It seems Spring has sprung in the Savannah real estate market! Let’s take a look back at the February 2020 stats for Chatham County to see how things are going. 

Median Sales Price

By the numbers:

$209,950 – median sales price for February 2020

$190,000 – median sales price for February 2019

What this means for you:

The median sales price is up 10% over this time last year. It should be noted however, that February 2019 was a bit of an anomaly for the year considering the median sales price for the entire year was over $200k. This could be from a variety of factors. Bottom line though, to see the current median sales price for Chatham County over the $200k line is a great sign. 

Number of Active Listings

By the numbers: 

2,759 – active listings in Chatham County in February 2020

2,894 – active listings in Chatham County in February 2019

What this means for you:

With inventory down 4.7% year over year this means buyers have fewer homes to choose from. With the age old supply and demand principle in play, fewer homes available means stiffer competition for today’s home buyers. We’re seeing multiple offers on certain properties while others are hanging out a little longer. 

Number of Sales

By the numbers:

447 home sales in February 2020

464 home sales in February 2019

What this means for you:

It’s not a huge difference, but it is 3.7% fewer home sales than this time last year. It could be a little bit of a late start for home buyers, a little buyer fatigue, or frankly with the lower inventory levels buyers just haven’t found the right home yet. 

Bottom line:

The Chatham County real estate market is still going strong in February 2020. If you’re a Seller considering putting your home on the market, now is a great time; especially while inventory levels remain low. If you’re a Buyer, come with your financial strategy ready to go (that means you’ve spoken with a local lender). You may have to hunt a little longer or make some compromises on needs and wants, but when you find the right home for you it’s time to make an offer. Dragging your feet might mean someone else is enjoying that home instead of you. 

All stats are from the Savannah MLS for Chatham County, February 2020