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Dahlonega Lumpkin County Ga. Real Estate Report, December 2010

Real Estate Agent with Chestatee Real Estate 217370

January 06, 2011 02:53 AM

All properties in this report were listed or sold by Realtor's. For Sale by owner properties are not referenced in this report.

The Numbers.

As of January 5 2010 we have 316 single family homes are listed for sale in the FMLS system. We have 31 additional homes are under contract

We had 20 closed sales in December, 14 were foreclosures.

The highest sale price was $329,000. It was a river home at 445 River Trail.

The lowest sale price was $26,000. It was a old house located at 881 Grindle Brothers Road.

Sun Trust sold The Summit, they had 27 new two bedroom two bath condo's and over 90 acres of land. It sold for 2.6 million dollars. I think this was the best deal of the year in Lumpkin County.

We have 327 developed lots on the market. Only one of them is under contract.

Two lots sold in December, a 1.19 acre lot on Gold Ridge Road sold for $25,000 and a 1 acre lot on J Mountain sold for $14,000.

The land farm section of the MLS has 121 active listings and one pending sale and no closed sales for last December.

My take on the market.

I am expecting sales to be up in 2011. I have already written and have verbal acceptance on my first offer for the year. Of course it is on a foreclosure.

The economy seems to be slowly picking up. News reports show that retail spending for Christmas was up. We are seeing investors who have been setting on the sidelines getting back in the game.

Look for a increase in foreclosures, some are predicting that this will be a record year for the number of foreclosures. I expect banks that have been holding off on foreclosures to clear their books this year.

After the foreclosure flood is over prices will rise.

They tell people to buy low and sell high to make money. I believe we are at or near the low. The only way to know when the exact low point was is when it is over and prices start back up. I think years from now people that could have and do not buy now will look back and say, I could have and should have bought back in 2010 and 2011. If I would have just bought this or that I would be set for life.

If you are interested in the market I have a free service that has the most up to date market information at http://dahlonegahomesforsale.listingbook.com/ you may also find a full list of homes for sale including HUD foreclosures at http://www.AlanGrizzle.com .