SOURCE: Georgia Association of Realtors

Georgia Association of REALTORS

March 07, 2011 15:15 ET

Pending Homes Sales in Georgia Rise 10.5% in January

ATLANTA, GA--(Marketwire - March 7, 2011) - Pending Home Sales in Georgia increased by 10.5 percent since January 2010, with 6,088 agreements signed in January 2011, according to the Georgia Association of REALTORS® (GAR)

Nationally, pending home sales decreased in January for the second straight month, according to the National Association of Realtors®. The Pending Home Sales Index, a national forward-looking indicator, declined 2.8 percent to 88.9 based on contracts signed in January from a downwardly revised 91.5 in December. The index is 1.5 percent below the 90.3 level in January 2010.

"The market for pending home sales is up compared to the national average, and that makes me optimistic that the Georgia housing market is headed upward in 2011," said Anne Gault, 2011 GAR President.

As of February 2011, GAR has partnered with 10K Research and Marketing out of Minneapolis to track housing trends and indicators. Information is pulled from Multiple Listing Services throughout the state to yield a picture of housing market trends.

"We are very excited to be the source for market information in Georgia to our members, the media and to the public. These statistics allow us to see a clear picture of where the market is headed," said Gault.

Other findings from the report include:

  • A decrease of 6.6 percent in new listings; 
  • There is 10.7 Months Supply of Inventory available statewide, which is up by 5.4 percent compared to last year;
  • Median Sales Price was down by 1.8 percent from last January to $108,000. Negotiations moved in favor of buyers as the Percent of Original List Price Received decreased by 3.6 percent to 87.3 percent.

The Georgia Association of REALTORS®, the Voice for Real Estate in Georgia™, is a voluntary professional association of approximately 28,000 licensed real estate brokers and salespersons engaged in all aspects of the real estate business throughout Georgia. GAR is the leading advocate for the real estate industry in Georgia, committed to protecting private property rights and free enterprise, maintaining ethical and professional standards, and enhancing the public's awareness and confidence in REALTORS®.

For a copy of the entire report, please contact Brandie Miner at bminer@garealtor.com

Contact Information

  • Contact:
    Brandie Miner
    Director of Communications and Marketing
    Georgia Association of REALTORS®
    678-597-4111
    Email Contact