It seems that Savannah’s real estate downturn has finally passed and a surge in buying is at the top of the cycle again. Over the course of the last few months we’ve highlighted areas that are seeing an increase in development from Liberty Street, Martin Luther King Jr. Boulevard and the Starland District. Commercial real estate is on the rise, but what does that mean for residential? Does a rise in commercial real estate equate to growth in the same area? This week we take a look at the fastest selling and growing zip codes of Savannah. The results are surprising!
When reviewing information from Market Trends in the Savannah area which includes zip codes 31401, 31404, 31405, 31408, 31407, 31415, 31411, 31410, 31302, 31322 and 31419. Results were take from January of 2015 until June of 2015.
The zip codes that have the most activity including Active and Sold were 31401, 31404, 31405, 31406. To be more specific, the historic district, midtown heading west to Hunter Army Field, Waters Ave to Thunderbolt and Isle of Hope are all on the rise. Average sale price is in the $150,000 $250,000 range.
The average number of days listed is 95, where 31401 boasts a hefty 160 day average. The one thing that seems to be the same across the board, however, is the steady decline of supply. Since the beginning of the year, all of Savannah has seen inventory reduced to as much as an 86% inventory drop.
On average, it appears the commercial development in the downtown area has affected the residential sales. The summer has produced good numbers for the area and we look forward to seeing continued development over all areas for Savannah.
Judge Realty is Savannah’s only full service, locally owned and operated brokerage company. Celebrating 10 years in business, Judge Realty specializes in residential and commercial real estate, as well as in property management and rentals.
Information gathered from matrix.savannahmultilist.com. For more information on listing in the aforementioned zip codes call 912.236.1000.