A Surprising Jump -- February Market Analysis for Blue Ridge, GA

By
Real Estate Agent with Century 21 In the Mountains

I'm battered, bruised, exhausted...but happy. Fannn County's Residential Market Analysis Boxerfor February shows that you HAVE been paying attention after all! Me so proud!

When I first pulled the numbers, I was ecstatic -- the median sales price for February '09 was $248,000, compared with $179,825 in February of '08. That represents a 27% jump in the median sales price! WOW! The market's up, happy days are here again! I probably should have stopped there; ignorance, after all, is bliss.   

But, I noticed that on the flip side, the total number of sales for the month were down over last year. In February '08, 28 residential units were sold, as opposed to 23 units this February, down 18%. That would indicate that the market is still not rebounding as much as we'd like.

Trying to make sense of the conflicting data, I further broke the sales data into price categories: $100,000 - $200,000, $201,000 - $300,000, etc. Here's what the data showed concerning number of units sold in each price range:

  Units Sold February 2009 - Total 23 Units Sold February 2008 - Total 28
$0 - $100,000 2 3
$101,000 - $200,000 4 16
$201,000 - $300,000 12 6
$301,000 - $400,000 3 2
$401,000 - $500,000 2 1


The biggest jump in sales this year was in the upper price ranges - $201,000 and over. What does this mean? Buyers are realizing that there are AMAZING deals out there right now. They are able to buy fabulous cabins -- chock-full of luxurious upgrades -- in the $200K-$300K range that probably would have cost $50,000 - $100,000 more last year. Smart buyers!

Given that the number of sales is still down -- meaning the market is still sluggish -- we can expect to see continued downward pressure on prices. Which means the bargains will keep coming. Which means lots of golden opportunities for buyers.

At least now I feel like you're listening to me...Phew...

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Posts to Localism
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Nothing but the Positive
Tags:
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kim southern
february 2009
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Ambassador
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Paul S. Henderson, REALTORĀ®, CRS
RE/MAX Northwest. - Tacoma, WA
Tacoma Washington Agent/Broker & Market Authority!

Trends are easier to track from month to month I find. If you go back a year around here things were selling now if I look back last fall, ouch. I believe we are making slow progress in the right direction...

Mar 07, 2009 01:32 AM #1
Rainmaker
116,746
Kim Southern- "Sold" with Southern Hospitality
Century 21 In the Mountains - Ellijay, GA
Greetings from the North Georgia Mountains!

Paul: For sure a month-to-month analysis softens the blow...I like to go back a year, because I think it gives us better perspective, i.e., are we making any progress, what are the bright spots, if any, etc. In this case, there WAS a bright spot, thank goodness!

Thanks for stopping by!

Mar 07, 2009 03:51 AM #2
Rainmaker
417,264
Debbie Malone
Londeree's Real Estate & Property Management - Lynchburg, VA
From Lynchburg To The Lake (434) 546-0369

Kim, we just had a business meeting this week and the numbers were interesting; sales down 23%,  but a 5% jump in prices over last year.

Mar 08, 2009 03:22 PM #3
Rainmaker
116,746
Kim Southern- "Sold" with Southern Hospitality
Century 21 In the Mountains - Ellijay, GA
Greetings from the North Georgia Mountains!

Debbie: These are interesting times! Certainly an unprecedented time to be a buyer...The deals right now on higher-end cabins are stunning!

Thanks for stopping by!

Mar 09, 2009 12:26 AM #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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