Monthly Market Update: May
For the month of May in the entire Savannah MLS (which covers all of Chatham, Effingham, Bryan, and parts of Long and Liberty Counties), we have seen the following:
– 1,484 new listings, compared to 1,359 new listings in April & 1,424 new listings in May of last year, 2021
– 1,101 homes sold, compared to 1,053 homes sold in April & 1,174 homes sold in May of last year, 2021
There were 1,667 homes total on the market in May. This brings us to a total of 1.7 months of inventory, compared to 1.36 months of inventory in March, and 1.47 months worth in April. In a balanced market, we expect to see 6 months of inventory, so we are still very much in a seller’s market.
Here, we can see the trends from the last 5 years of months of inventory (in green – remember, the balanced market is right around 6 months) & median home sale prices (in blue):
And this chart shows us the trends, also over the last 5 years, of the number of new listings (green) & number of houses sold (blue):
Another interesting trend we can see through this graph is the number of homes that have sold each month over the past 5 years for under $250,000:
For those interested in multifamily properties, here are a few graphs to look at:
Savannah’s number of multifamily listings was up to 25 properties in May 2022, compared to 27 active in April 2022 and 21 active last May (2021).
This chart shows us trends over 5 years of new listings (in green) compared with the number of closings (in blue) for multifamily properties:
And this zooms in to just the past year’s number of multifamily new listings and closings by month:
The fact that months of inventory continues to stay low even though the number of new listings is roughly in line with historic trends can point to only one thing – there are a lot of people moving to Savannah, and supply is not keeping up. This is great news if you’re a seller of course, not so much if you’re a buyer. The good news for buyers is this – population forecasts for the next five years point to a continued trend of migration to Savannah. We do not believe that prices will decline as long as folks are still moving here faster than they’re building houses – that’s basic economics.
Interest rates rising have so far had little to no effect on the market. Some buyers are beginning to bow out of the market, but most are simply looking at lower price points. The other harsh truth for those in need of housing is this – rents have risen sharply over the past two years as well, and supply of available rentals is very tight. For example, on May the 2nd of this year I ran a search to see how many 3 bedroom rentals are available in Chatham county for less than $1600/mo – I counted five. Two years ago I would have been able to find 30 or more.
If interest rates continue to climb, then they will eventually reach a point where they cool the market. When and if we get there is hard to say.
If you’re interested in seeing some trends in individual segments of the market, please keep scrolling. As always, we love to answer your questions – please don’t hesitate to reach out if you’d like to pick our brains about any of the information you see here today!
Here is our index of neighborhoods:
1. Ardsley Park/Chatham Crescent/Baldwin Park/Parkside
4. Starland/Thomas Square/South Victorian District
6. Pine Gardens/Savannah Gardens/Avondale “The States”/Victory Heights
7. LaRoche/Fernwood/Glynnwood/Savannah State/Skidaway Terrace/Magnolia Park/Thunderbolt
9. Cloverdale/Tremont Park/Liberty City
10. Cuyler Brownsville/Cann Park
13. Georgetown/Chevis/Little Neck
14. The Landings/Isle of Hope/Dutch Island/Burnside Island
16. Garden City/Old Port Wentworth
1. Ardsley Park, Chatham Crescent, Baldwin Park, & Parkside
- 25 new listings
- 29 new listings in April 2022
- 31 new listings this time last year (May 2021)
- 25 properties sold
- Average sale price: $562k
- Price difference from last year to now: +$89k
2. The Islands
- 91 new listings
- 76 new listings in April 2022
- 86 new listings this time last year (May 2021)
- 62 properties sold
- Average sale price: $437k
- Price difference from last year to now: +$69k
3. Historic Downtown Districts
- 25 new listings
- 24 new listings in April 2022
- 34 new listings this time last year (May 2021)
- 20 properties sold
- Average sale price: $1.3M
- Price difference from last year to now: +$801k
4. Starland, Thomas Square, & South Victorian District
- 25 new listings
- 32 new listings in April 2022
- 27 new listings this time last year (May 2021)
- 19 properties sold
- Average sale price: $550k
- Price difference from last year to now: +$155k
5. Eastside
- 24 new listings
- 18 new listings in April 2022
- 17 new listings this time last year (May 2021)
- 15 properties sold
- Average sale price: $400k
- Price difference from last year to now: +$180k
6. Pine Gardens, Savannah Gardens, Avondale/”The States”, & Victory Heights
- 31 new listings
- 17 new listings in April 2022
- 21 new listings this time last year (May 2021)
- 21 properties sold
- Average sale price: $255k
- Price difference from last year to now: +$113k
7. LaRoche, Fernwood, Glynnwood, Savannah State, Skidaway Terrace, Magnolia Park, & Thunderbolt
- 37 new listings
- 19 new listings in April 2022
- 30 new listings this time last year (May 2021)
- 19 properties sold
- Average sale price: $245k
- Price difference from last year to now: +$65k
8. West Savannah
- 3 new listings
- 6 new listings in April 2022
- 4 new listings this time last year (May 2021)
- 1 property sold
- Average sale price: $245k
- Price difference from last year to now: +$187k
9. Cloverdale, Tremont Park, & Liberty City
- 3 new listings
- 7 new listings in April 2022
- 8 new listings this time last year (May 2021)
- 5 properties sold
- Average sale price: $149k
- Price difference from last year to now: +$61k
10. Cuyler/Brownsville & Cann Park
- 11 new listings
- 10 new listings in April 2022
- 9 new listings this time last year (May 2021)
- 8 properties sold
- Average sale price: $229k
- Price difference from last year to now: +$100k
11. Midtown
- 27 new listings
- 37 new listings in April 2022
- 33 new listings this time last year (May 2021)
- 39 properties sold
- Average sale price: $275k
- Price difference from last year to now: -$5k
12. Southside
- 66 new listings
- 80 new listings in April 2022
- 75 new listings this time last year (May 2021)
- 64 properties sold
- Average sale price: $238k
- Price difference from last year to now: +$31k
13. Georgetown, Chevis, & Little Neck
- 48 new listings
- 61 new listings in April 2022
- 46 new listings this time last year (May 2021)
- 48 properties sold
- Average sale price: $279k
- Price difference from last year to now: +$35k
14. The Landings, Isle of Hope, Dutch Island, & Burnside Island
- 56 new listings
- 43 new listings in April 2022
- 58 new listings this time last year (May 2021)
- 39 properties sold
- Average sale price: $700k
- Price difference from last year to now: +$208k
15. Berwick & Southbridge
- 44 new listings
- 46 new listings in April 2022
- 49 new listings this time last year (May 2021)
- 39 properties sold
- Average sale price: $389k
- Price difference from last year to now: +$75k
16. Garden City & Old Port Wentworth
- 7 new listings
- 9 new listings in April 2022
- 13 new listings this time last year (May 2021)
- 6 properties sold
- Average sale price: $223k
- Price difference from last year to now: +$64k
17. New Port Wentworth & North Pooler
- 32 new listings
- 42 new listings in April 2022
- 64 new listings this time last year (May 2021)
- 45 properties sold
- Average sale price: $327k
- Price difference from last year to now: +$82k
18. Pooler & Bloomingdale
- 125 new listings
- 106 new listings in April 2022
- 116 new listings this time last year (May 2021)
- 83 properties sold
- Average sale price: $348k
- Price difference from last year to now: +$96k
19. Rincon
- 86 new listings
- 66 new listings in April 2022
- 89 new listings this time last year (May 2021)
- 62 properties sold
- Average sale price: $306k
- Price difference from last year to now: +$76k
20. Guyton & Springfield
- 46 new listings
- 45 new listings in April 2022
- 72 new listings this time last year (May 2021)
- 42 properties sold
- Average sale price: $253k
- Price difference from last year to now: +$4k
21. Richmond Hill
- 103 new listings
- 92 new listings in April 2022
- 87 new listings this time last year (May 2021)
- 70 properties sold
- Average sale price: $336k
- Price difference from last year to now: +$74k
22. Keller
- 79 new listings
- 94 new listings in April 2022
- 61 new listings this time last year (May 2021)
- 72 properties sold
- Average sale price: $400k
- Price difference from last year to now: +$48k
23. Midway
- 59 new listings
- 48 new listings in April 2022
- 44 new listings this time last year (May 2021)
- 42 properties sold
24. Hinesville
- 91 new listings
- 72 new listings in April 2022
- 83 new listings this time last year (May 2021)
- 51 properties sold
