“For the fifth consecutive month,” the Wall
Street Journal reported in its news pages, “sales of previously owned homes
notched another rise.” Savannah
homeowners who have gone through literally years of sinking prices and moribund
home sales must be worried as they read this –worried that someone will snap
them out of this pleasant daydream. But it’s real: despite most of the other
national economic news that remains considerably less encouraging, the real
estate picture is heartening.
The National Association of REALTORS® agrees. They report
that single family homes, condominiums and townhomes increased sales. Single
family home sales rose 9.9% over last year, with condo sales jumping a full
14%.
A low inventory of homes for sale is believed to
be at least partially responsible for strong new homes sales numbers. The
nation’s biggest builder of luxury homes, Toll Brothers, reported a sales leap
of 57% from last year. Meanwhile, the price picture showed the kind of growth
you would expect: median prices were up over 9% from a year ago.
The median sale price in July for single family homes in 31405 was $187,200. The sales prices increased by 1.18% from the previous month. More Market Reports |
Supporting trends were also interesting.
Distressed sales (foreclosures and short sales) were down markedly, reflecting
a tightening supply. This is probably an indication that the glut of such
properties has finally worked its way through the market; certainly an
encouraging sign for homeowners who have been waiting to list until the home
sales market strengthens. The WSJ news story would likely provide some
encouragement: they feature one would-be buyer who bid on a home, but lost it
to a higher bidder. He and his wife had been viewing homes all summer before
finally making their offer. “Maybe I stepped in a month too late,” he’s quoted
as saying.
For Savannah
homeowners who have been biding their time, that kind of quote will surely be
music to their ears. If you have been watching and waiting for your own entry
into the Savannah
real estate market, I hope you will give us a call to investigate the latest
comparables in your own neighborhood.