Georgia Home prices up 25.4% since last January!
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January 2014 Activity Snapshot One-Year Change in One-Year Change in Closed Sales Median Sales Price 2 Monthly Indicators - 7.1% + 25.4% - 3.8% One-Year Change in The same factors that catalyzed widespread market recovery in 2012 and 2013 are likely to continue in 2014, though perhaps at a more moderate pace. That's not a bad thing, since the market is returning to a stable, healthy state. Potential trends to watch for in 2014 include increased seller activity, more new construction and fewer foreclosures on the market. Inventory is another metric to watch this year. New Listings decreased 5.7 percent to 10,303. Pending Sales were up 13.2 Homes for Sale A research tool provided by the Georgia Association of REALTORS®. Residential real estate activity comprised of single-family properties, townhomes and condominiums combined. Percent changes are calculated using rounded figures. Activity Overview 2 3 4 5 6 7 8 9 10 11 12 Click on desired metric to jump to that page. Changes in methodology were implemented in October 2012 to provide a more accurate count of inventory and related metrics. Due to MLS purging rules, activity before 2008 cannot be updated and therefore shifts in the trendlines may occur. Current as of February 16, 2014. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Powered by 10K Research and Marketing. Pending Sales Closed Sales Days on Market Until Sale Median Sales Price Average Sales Price Percent of Original List Price Received percent to 7,433. Inventory levels shrank 3.8 percent to 37,070 units. Prices marched higher. The Median Sales Price increased 25.4 percent to $141,100. Days on Market was down 8.9 percent to 82 days. Absorption rates improved as Months Supply of Inventory was down 5.6 percent to 5.1 months. Given how far the market has come, it's a good time for folks to reassess their situation. Many who were hesitant to sell in recent years may find themselves in a completely different position. Getting a fresh comparative market analysis might be a good idea. Interest rates remain attractive and should remain below their long-term average, but they are expected to creep higher in 2014. Politicians are gearing up for midterm elections, so pay close attention to campaign messaging as relates to real estate or mortgage financing. Job growth is still fundamental and is likely to dominate this election cycle. Activity Overview New Listings Housing Affordability Index Inventory of Homes for Sale Months Supply of Inventory
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Transcript of Georgia Home prices up 25.4% since last January!
January 2014 Activity Snapshot
One-Year Change in One-Year Change inClosed Sales Median Sales Price
2
Monthly Indicators
- 7.1% + 25.4% - 3.8%One-Year Change inThe same factors that catalyzed widespread market recovery in 2012 and 2013
are likely to continue in 2014, though perhaps at a more moderate pace. That's not a bad thing, since the market is returning to a stable, healthy state. Potential trends to watch for in 2014 include increased seller activity, more new construction and fewer foreclosures on the market. Inventory is another metric to watch this year.
New Listings decreased 5.7 percent to 10,303. Pending Sales were up 13.2
Homes for Sale
A research tool provided by the Georgia Association of REALTORS®. Residential real estate activity comprised of single-family properties, townhomes and condominiums combined. Percent changes are calculated using rounded figures.
Activity Overview 23456789
101112
Click on desired metric to jump to that page.
Changes in methodology were implemented in October 2012 to provide a more accurate count of inventory and related metrics. Due to MLS purging rules, activity before 2008 cannot be updated and therefore shifts in the trendlines may occur. Current as of February 16, 2014. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Powered by 10K Research and Marketing.
Pending SalesClosed SalesDays on Market Until SaleMedian Sales PriceAverage Sales PricePercent of Original List Price Received
percent to 7,433. Inventory levels shrank 3.8 percent to 37,070 units.
Prices marched higher. The Median Sales Price increased 25.4 percent to $141,100. Days on Market was down 8.9 percent to 82 days. Absorption rates improved as Months Supply of Inventory was down 5.6 percent to 5.1 months.
Given how far the market has come, it's a good time for folks to reassess their situation. Many who were hesitant to sell in recent years may find themselves in a completely different position. Getting a fresh comparative market analysis might be a good idea. Interest rates remain attractive and should remain below their long-term average, but they are expected to creep higher in 2014. Politicians are gearing up for midterm elections, so pay close attention to campaign messaging as relates to real estate or mortgage financing. Job growth is still fundamental and is likely to dominate this election cycle.
Activity OverviewNew Listings
Housing Affordability IndexInventory of Homes for SaleMonths Supply of Inventory
Activity Overview
Key Metrics Historical Sparkbars 1-2013 1-2014 Percent Change YTD 2013 YTD 2014 Percent Change
Key metrics by report month and for year-to-date (YTD) starting from the first of the year.
New Listings 10,922 10,303 - 5.7% 10,303 - 5.7%
Pending Sales 6,564 7,433 + 13.2% 6,564 7,433 + 13.2%
10,922
- 7.1%
Days on Market Until Sale 90 82 - 8.9% 90 82 - 8.9%
Closed Sales 5,356 4,976 - 7.1% 5,356 4,976
1-2011 1-2012 1-2013 1-2014
1-2011 1-2012 1-2013 1-2014
1-2011 1-2012 1-2013 1-2014
1-2011 1-2012 1-2013 1-2014
+ 25.4%
Average Sales Price $150,007 $183,834 + 22.6% $150,007 $183,834 + 22.6%
Median Sales Price $112,500 $141,100 + 25.4% $112,500 $141,100
Inventory of Homes for Sale 38,545 37,070 - 3.8% -- --
Months Supply of Inventory 5.4 5.1 - 5.6% --
Current as of February 16, 2014. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 2
+ 0.3%
Affordability Index 314 236 - 24.8% 314 236 - 24.8%
Pct. of Orig. Price Received 93.3% 93.6% + 0.3% 93.3% 93.6%
--
-- --
1-2011 1-2012 1-2013 1-2014
1-2011 1-2012 1-2013 1-2014
1-2011 1-2012 1-2013 1-2014
1-2011 1-2012 1-2013 1-2014
1-2011 1-2012 1-2013 1-2014
1-2011 1-2012 1-2013 1-2014
New Listings
Prior Year Percent Change
February 2013 10,329 11,566 -10.7%
March 2013 12,399 13,239 -6.3%
April 2013 12,332 12,881 -4.3%
May 2013 12,530 11,931 +5.0%
June 2013 11,843 11,564 +2.4%
July 2013 11,958 10,853 +10.2%
August 2013 11,336 10,936 +3.7%
September 2013 10,551 9,318 +13.2%
October 2013 11,215 10,186 +10.1%
November 2013 9,113 7,947 +14.7%
December 2013 7,228 6,596 +9.6%
January 2014 10,303 10,922 -5.7%
12-Month Avg 10,928 10,662 +2.5%
A count of the properties that have been newly listed on the market in a given month.
New Listings
11,80110,922
10,303
2012 2013 2014
January
11,80110,922
10,303
2012 2013 2014
Year to Date
- 5.7%- 7.4% - 5.7% - 7.4%- 12.7% - 12.7%
Historical New Listings by Month
Current as of February 16, 2014. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 3
2012 2013 2014
5,000
10,000
15,000
20,000
25,000
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014
2012 2013 2014
Pending Sales
Prior Year Percent Change
February 2013 6,623 7,357 -10.0%
March 2013 7,648 8,130 -5.9%
April 2013 8,428 7,944 +6.1%
May 2013 8,258 8,237 +0.3%
June 2013 7,877 7,971 -1.2%
July 2013 7,675 7,499 +2.3%
August 2013 7,543 7,483 +0.8%
September 2013 6,548 5,861 +11.7%
October 2013 7,136 7,028 +1.5%
November 2013 6,107 6,137 -0.5%
December 2013 5,776 5,384 +7.3%
January 2014 7,433 6,564 +13.2%
12-Month Avg 7,254 7,133 +1.7%
A count of the properties on which offers have been accepted in a given month.
Pending Sales
6,668 6,564
7,433
2012 2013 2014
January
6,668 6,564
7,433
2012 2013 2014
Year to Date
+ 13.2%- 1.6% + 13.2% - 1.6%+ 25.6% + 25.6%
Historical Pending Sales by Month
Current as of February 16, 2014. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 4
2012 2013 2014
4,000
5,000
6,000
7,000
8,000
9,000
10,000
11,000
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014
2012 2013 2014
Closed Sales
Prior Year Percent Change
February 2013 5,730 6,130 -6.5%
March 2013 7,045 7,596 -7.3%
April 2013 7,231 7,183 +0.7%
May 2013 8,555 7,982 +7.2%
June 2013 8,105 8,457 -4.2%
July 2013 8,369 8,081 +3.6%
August 2013 8,065 8,412 -4.1%
September 2013 6,731 6,701 +0.4%
October 2013 6,960 7,287 -4.5%
November 2013 6,158 6,555 -6.1%
December 2013 6,683 6,266 +6.7%
January 2014 4,976 5,356 -7.1%
12-Month Avg 7,051 7,167 -1.6%
A count of the actual sales that closed in a given month.
Closed Sales
5,445 5,3564,976
2012 2013 2014
January
5,445 5,3564,976
2012 2013 2014
Year to Date
- 7.1%- 1.6% - 7.1% - 1.6%+ 35.7% + 35.7%
Historical Closed Sales by Month
Current as of February 16, 2014. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 5
2012 2013 2014
4,000
6,000
8,000
10,000
12,000
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014
2012 2013 2014
Days on Market Until Sale
Prior Year Percent Change
February 2013 88 102 -13.7%
March 2013 87 100 -13.0%
April 2013 82 96 -14.6%
May 2013 77 91 -15.4%
June 2013 76 89 -14.6%
July 2013 72 90 -20.0%
August 2013 74 92 -19.6%
September 2013 71 90 -21.1%
October 2013 76 96 -20.8%
November 2013 76 93 -18.3%
December 2013 82 95 -13.7%
January 2014 82 90 -8.9%
12-Month Avg* 78 94 -17.0%
Average number of days between when a property is listed and when an offer is accepted in a given month.
Days on Market
10190
82
2012 2013 2014
January
10190
82
2012 2013 2014
Year to Date
- 8.9%- 10.9% - 8.9% - 10.9%- 4.7% - 4.7%
Historical Days on Market Until Sale by Month
Current as of February 16, 2014. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 6
* Average Days on Market of all properties from February 2013 through January 2014. This is not the average of the individual figures above.
2012 2013 2014
70
80
90
100
110
120
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014
2012 2013 2014
Median Sales Price
Prior Year Percent Change
February 2013 $119,000 $86,500 +37.6%
March 2013 $133,000 $98,090 +35.6%
April 2013 $138,000 $105,000 +31.4%
May 2013 $147,500 $109,100 +35.2%
June 2013 $155,000 $114,000 +36.0%
July 2013 $159,900 $116,000 +37.8%
August 2013 $153,450 $112,550 +36.3%
September 2013 $145,000 $112,500 +28.9%
October 2013 $147,000 $110,000 +33.6%
November 2013 $143,000 $116,000 +23.3%
December 2013 $149,900 $120,050 +24.9%
January 2014 $141,100 $112,500 +25.4%
12-Month Med* $145,000 $110,000 +31.8%
Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month.
Median Sales Price
$87,000
$112,500
$141,100
2012 2013 2014
January
$87,000
$112,500
$141,100
2012 2013 2014
Year to Date
+ 25.4%+ 29.3% + 25.4% + 29.3%- 18.6% - 18.6%
Historical Median Sales Price by Month
Current as of February 16, 2014. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 7
* Median Sales Price of all properties from February 2013 through January 2014. This is not the average of the individual figures above.
2012 2013 2014
$80,000
$100,000
$120,000
$140,000
$160,000
$180,000
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014
2012 2013 2014
Average Sales Price
Prior Year Percent Change
February 2013 $158,107 $127,280 +24.2%
March 2013 $173,039 $138,996 +24.5%
April 2013 $179,243 $147,373 +21.6%
May 2013 $191,721 $152,407 +25.8%
June 2013 $200,410 $158,895 +26.1%
July 2013 $200,449 $159,798 +25.4%
August 2013 $196,077 $151,920 +29.1%
September 2013 $184,580 $152,671 +20.9%
October 2013 $186,149 $151,839 +22.6%
November 2013 $181,285 $154,535 +17.3%
December 2013 $194,136 $164,515 +18.0%
January 2014 $183,834 $150,007 +22.6%
12-Month Avg* $186,881 $151,166 +23.6%
Average sales price for all closed sales, not accounting for seller concessions, in a given month.
Average Sales Price
$126,224
$150,007
$183,834
2012 2013 2014
January
$126,224
$150,007
$183,834
2012 2013 2014
Year to Date
+ 22.6%+ 18.8% + 22.6% + 18.8%- 13.3% - 13.3%
Historical Average Sales Price by Month
Current as of February 16, 2014. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 8
* Average Sales Price of all properties from February 2013 through January 2014. This is not the average of the individual figures above.
2012 2013 2014
$120,000
$140,000
$160,000
$180,000
$200,000
$220,000
$240,000
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014
2012 2013 2014
Percent of Original List Price Received
Prior Year Percent Change
February 2013 94.3% 89.0% +6.0%
March 2013 94.7% 90.3% +4.9%
April 2013 95.2% 91.5% +4.0%
May 2013 95.5% 92.5% +3.2%
June 2013 95.5% 92.9% +2.8%
July 2013 95.5% 93.1% +2.6%
August 2013 95.5% 93.2% +2.5%
September 2013 94.9% 93.3% +1.7%
October 2013 94.5% 93.7% +0.9%
November 2013 94.2% 93.8% +0.4%
December 2013 93.9% 93.8% +0.1%
January 2014 93.6% 93.3% +0.3%
12-Month Avg* 94.9% 92.5% +2.6%
Percentage found when dividing a property’s sales price by its original list price, then taking the average for all properties soldin a given month, not accounting for seller concessions.
Pct. of Orig. Price Received
89.3%93.3% 93.6%
2012 2013 2014
January
89.3%93.3% 93.6%
2012 2013 2014
Year to Date
+ 0.3%+ 4.5% + 0.3% + 4.5%+ 2.3% + 2.3%
Historical Percent of Original List Price Received by Month
Current as of February 16, 2014. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 9
* Average Pct. of Orig. Price Received for all properties from February 2013 through January 2014. This is not the average of the individual figures above.
2012 2013 2014
84%
86%
88%
90%
92%
94%
96%
98%
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014
2012 2013 2014
Housing Affordability Index
Prior Year Percent Change
February 2013 295 372 -20.7%
March 2013 271 338 -19.8%
April 2013 268 326 -17.8%
May 2013 246 320 -23.1%
June 2013 224 312 -28.2%
July 2013 220 311 -29.3%
August 2013 225 317 -29.0%
September 2013 239 322 -25.8%
October 2013 236 326 -27.6%
November 2013 254 315 -19.4%
December 2013 235 309 -23.9%
January 2014 236 314 -24.8%
12-Month Avg 246 246 0.0%
This index measures housing affordability for the region. An index of 120 means the median household income is 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.
Affordability Index
368
314
236
2012 2013 2014
January
368
314
236
2012 2013 2014
Year to Date
- 24.8%- 14.7% - 24.8% - 14.7%+ 26.0% + 26.0%
Historical Housing Affordability Index by Month
Current as of February 16, 2014. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 10
2012 2013 2014
100
150
200
250
300
350
400
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014
2012 2013 2014
Inventory of Homes for Sale
Prior Year Percent Change
February 2013 39,033 50,383 -22.5%
March 2013 40,304 50,515 -20.2%
April 2013 40,777 51,050 -20.1%
May 2013 41,626 50,415 -17.4%
June 2013 42,506 49,186 -13.6%
July 2013 43,006 47,870 -10.2%
August 2013 42,881 46,205 -7.2%
September 2013 43,060 45,077 -4.5%
October 2013 42,833 44,351 -3.4%
November 2013 41,858 42,067 -0.5%
December 2013 39,280 39,497 -0.5%
January 2014 37,070 38,545 -3.8%
12-Month Avg 41,186 46,263 -11.0%
The number of properties available for sale in active status at the end of a given month.
Homes for Sale
50,931
38,545 37,070
2012 2013 2014
January
- 24.3% - 3.8%- 21.7%
Historical Inventory of Homes for Sale by Month
Current as of February 16, 2014. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 11
* Homes for Sale for all properties from February 2013 through January 2014. This is not the average of the individual figures above.
2012 2013 2014
20,000
40,000
60,000
80,000
100,000
120,000
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014
Months Supply of Inventory
Prior Year Percent Change
February 2013 5.5 7.2 -23.6%
March 2013 5.7 7.2 -20.8%
April 2013 5.8 7.2 -19.4%
May 2013 5.9 7.1 -16.9%
June 2013 6.0 6.9 -13.0%
July 2013 6.1 6.6 -7.6%
August 2013 6.1 6.4 -4.7%
September 2013 6.0 6.4 -6.3%
October 2013 6.0 6.2 -3.2%
November 2013 5.9 5.9 0.0%
December 2013 5.5 5.5 0.0%
January 2014 5.1 5.4 -5.6%
12-Month Avg 5.8 6.5 -10.8%
The inventory of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months.
Months Supply
7.4
5.4 5.1
2012 2013 2014
January
- 27.0% - 5.6%- 31.5%
Historical Months Supply of Inventory by Month
Current as of February 16, 2014. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Powered by 10K Research and Marketing. | Click for Cover Page | 12
* Months Supply for all properties from February 2013 through January 2014. This is not the average of the individual figures above.
2012 2013 2014
2.5
5.0
7.5
10.0
12.5
15.0
17.5
20.0
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014
