Savannah homes for sale continue to see their market prices dropping in a trend that is beneficial to potential homebuyers but detrimental to people looking to sell their prime pieces of Savannah real estate in the current market.  As a result of the global recession that has hurt the national real estate market for dozens of months on end, analysts expect that the area’s home prices will continue to plummet as long as the nation continues further into recession.  Adam Van Brimmer of the Savannah Morning News wrote on November 15, 2009, that “local sales dipped below 300 homes in October for the first time since February.”

However, a glimmer of hope created by the extended government income tax credit incentive may be the change necessary to turn around the Savannah real estate market.  Combined with new Georgia incentives, “move-up buyers now can get $8,300 in tax credits (the state offers $1,800) at mortgage rates near five percent on homes priced at their lowest levels since the slump began. List prices in many Savannah neighborhoods are 10 percent below what they were in the spring.”  However, even Savannah’s most prestigious has not managed to escape harm from the slumping economy.  West Chatham, the area’s top-selling locale, “posted an average sales price of $167,180, down from $194,565 in September, despite steady sales activity.”

Real estate in Savannah has seen some positive growth, according to recent statistics and figures released by Yahoo! Real Estate on November 15, 2009.  While the price of new homes and homes for sale remained even with previous months, foreclosed properties jumped to a median of $116,800, an increase of almost two percent from the previous month.  More interesting is the constant increase of market valuation in the Savannah area.  Looking over the last year since November 2008, the value of properties in Savannah rose from about $125,000 in 2008 to almost $129,000 today.