September homes Sales deceased about 10 percent year-over-year with 543 homes selling across Bryan, Chatham and Effingham counties compared to the 603 homes sold during the same period last year, according to data recently released by Savannah Multi List Corp.
It was the first month this year that sales have not exceeded their 2016 numbers, but with the market still breaking 500 units sold, which is the local industry’s unofficial monthly goal, Savannah Area Realtors president Linda King is still marking the month as a positive one, especially since the market also dealt with delays from Hurricane Irma.
“A lot of people were out of work for two weeks and we had inspections that had to be redone, so it’s amazing that that’s all we were down for the month,” King said.
With the slight decline in sales compared to last September overall sales volume was also down to $127,708,985 from $137,092,578 compared to this time last year. The most sales volume came from the Richmond Hill area with $21.6 million and the most homes sold with 81. The Georgetown area had 59 units sold, followed by Pooler with 51.
Unlike the aftermath of Hurricane Matthew last year, King said that very few listings were completely removed from the market following Irma’s impact.
“We had very few fallouts, just some delays,” she said.
Monthly inventory held steady at just over five months, which was the lowest on record since 2012 and average days to sell, which also hit a six year low was 87 days.
“We like inventory on the low side and with prices steady and interest rates remaining low, we’re seeing the inventory turning,” King said.
Looking ahead to the last few months of the year King said she expects the local market to end on a high note with many buyers purchasing before the rush of the holidays.
“We always expect a little bump at the end of the year,” she said.
“The ebb and flow of the market is returning to normal and in most areas we’re getting back to a pre-recession market.”
Home sales across the country had their ups and downs during the month, rising 0.7 percent to a seasonally adjusted annual rate of 5.39 million from 5.35 million in August. Year over year sales declined 1.5 percent, according the monthly report by the National Association of Realtors.
“Home sales in recent months remain at their lowest level of the year and are unable to break through, despite considerable buyer interest in most parts of the country,” Lawrence Yun, NAR chief economist said in the report.
“Realtors this fall continue to say the primary impediments stifling sales growth are the same as they have been all year: not enough listings – especially at the lower end of the market – and fast-rising prices that are straining the budgets of prospective buyers.”
Existing-home sales in the South slipped 0.9 percent to an annual rate of 2.13 million in September, and are now 2.3 percent lower than a year ago.
“Sales activity likely would have been somewhat stronger if not for the fact that parts of Texas and South Florida – hit by Hurricanes Harvey and Irma – saw temporary, but notable declines,” Yun said.
By the Numbers
Top selling zip codes for September
Richmond Hill (31324) 81
Georgetown (31419) 59
Pooler (31322) 51
Guyton (31312) 48
Savannah (31405) 46
2107 home sales by the month