Savannah area real estate activity decreases during February, demand remains strong

March 15, 2023

The Savannah area saw a decrease in real estate activity in February, with fewer new listings and fewer homes sold. Prices increased once again, indicating demand for homes remains strong. 

“Our market has been on a rebalancing trajectory after the extreme conditions we saw in 2020 and 2021,” said Clayton Gagne-Thomas, Savannah Multi-List Corporation (SMLC) 2023 Board President. “While the increase in prices tells us that demand is still strong, the decrease in sales and longer times on the market indicate that a lot of buyers are probably getting priced out. Real estate activity typically increases as we move into Spring, and we’ll be watching these trends as it warms up.”

The number of new listings decreased 15.4% compared to February 2022, from 853 to 722. Pending sales fell 16.4%, from 780 to 652. The number of closed sales dropped 19%, from 743 to 602. Home spent an average of 69 days on the market in February, up from 44 days last year. Median sales prices increased 10%, from $291,000 to $320,000. The percent of list price received decreased slightly by 2.5%, from 100.6% to 98.1%. Inventory increased 36.7%, from 1,069 to 1,461. The months supply of inventory, which is a measurement of the amount of time it would take to sell off the existing inventory, increased 63.6%, from 1.1 to 1.8.

  • New Listings: -15.4%
    • February 2023: 722
    • February 2022: 853
  • Pending Sales: -16.4%
    • February 2023: 652
    • February 2022: 780
  • Closed Sales: -19%
    • February 2023: 602
    • February 2022: 743
  • Average Days on Market: +56.8%
    • February 2023: 69
    • February 2022: 44
  • Median Sales Price: +10%
    • February 2023: $320,000
    • February 2022: $291,000
  • Average Sales Price: +17.9%
    • February 2023: $404,381
    • February 2022: $343,015
  • Percent of List Price Received: -2.5%
    • February 2023: 98.1%
    • February 2022: 100.6%
  • Inventory of Homes for Sale: +36.7%
    • February 2023: 1,461
    • February 2022: 1,069
  • Months Supply of Inventory: +63.6%
    • February 2023: 1.8
    • February 2022: 1.1

Savannah Multi-list Corporation (SMLC) is the real estate professional’s source for property information in the Coastal Empire. SMLC is wholly owned by the Savannah Real Estate Board, Inc. SMLC provides a platform where cooperation between authorized participants is enhanced, and information is accumulated and disseminated to those participants for the preparation of appraisals, analyses, and other valuations of real property for bona fide clients and customers. For more information, visit https://savannaharearealtors.com/mls/.

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