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Blue Ridge Market Report -- January 2010
An analysis of Fannin County home sale data for January showed some positive signs. Although the number of closings was down from December of 2009 (30 in January compared to 40 in December), the median sale price was up substantially ($247,500 in January vs. $200,000 in December). Sales were also up from January 2009 numbers - there were 20 closings in January of 2009 versus 30 in January of 2010. The percentage of the market comprised of foreclosures continues its upward climb: 35% of the closings in January of 2009 were foreclosures; 37.5% in December of 2009; 40% in January 2010. The existing inventory of homes for sale continues to reflect a saturated market -- one that tilts in favor of buyers. If current rates of sales hold steady, we are probably still a few years away from a balanced market. That is great news for buyers...not so much for sellers.Fannin County is primarily a second-home market -- a market harder hit than the primary home market. In the boom years in Fannin County (2003 to 2005), second home buyers were often using equity from their primary homes to finance their second homes. Once that source of funding dried up, so ... more

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