Savannah, GA home sales for 2014 came in 4.9 percent higher than in 2013 and 15.9 percent than in 2012 .
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Here’s a look at a chart that shows monthly home sales compared to previous years.
Savannah Home Monthly Sales 2014
In 2014, more Savannah homes sold in eight of the twelve months compared to 2013 and 2012 numbers. Sales were down slightly in July and October, the same in August, and over 50 units short in April.
Savannah Home Sales By Quarter
Fourth quarter sales improved by 2.3% over 4Q sales in 2013 — 11.2% higher than 4Q 2012.
Savannah Luxury Home Sales priced from $500K to $1M+
If you look at the chart below, you’ll notice that two of the three luxury price tiers saw increase number of homes sold. Only one — $500K-$749K — saw decreases.
The $1M+ price range rose 300 percent, as 9 homes sold for $1 million dollars or more compared to 3 in 2013.
Sales in the $750K to $999K tier climbed 30 percent, as 13 homes sold compared to 10 in 2013.
Savannnah Luxury Homes — Days on the Market (DOM)
All three luxury price tiers saw declines in the number of days the homes were on the market before they sold.
The $500K to $749K segment was cut in half — from 199 days (2013) to 98 days (2014), while the $1M+ range reduced its DOM by nearly 150 days.
The $750K to $999K held steady — decreasing slightly from 225 days to 224.
Savannah Luxury Homes — Price Reductions
In the top three price ranges, only Savannah homes selling for a million dollars or more saw a greater need to reduce prices than in 2013.
Both the $500K-$749K and $750K-$999K segments saw the percentage of price reductions drop compared to 2013 numbers.
Luxury Homes — Buyer’s or Seller’s Market?
A buyers market exists when the inventory of homes on the market is above 7 months, while a seller’s market exists when the inventory is less than 6 months.
A balanced market exists when inventory is 6 to 7 months.
If you plan to buy a luxury home in the Savannah area conditions are currently in your favor. The $500K-$749K price segment has 21 months of inventory , the $750K-$999K range has 25.5, and the $1M+ price tier stands at 29 months of inventory.
Looking for a Savannah Luxury Home?
I’d love to work with you. I am well-versed in the ins and outs of the Savannah luxury market and can provide you the attention and expertise you need to find a local luxury home that your unique needs and wants.
Call me today at my personal number — 912-844-9000 — or email me at [email protected] and we’ll get started.
You can also view all our luxury home listings myhomesavannah.com.
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