It's great to be able to report on Pickens County GA real estate data that is leaning toward the positive for a second month in a row!

For May 2009, the number of homes listed for sale in the Jasper GA area that were placed under contract of sale came in at 24 . . . 26% higher than May 2008 (but still well below 2007's numbers).  While this is actually a slight decline from the previous month's home sales, this dip is not unusual.  A look back at 2007 & 2008 would show a similar month-on-month decline from April to May -- a trend is likely to continue into June, before picking back up for the peak months of July & August.

Only 13 of the 24 sales have actually closed, so there are still some pending sales to account for, which is likely to alter the numbers somewhat once all data is in, but, as of this writing, the average closed sale price was $219,930.  With an average list price of only $154,627 for the remaining 11 however, the average sale price for May is once again likely to fall a good bit below $200,000, and well off of 2008's average of $221,876.  One point of concern in the otherwise good news is that the average list to sale price ratio for those transactions that have already closed fell below 90% -- suggesting aggressive discounts on at least some of the sales.

As has been the case for several months now, bank-owned foreclosures, short sales and other distress sale scenarios played a significant part in house sales for Jasper last month as well.  Nine of the 24 home listings were foreclosed REO's (37.5%), with another three listed as "short sales", bringing the total of distress sales up to 12 . . . or a full 50% of all transactions for the month.  New construction homes in Dogwood Trace and Madison Ridge made up five of the nine lender owned properties under contract.

Another slight, if expected, damper on the good news, is a continued increase in overall inventory.  Home sellers are more likely to enter the market at this time of the year, so listing inventory usually does increase, but, unless sales numbers pick up significantly, while homes continue to be added faster than they are selling, it is going to be difficult to absorb what is now more than two-years worth of available inventory in Pickens County GA.  The percentage of these properties listed as foreclosures or bank owned is still hovering around 7%, but a review of foreclosure notices for homes being auctioned on the courthouse steps in Jasper next month (July), points at possibly 35 or so homes being foreclosed.  This could create a noticeable shift in listing inventory (particularly with a number of already foreclosed properties still not yet on market, but out there somewhere).  Good for buyers looking for good prices and great deals . . . not good for sellers.

To end on the positive note with which this post began . . . it appears that June 2009, is at least on a pace to match June 2008's numbers, and with a few more days to go, the numbers may in all likelihood come in higher year-on-year for a third month in a row, and fourth month of improved month-to-month sales.  If this trend continues, it may signal that at least a bottom has been reached in declining sales.  It may take a little longer to see improvement in pricing, as existing inventory will have to be worked through, but we have to start somewhere, and hopefully this is it . . . .

Feel free to Contact Me for specific information about sales data in your neighborhood, or one in which you are interested, (including foreclosure info).