Blue Ridge Market Report - Hellzapoppin!!

By
Real Estate Agent with Century 21 In the Mountains

Blue Ridge Market ReportMake sure you're strapped in tight! Home sales in Fannin County continue their wild roller coaster ride. October 2009 residential sales figures are in, and both number of units sold and median prices are up over last October. This is a break from the trend we saw last month, when the number of sales was up, but prices were down from September 2008.


There were 35 residential sales in Fannin County last month, compared with 22 in October '08. The median price this October was $186,000, almost $26,000 up over last October's $160,450.


An analysis of foreclosure data yields some interesting results: Out of the 35 residential sales last month, 13 (37%) were foreclosures, versus 2 (9%) of last year's sales. The median sale price for foreclosures was $130,000, the median sale for non-foreclosure units was $227,375 -- a 43% price increase!


A further breakdown of the data shows the following:

Price Range
                        # of Units Sold
$0 - $100K                                   6      
$101K - $200K                            13
$201K - $300K                            8
$301K - $400K                            5
$401K - $500K                            2
Over $500K                                 1 ($810,000)
 

October 2008 October 2009 Variation
Total Units Sold 20 35 +43%
Average Days on Market 104 138 +25%
Median Sale Price $160,450 $186,000 +14%




What can we learn from this month's analysis? I sure wish I knew! I am grateful for the uptick in both sales and prices and would LOVE to think it will be a continuing trend. But, I'm not sure if I feel like the adorable girl in the front of the roller coaster...or the guys in the back!   

 

 


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Rainmaker
417,264
Debbie Malone
Londeree's Real Estate & Property Management - Lynchburg, VA
From Lynchburg To The Lake (434) 546-0369

Great news Kim, we also had sales above last September and October. I love your graphic, the expression on the girls face is priceless!

Nov 12, 2009 01:40 PM #1
Rainmaker
116,746
Kim Southern- "Sold" with Southern Hospitality
Century 21 In the Mountains - Ellijay, GA
Greetings from the North Georgia Mountains!

Debbie: She is a cutie for sure! Since I'm not a roller coaster fan, I'm sure that's what I look like when I'm on one!!

So glad to hear the market's up in Smith Mountain Lake! I hope it's a trend and not a fluke!

Thanks for stopping by!

Nov 12, 2009 11:02 PM #2
Rainmaker
374,822
Donna Yates
BHGRE - Metro Brokers - Blue Ridge, GA
Blue Ridge Mountains

Hi Kim:  I'm more like the woman who has her eyes shut tight and is hanging on for dear life! LOL  It's been a wild ride for sure but I'm happy to see any encouraging news and will enjoy it no matter how long it lasts.  We just need to put it in 4 wheel drive and pull out of this mudpit once and for all.  Great analysis.

Nov 16, 2009 02:38 AM #3
Rainmaker
116,746
Kim Southern- "Sold" with Southern Hospitality
Century 21 In the Mountains - Ellijay, GA
Greetings from the North Georgia Mountains!

Donna: LOVE the analogy--"put it in 4-wheel drive and pull out of this mudpit..." You are soooo right. I'm ready, baby, let's do it!!

Thanks for stopping by!

Nov 16, 2009 10:39 AM #4
Rainmaker
460,741
Michael Eisenberg
eXp Realty - Bellingham, WA
Bellingham Real Estate Guy

Nice report Kim great picture as well................ and the roller coaster ride continues where to next

Nov 19, 2009 04:00 PM #5
Rainmaker
460,741
Michael Eisenberg
eXp Realty - Bellingham, WA
Bellingham Real Estate Guy

Nice report Kim great picture as well................ and the roller coaster ride continues where to next

Nov 19, 2009 04:00 PM #6
Rainmaker
116,746
Kim Southern- "Sold" with Southern Hospitality
Century 21 In the Mountains - Ellijay, GA
Greetings from the North Georgia Mountains!

Michael: No tellin'!! Just hanging on tight at this point!

Thanks for stopping by!

Nov 23, 2009 02:42 AM #7
Rainer
22,483
Brian Anderson
Peachtree SEO - Peachtree City, GA
SEO and Social Media Marketin

Nice data Kim -- appreciate the update.  I'm a big Blue Ridge fan - love the entire area.  I'm down in Peachtree City, but make the trip up a few times a year.

Are you seeing any troubles with appraisals due to the foreclosures? 

 

 

Jan 18, 2010 03:44 PM #8
Rainmaker
116,746
Kim Southern- "Sold" with Southern Hospitality
Century 21 In the Mountains - Ellijay, GA
Greetings from the North Georgia Mountains!

Brian: Absolutely! Foreclosures are definitely dragging our whole market down...Another problem with appraisals here is that a lot of lenders are using out-of-area appraisers who are simply not well-versed in our market -- second-home, rural vs. urban, etc. -- and there are some 'funny numbers' coming out of their reports.

I love Blue Ridge, too! Been up here about 8 years now and wouldn't want to be anywhere else...

Thanks for stopping by!

Jan 26, 2010 05:30 AM #9
Rainmaker
116,746
Kim Southern- "Sold" with Southern Hospitality
Century 21 In the Mountains - Ellijay, GA
Greetings from the North Georgia Mountains!

Brian: Absolutely! Foreclosures are definitely dragging our whole market down...Another problem with appraisals here is that a lot of lenders are using out-of-area appraisers who are simply not well-versed in our market -- second-home, rural vs. urban, etc. -- and there are some 'funny numbers' coming out of their reports.

I love Blue Ridge, too! Been up here about 8 years now and wouldn't want to be anywhere else...

Thanks for stopping by!

Jan 26, 2010 05:30 AM #10
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Rainmaker
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Kim Southern- "Sold" with Southern Hospitality

Greetings from the North Georgia Mountains!
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