As anticipated, home sales in the Pickens County area dipped even lower during December 2008, as the effect of the holidays, weather, and economic uncertainty further inhibited already reduced sales activity. 

Only 14 homes were placed under contract for the whole month, roughly half of which have yet to close, making any kind of conclusion about final sale prices or averages difficult.  At this point, it appears average sale price will fall under $200,000, which is in keeping with last month's sales data, which put the average home sale price in Jasper at around $174,000 for November 2008 (at a list-to-sale ratio of only 92%).  Three of the 14 homes sold (21%) were bank-owned foreclosures, while Big Canoe accounted for four (29%) of the sales.

In line with another trend reported on in prior months, inventory continued to decline significantly, dropping to only 500 homes for sale in Pickens County, GA, (about 14% lower than we were at the same time last year).  I wouldn't be surprised to see this trend reverse slightly as we move back into spring -- I'm already seeing increased seller activity as the early birds are jumping in ahead of the competition.

Of the 500 available homes, 29were listed as lender-owned (REO), corporate-owned, bankruptcy, or short sale properties -- 5.8% of total inventory. Unfortunately, the number of distress sale properties on market will in all likelihood increase in weeks to come.

I will include a link to the year's sales data when I have it posted, but it is safe to say it won't be a very positive report.  Here's to a much better 2009 . . .