How Bad Is It?

My family and I live in the Ardsley Park/Chatham Crescent Historic District and I spend a lot of time specializing in this area.  This morning I was thinking about how the market is really starting to pick up over the last two weeks and how it has been a long year.  I wondered just how bad has it been in Ardsley Park last year as compared to this year.

Last year by April 24th there were 24 sales in the Ardsley Park area as defined by the Neighborhood Association boundaries compared to just 9 this year.  It was 24 the year before if you were wondering.  Thankfully there are currently 9 properties under contract and 1 contingent so by the end of April we should see an uptick.

Two years ago there were 118 reported sales in the same area which was the the three year average and only 90 last year representing a drop of more than 23.0% of existing home sales.  Currently there are 84 homes on the market which represents nearly one year of inventory if the number of sales is similar to last year.  The magic number for inventory seems to be 6 months.  As the number falls below 6 months it is a Seller’s market and when it becomes more than six months, as is the case today, a Buyer’s market.  When this market equalizes we should have about 60 units on the market, but 84 properties is not totally unusual for a Spring market.

The statistics for Ardsley Park/Chatham Crescent is not unique to the Savannah marketplace, so if you have been thinking about Buying in Savannah, get out there and find your best deal, you’ll be glad you did!

Ardsley Park For Sale Sign

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