Savannah Area real estate market remained competitive in April

May 24, 2023

The Savannah area real estate market saw strong demand in April, with fewer new listings and fewer homes sold driving competitive prices.

“Our market remains highly competitive despite the slight drop in the number of homes sold,” said Clayton Gagne-Thomas, Savannah Multi-List Corporation (SMLC) 2023 Board President. “While the inventory of available homes is up compared to last year, it is still relatively low. We’re moving into summer, when real estate activity usually picks up, and all signs point to our market remaining competitive in the coming months.” 

The number of new listings decreased 21.8% compared to April 2022, from 1,141 to 892. Pending sales fell 14.3%, from 933 to 800. The number of closed sales dropped 17.9%, from 905 to 743. Home spent an average of 60 days on the market in April, up from 37 days last year. Median sales prices increased 6.6%, from $305,000 to $325,000. The percent of list price received decreased slightly by 2.8%, from 102.3% to 99.4%. Inventory increased 14%, from 1,283 to 1,462. The months supply of inventory, which is a measurement of the amount of time it would take to sell off the existing inventory, increased 46.2%, from 1.3 to 1.9.

  • New Listings: -21.8%
    • April 2023: 892
    • April 2022: 1.141
       
  • Pending Sales: -14.3%
    • April 2023: 800
    • April 2022: 933
       
  • Closed Sales: -17.9%
    • April 2023: 743
    • April 2022: 905
  • Average Days on Market: +62.2%
    • April 2023: 60
    • April 2022: 37
  • Median Sales Price: +6.6%
    • April 2023: $325,000
    • April 2022: $305,000
  • Average Sales Price: +7%
    • April 2023: $392,092
    • April 2022: $366,578
  • Percent of List Price Received: -2.8%
    • April 2023: 99.4%
    • April 2022: 102.3%
  • Inventory of Homes for Sale: +14%
    • April 2023: 1,462
    • April 2022: 1,283
  • Months Supply of Inventory: +46.2%
    • April 2023: 1.9
    • April 2022: 1.3

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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