Savannah Real Estate Market Report | Q1 2018

Karin Carr
Published on March 24, 2018

Savannah Real Estate Market Report | Q1 2018

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(Video transcript is below)
Are you wondering what the Savannah
real-estate market is doing? Well that’s
what we’re talking about today and we
are starting right now.
(snores) Oh my gosh, I’m sorry. I fell asleep
because market statistics are boring. But
how can we talk about what the market is
doing without going over statistics? I
know!
I’ll show you instead.

Buyer #1: Am I too late for
the open house?

Buyer #2: Am I too late for
the open house?

Buyer #3: Am I too late for the
open house? My agent said I better get
over here pronto.

Buyer #4 wearing a motorcycle helmet (muffled)

But seriously
folks, it’s a seller’s market here in
Savannah almost everywhere. A balanced
market is six months worth of inventory,
meaning that if we did not put any new
houses on the market starting today it
would take six months to sell every
single house that’s currently on the
market for sale. That’s a balanced market
where we’d have an equal number of
sellers and buyers that are out looking
for homes.

Well in our market, overall
we’ve got about one month worth of
inventory. The only place that has more
than that as Tybee Island which has
about three months worth of inventory,
which is still a seller’s market.

But get
a load of these statistics. In Savannah
alone we have one month worth of
inventory. In Pooler it’s 0.89 months
meaning if we didn’t put any houses on
the market starting today in three and a
half weeks we would sell every single
house for sale in Pooler! In Rincon we
have .81 month’s worth of
inventory. Even Richmond Hill, which is
super desirable, has 1.4
months worth of inventory. So now you
know why when you go to look at a house
for sale that’s listed at $200,000 there
are 15 buyers they’re doing the same
thing.

So let’s go over some really quick
statistics just to satisfy your
curiosity.

Savannah Market Statistics

1289 active listings and pending sales

639 homes sold in Q1, ave. price of $265,392,
average days on market is 110.

A year ago the ave. sold price was $247,000

In all five of the areas that
we’re comparing – Savannah, Pooler, Rincon,
Richmond Hill, and Tybee, 23% of all of the
homes sold in Q1 2018
was new construction. That means almost a
quarter of all the homes being sold are
brand spankin new. But I do have good
news!
Paula Deen’s house is still available.
It’s only eight point seven five million
dollars but it’s a little on the small
side at 28,000 square
feet.

Picture on wall that says, "Really???"

So what does this mean? It’s clearly
a seller’s market, but interest rates
have been rising steadily. A year ago the
average interest rate was… 3.75 percent.
Now they’re hovering in the mid 4’s.
People still have to buy houses but not
with the urgency that we’ve seen for the
past few years.

So if you’re thinking of
selling your house this is a good time
to do it because I don’t expect this
crazy demand to continue for too much
longer. Nobody can predict the future but
this can’t continue indefinitely. We’re
going to see it shift from a very heavily
slanted seller’s market back to
something a little more reasonable where
we have more equal demand between buyers
and sellers.

I hope you enjoyed your Q1
2018 Savannah real estate market report.
I’ve got a bunch of links down below
where you can find out information about
selling quickly and competing in a
multiple offer environment, so whether
you’re buying or selling check out some
of the links below and hopefully that
will help you out.
I’m Karin Carr, I’m a REALTOR® in Savannah,
Georgia with Keller Williams Coastal
Area Partners. I am here to answer your
real estate questions so if you like
this video be sure to give it a thumbs
up, leave a comment, share it
with a friend and… subscribe to my
channel. I post new videos every Monday
about all things real estate in the
Savannah, Georgia area.

Thank you so much
for watching and I will see you next
time.

(BLOOPERS) So that was your Q1 2018
Savannah
real-estate market report. If you had any
in. Click this rink right here. Blah! Aaaand, that’s a wrap.

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