What Sold in 2013–Part 2

The comforting news in Savannah’s 2013 real estate experience was the return to sales consistently over 400 transactions per month, with several months reaching into the 500’s.  This volume of total sales per month has not been seen in years.  Obviously, the trend in sales is reflective of an overall positive trend that should make sellers feel ready to hit the market.  Buyers should look at the 2013 “sold” experience as the death of the cut-rate “deal.”

Monthly Residential Sales through  2013

Of note, the fourth quarter of 2013 was particularly strong, showing a 6.9% growth over 2012 and almost 25% over 2011 same quarter.  Typically, fourth quarter sales are seasonally lower due to the concentration of holidays.  This appears to refute the opinion of many sellers that they should wait for springtime to put a home on the market!

What was the hottest price range?  The data for 2013 showed that both the highest concentration as well as the highest year over year increase was realized in the $100,000 to 199,999 range, which had around a 13.3% increase in sales.  Based on those numbers, it is clear that Savannah’s 2013 residential homes sales remains solidly in the first time buyer and first time move up buyer market.  Higher end market sales remained relatively constant, hinting that the $300k+ price range may take longer to completely recover.