under $250,000:
For those interested in multifamily properties, here are a few graphs to look at:
Savannah’s number of multifamily listings was up to 63 properties in June 2022, compared to 52 active in May 2022 and 61 active last June (2021).
This chart shows us trends over 5 years of new listings (in green) compared with the number of closings (in blue) for multifamily properties:
And this zooms in to just the past year’s number of multifamily new listings and closings by month:
There are a lot of people moving to Savannah, and supply is not keeping up – even with a slight uptick in new listings. Months of inventory continues to stay low even though the number of new listings is roughly in line with historic trends. The houses aren’t selling themselves quite as fast as they have been recently, but it doesn’t mean prices aren’t still far higher than they were even just 1 year ago. This is good news if you’re a seller of course, not so much if you’re a buyer.
However, with less buyers in the market than there were about a year ago, our boots on the ground have seen sellers agreeing to a few more asks from the buyer in order to sell their home. The other positive for buyers is this – population forecasts for the next five years point to a continued trend of migration to Savannah. We do not believe that prices will decline as long as folks are still moving here faster than they’re building houses – that’s basic economics. So as long as buyers will be in their new home longer than a few years, they should be able to come out on top when they sell.
While the rise in housing prices seems to be leveling (or at the very least slowing its increase) in Savannah, rents are very high, and supply of available rentals is very tight. For example, on July 5th of this year we were able to find all of 4 rentals (3-bed) in Chatham county for less than $1600/mo. 2 years ago, we would’ve been able to find 30 or more.
If you’re interested in seeing some trends in individual segments of the market, please keep scrolling. As always, we love to answer your questions – please don’t hesitate to reach out if you’d like to pick our brains about any of the information you see here today!
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