Home sales in Fannin County are mirroring the national trend -- sales are up, but prices are down. September 2009 saw 33 residential sales, with a median price of $206,000, compared to 27 residential sales and a median sale price of $245,000 in September of last year.
Foreclosures account for about 20% of last month's sales. Since our local MLS didn't have a separate category for foreclosures last September, it is difficult to ascertain what percentage of last year's sales were foreclosures. However, from personal observation, they are up this year over last year at this time. In my opinion, the increase in sales of foreclosures is part of what is driving prices down.
Another major factor exerting downward pressure on prices is our existing inventory. There are 822 active residential listings on the market today. At current sales levels, it will take about two years for all the homes on the market in Fannin County to be absorbed.
One difference between our area and most others across the country is that our increase in sales is not being driven by first-time homebuyers looking to take advantage of the tax credit by November 30. Our market is overwhelmingly a second-home market, so our sales are not being artificially propped up by the tax incentive. Hopefully, that is a sign that our market truly on the upswing.
That said, our backlog of available inventory, combined with foreclosures continuing to hit the market, point to a buyer's market in Blue Ridge for the foreseeable future.
|September 2008||September 2009||Variation|
|Total Units Sold||27||33||20%|
|Average Days on Market||126||128||1%|
|Median Sale Price||$245,000||$206,000||-16%|