Area home sales for March hit a six-year high with 547 homes sold in Bryan, Chatham and Effingham counties last month, according to data released by Savannah Multi-list Corp.
There were 178 more homes sold last month than in March 2011, which is the earliest year that data is available, and there were 27 more homes sold than in March 2015.
“The SAR Realtors had a fantastic March, and we are marching on to a great year. The stats show a continual rise in sales in out tri-county market,” said Trey Niver, president of the Savannah Area Realtors, a local industry group.
Buyers are still flocking to the southside (31419) and Richmond Hill (31324) with 74 and 72 homes sold, respectively. The southside has taken the top spot for sales each month this year, while Richmond Hill and Pooler have been steady competitors.
Niver said a number of factors could be influencing buyers to certain areas, but the market is faring well for all parties.
“Buyers like inventory so they have a greater selection. Currently it is a very good market for buyers and sellers,” he said. In March, there was just over six months of inventory, which amounts to about 3.467 active listings.
“There are many reasons buyers like different areas in our market. It could be price, proximity to their work, schools or familiarity of the area. It could be as simple as ‘they found a home.’”
On the revenue side of things, the Richmond Hill area had about $19.2 million in sales, and Pooler and Wilmington Island rounded out the top three with just over $13 million and $11 million, respectively.
Year over year, the median sales price is down $9,000 to $185,000 for the area last month.
By the numbers
Top selling zip codes for March
31419: Southside, 74
31324: Richmond Hill, 72
31312: Guyton, 58
31322: Pooler, 52
31410: Wilmington Island, 41
March unit sales by the year
Foreclosure rates in Savannah decrease
The rate of Savannah area foreclosures among outstanding mortgage loans was 0.60 percent for February 2016, a decrease compared with February 2015 when the rate was 0.69 percent, according to CoreLogic, a real estate reporting firm.
Foreclosure activity in Savannah was lower than the national foreclosure rate, which was 1.13 percent for February 2016.
Also in Savannah, the mortgage delinquency rate decreased. According to CoreLogic data for February 2016, 3.49 percent of mortgage loans were 90 days or more delinquent compared with 4.08 percent for the same period last year, representing a decrease of 0.59 percentage points.