Real Estate Blog - North Georgia Blue Ridge Mountains Market Watch (Edited)

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North Georgia Blue Ridge Mountains Market Watch (Edited)

Keeping it real in real estate...

Following are real estate market statistics as reported by the Northeast Georgia Multiple Listing Service for the North Georgia Blue Ridge Mountains. This market information is comprised of the following counties in Northeast Georgia: Fannin, Gilmer, Union, Towns, and Pickens and provides a snapshot of current real estate market conditions. Please bookmark my website: www.move2northgeorgia.net to keep informed of ongoing real estate market conditions in the North Georgia Mountains.

All in all, the North Georgia Mountain market is still strong with some slight and necessary corrections in certain cases. In spite of the negativity of the news media that the sky is falling, we are doing just fine in North Georgia. If I did not have the facts to look at in my own local market and all I had to go on was what I hear from the news media, I would have quite honestly, thrown my real estate license in the trash months ago, and moved on to an early retirement.

Buyers should keep in mind that interest rates are at a historical low, inventory is a bit high and they have a great selection in residential single family homes. Investors who want to build their portfolios, retirees who want that second home or dream of relocating, but have been putting it off should see the opportunities in this changing market. Financing is there for those who are creditworthy. Sellers understand the slight shift in the market place and are pricing their homes to sell.

Listen to your local Realtor who is also your local area expert in the real estate market. Let the facts do the talking, not the rating games of a network or cable media! Real estate is still the top investment choice for many despite a slowdown in some areas. If you are waiting because you think prices are going lower, Why wait? How much lower do you think they will go? Talk to me, you may not have to wait for them to go lower (IF) they go lower. Let common sense prevail.

I want to know what you think, I really do. Please leave a comment and tell me what's on your mind. All I ask is that you keep it non-offensive. Thank you.

2006 Totals		2007 Totals
Units Sold	2004	Units Sold	1465
Sales Volume	$474,893,898	Sales Volume	$360,474,301
Average List Price	$247,767	Average List Price	$261,285
Average Sold Price	$235,973	Average Sold Price	$246,058
Median List Price	$219,000	Median List Price	$224,888
Median Sold Price	$205,000	Median Sold Price	$213,500
Average Days on Market	123	Average Days on Market	128
% Sold to List	95.64%	% Sold to List	94.17%
% Sold to Original	53.82%	% Sold to Original	91.06%

Market News

3261 single family homes are available for sale as of November 27, 2007
1465 single family homes sold since January 1, 2007 to November 27, 2007 compared to 2004 single family homes sold during the same time period in 2006 resulting in a decline in demand of 539 homes. Keep in mind this is a decline of only 539 homes across a combined total of 5 counties.
Days on market for 2007 are 128 days compared to 123 days in 2006 resulting in a slight increase in 2007
There are currently 170 homes under contract
On average, sellers are getting 94% of their list price. Buyers making offers much lower than this are not as likely to get an acceptance on a property in good to excellent condition.
Average Sold price is $246,058 up from $236,973 in November 2006
Average median Sold price is $213,500 up from $205,000 in November 2006

Market Snapshot

This chart represents the number of Listings and the number Sold in 2007 compared to 2006. Inventory is higher and sales were lower in 2007 compared to 2006 with the exception of Towns County where inventory is lower in 2007. Sales were lower across the board for all counties in 2007.

This chart represents the number of homes Sold in all price ranges in 2007 compared to 2006. Sales are down for 2007 with more homes selling in the "up to 300K" range for both years.

This chart represents the number of homes Sold by county in 2007 compared to 2006. Pickens County showed an increase in home sales in 2007 over 2006 while the other counties showed a decrease. In 2006: Fannin had 157 more homes which sold; Gilmer had 175 more homes which sold; Union had 162 more homes which sold; and Towns had 61 more homes which sold.

This chart represents Inventory levels for residential single family homes compared to number of homes Sold in 2007. Homes are continuing to sell at a normal pace but inventory is out of line compared to the number sold. Properties must be priced right to bring the inventory under control.

The Average Sold Price reflects the total sold $ volume by the number of properties sold in a specified time. This chart represents Average Sold Price for residential single family homes in 2007 compared to 2006. It is important to note that a change in the average sold price does not indicate that property value has increased or decreased accordingly. The main purpose for this measure is to know which price range is most active. This trend is only one of many factors in estimating home values.

This chart represents the number of Days on Market in 2007 compared to 2006. The number of days on market increased for Fannin, Union, Towns, with a slight decrease in Gilmer and a notable decrease in Pickens in 2007.

Edited 12/5/2007 to add Average Sold Price; Inventory/Sold; Days on Market

For more information regarding the real estate trends for the North Georgia Blue Ridge Mountain area, please contact Donna in Blue Ridge and visit www.move2northgeorgia.net :

Donna Yates, Realtor
Mountain Investments of North Georgia
North Georgia Blue Ridge Mountains
706-633-0644 cell
Email: donna@ellijay.com
Website: www.move2northgeorgia.net

Posted by Donna Yates, Georgia Realtor Georgia Real Estate,Blue Ridge Mountains on 11/30/2007 02:25 AM

Comments (11)

north georgia blue ridge mountains, real estate market statistics, homes sales, home buyers and sellers, fannin, gilmer, pickens, towns, union

Originally posted at: North Georgia Blue Ridge Mountains Real Estate Blog, Donna Yates, Realtor: North Georgia Blue Ridge Mountains Market Watch (Edited)

This post has been included in Georgia Information Fannin County, GA Information

11 Comments on North Georgia Blue Ridge Mountains Market Watch (Edited)

NOV

2007

Great Charts, Great Stats...yada yada yada... I just wanted to say

I LOVE THE WREATH on your new PHOTO!!!

MERRY CHRISTMAS!

Somewhat how the media can place such a negative spin on market reports. It's good to hear that your local market area is alive and well with activity.

Great post Donna, Our area is off by only a little in sales volume too. I think it is due to values rising at a stable pace instead of the boom in other areas.

DEC

2007

Charles: Thank you for being so kind! Derrick: Let's be optimistic and hope for an even stronger market next year. I think things will settle down and maybe by spring, we will see markets all over the country coming back to life! Keith and Robin: I read where sales were up %5 for the Georgia. Seems to me, overall, most of us are doing just fine. I think we needed a correction to be honest, and fortunately our correction happened now rather than later when it could have really put the hurt on us like what happened to our neighbors farther south. As soon as inventory comes down a little more, I think we will start rolling again.

This is great info you've shared with us Donna...thanks for the hard work in putting it together!

DEC

2007

James: I spent most of the Thanksgiving week working on looking at one model after another! I have to tell you it was a real education and but very time consuming. I see that our market is doing ok considering all the negative perception that's out there. Thanks for your comment.

DEC

2007

Donna, you've really got your thumb on the pulse of the North Georgia market. You're a real pro!!

Donna,

Great report for all interested in Real Estate in North Georgia. I have been doing similar reports, so I know and understand the work that goes into it. Good job!

Robert: Thank you as always for your comment. I've learned quite a bit through this process and it's nice to report that things really aren't all that bad. It's not hard times, it just different times and there are great opportunities to be had.

Chad: Your comment means a lot. This has truly been an exhaustive effort of time and brain power to pull this market data together and I've learned a great deal about our market. Now, if I can get a handle of the absorption rates!!! No more speculation, just let the data speak for itself. Great opportunities are waiting for those needing a home or just simply wanting another home. We can't time the real estate market anymore than the stock market. Opportunities are happening right now! We must stay positive and let common sense prevail.

DEC

2007

No doubt this market study sets you completely apart from your competition! The good thing is that all you have to do now is add one more month to your data every 30 days because the hard part was getting it set up in the first place. Our mls data comes out today, so 'guess I'll be working on one of these in a few hours.

Margaret: Thank you for your feedback. It was quite a chore pulling all of this data together but very interesting. I've learned so much about how to do these charts from members like you. The absorption rate has blown my mind so I haven't posted that data as yet. Still reading through the many, many blogs about and how to calculate absorption rates.

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