After reporting on what appeared to be some slight improvement in Pickens County GA home sales in the last two months, October has unfortunately reversed the trend . . .

With only roughly 15 houses either under contract or sold for the month of October, this marks a substantial decline when compared to both year-on-year numbers, and prior month sales, showing a greater than 50% drop in both areas.  Notably, more than half the homes placed under contract were bank-owned foreclosures, which fact is likely to be reflected in the average sale price and list to sale price ratio, which had already dipped below 93% for September.

The average list price of the pending sales was below $195,000 . . . already lower than the average sale price in October 2006 and 2007, and likely to fall lower once these sales actually close.  List prices fell within a range of between $65,000 and $459,100.

Better news is that inventory continued its decline, as more sellers withdrew to the sidelines, falling below 570 houses (versus a number usually hovering at more than 600 homes for sale in the Jasper GA and Big Canoe area). Of those properties, at least 31 (nearly 5.5%) were identified as either foreclosed REO homes or bankruptcy filings, not including those in pre-foreclosure or distress situations.

Going into November, the numbers look even more bleak.  Month-to-date, almost half-way through the month, out of nearly 570 available homes, there are currently only four pending sales noted, all of which are listed at below $200,000, and two of which are foreclosure listings.

Based on national and local economic uncertainty, it seems unlikely that there will be a substantial shift in the local real estate market in the short term, particularly not during this time of year that is typically slower anyway.  Sellers should be prepared for the possibility of not seeing significant activity on their listings until the new year. Buyers (particularly investors) might want to explore some of the better deals that are available, as that is one area still showing activity and quick turnaround -- properties priced below market.  Many lenders and builders are trying to dispose of inventory quickly and are offering some very good deals right now.

For information on some of the better opportunities available or more specific market information, shoot me a quick email with your needs / criteria or questions and I'll get back to you shortly.  Be sure to check out some of the great deals I have on new construction in Pickens County GA, under $300,000.