Are the Clouds Parting? A Market Analysis for Blue Ridge, GA

By
Real Estate Agent with Century 21 In the Mountains

sunbeamMid-year 2008 finds the real estate industry in the North Georgia Mountains in a state of uncertainty. Agents--many of them with considerable experience--are dropping out of real estate to pursue "real" jobs. Most others are hunkering down to try to ride out the worst of the storm. Cutting out all but the most essential expenses, agents are doing some serious belt-tightening.  One needs only to pick up a current edition of The Real Estate Book--once a healthy publication that used to swell up to nearly 200 pages, now down to less than 60 pages--to see that agents are cutting back.

Is the real estate market that dire here in the North Georgia Mountains, or do we simply need to adjust to the "new" normal, after several years of impossible-to-maintain highs?

Let's take a look at some figures.

I have analyzed residential sales in Fannin County. I looked at the six month period from January 1, 2007 to June 30, 2007 and compared it to the same time period in 2008.  Here's what the numbers look like:

  

1/1/07 - 6/30/07

1/1/08 - 6/30/08

Variation

Total Units Sold

203

181

-11%

Avg. Days on Market

127

128

 

Sold Price

 

 

 

   Average

$318,481

$242,910

-24%

   Highest

$2,150,000

$1,162,000

-46%

   Total Volume

$64,651,728

$43,966,666

-32%

These figures depressed me somewhat, but I also knew in my gut that things were beginning to look up...after all my phone was ringing a lot more than it has been for the past few months.  I decided to compare figures from just the month of June 2007 versus June 2008.

  

June 2007

June 2008

Variation

Total Units Sold

27

32

19%

Avg. Days on Market

152

122

-20%

Sold Price

 

 

 

   Average

$346,540

$279,943

-19%

   Highest

$1,205,000

$1,162,000

-4%

   Total Volume

$9,356,588

$8,958,189

-4%

 

I was pleased to see that my instincts were correct...things ARE looking up! The number of units sold rose, while the average days on market declined. True, average sale price eroded, but I believe we are still in the midst of a necessary price correction. What is important is that the slide that seemed to be going on forever has been halted...for now, at least. 

The bottom line? Now is the time to look into buying real estate in the North Georgia Mountains. There is a great array of wonderful properties to choose from and prices are better than they have been in years.

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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

Kim, the front page of the News & Advance today: "Area Housing Market Suffers". Foreclosures in Lynchburg are up by almost 50%. Not good news but we have to keep things in perspective:

 

57 Foreclosure filings in Lynchburg in the first half of 2008 compared to

34 Foreclosure filings in Lynchburg in the first half of 2007

 

We've seen the national housing market woes trickle down but we are much better shape than other areas of the country.

Jul 16, 2008 02:33 AM #1
Rainmaker
116,746
Kim Southern- "Sold" with Southern Hospitality
Century 21 In the Mountains - Ellijay, GA
Greetings from the North Georgia Mountains!

Debbie: Perspective is vital...You can listen to all the bad news and want to do nothing but stay in bed with the covers pulled up over your head, or, you can make up your mind to tune out the negative media drumbeat and find the truth yourself.

I choose the latter, and I know you do too.

Thanks for stopping by!

 

Jul 16, 2008 02:37 AM #2
Rainmaker
37,789
Dawn Grasty
Prudential YSU Realty - Durham, NC
Durham NC Real Estate

I love the way you took some dire news and put it in perspective. I might have to borrow your idea for some marketing materials! And, I love that you're honest about it -- no sugar coating, eg "necessary price corrections". That adds to why you're so successful, you're someone they can trust!

Jul 17, 2008 12:30 PM #3
Rainmaker
116,746
Kim Southern- "Sold" with Southern Hospitality
Century 21 In the Mountains - Ellijay, GA
Greetings from the North Georgia Mountains!

Dawn: Thank you! What a wonderful endorsement.  Please DO use whatever ideas you can that may benefit you...I'm sure you'll return the favor some day!!

Thanks for stopping by!

 

Jul 17, 2008 02:40 PM #4
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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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