As Buyer Foot Traffic Rises, So Does Homebuilder Confidence
As the “pulse of the single-family housing market”, the Housing Market Index is a monthly product of the National Association of Home Builders. Its scores range from 1-100, with a reading a 50 or better suggesting “favorable conditions” for builders.
Because of its methodology, the Housing Market Index can offer excellent insight into the Blue Ridge and Blairsville, GA. market for newly-built homes. This is because its value is a composite of three survey questions:
- How are market conditions today?
- How do market conditions look 6 months from now?
- How is the prospective traffic of new buyers for new homes?
Builder responses are collected, weighted, then presented as the Housing Market Index.
According to the NAHB, October’s HMI reading of 16 is its highest value in 5 months. The uptick hints that the market for newly-built homes may rebound more quickly that this summer’s weak new homes sales figures would otherwise suggest.
You’ll remember that, between April and August, the number of new homes sold per month fell by 30 percent and the available, new home inventory climbed 2.3 months.
This month, though, builders report much better foot traffic and, as a result, have raised their expectations for the next six months of sales. Low mortgage rates are likely aiding the optimism, too.
As compared to 1 year ago, average, 30-year fixed mortgage rates are lower by 0.75 percent, a payment savings of $45 per $100,000 borrowed.
October 17th 2010 North Georgia Mountain Front Porch View
I took this picture while I was out showing Luxury Cabins For Sale in Blue Ridge, GA. this past Friday. This Incredible Front Porch View was taken from a Log Cabin For Sale in Overlook Blue Ridge. The view is Absolutely Amazing, and I am not sure which was more impressive…that or the Cabin itself!
If you would like more information on this Log Cabin For Sale or any other Home or Cabin that you have see online, I would be more than happy to offer my assistance. You can Call Me at 706.994.8686, or Contact Me and I will get back to you in a timely manner.
Make it a GREAT week!
October 15th 2010 North Georgia Mountain Front Porch View
This picture was taken in Fannin County just outside of Blue Ridge, GA. Unfortunately this Cabin is not For Sale to my knowledge. I actually took this pictures about a month ago as I was headed out to visit with a client that was building a cabin in the area. There are however several Cabins For Sale within Cohutta Overlook where this Cabin is located.
Please let me know if you would like for me to assist you in finding a Cabin with an Incredible View like this one in the North Georgia Mountains. You can call me at 706.994.8686, or Contact Me and I will be more than happy to assist you with all your Blue Ridge Real Estate needs.
October 2010 Fannin County Vacant Lot Market Report
Fannin County Vacant Lot October 2010 Market Report
The October 2010 Market Report for Vacant Lots in the Blue Ridge and surrounding areas of Fannin County is actually not too bad in some areas.. To begin with, the Median Sold Price for Vacant Lots is experiencing a huge increase, up 66% from September 2009. The New Median Sold or Sales Price for Fannin County is $43,500, up from $26,250. The Median For Sale Price however has experienced a decrease of 10% to $58,700.
The number of Vacant Lots Sold in Blue Ridge, GA. is down quite a bit. When you look at percentages it seems like an awful lot, and it is. Fannin County Vacant Lot Sales was down 35%, from 12 Sales in September 2009, to only 8 in September 2010. The number of Vacant Lots Pending, or Under Contract was also down 43%, from 14 to only 8 in September of 2010.
Now here is one I am having a hard time comprehending. The number of new properties was up 61%, from 76 all the way up to 122. The only thing that I can think is maybe the Local Banks have been holding on to some of the Developments and they all came back on to the market in one fail swoop. One good thing is that the Total Number of Properties For Sale continues to drop with each passing week. There were only 1,052 Vacant Lots For Sale In Blue Ridge, Ga. in September 2010. That was down by 23% from 1,365 in September of 2009.
The Average Days On Market, better known as DOM, is continuing to go down. In September 2010, the DOM was 115 which is down 15% from a year ago. With the number of Fannin County Vacant Lots available shrinking, and with sale decreasing a little as well, the Month’s Supply of Inventory, or Absorption Rate, is up to an amazing 122.5 months to get rid of all of our inventory at current market conditions. Let me do the math for you, that is 10 years and 2 months to sell all of our Vacant Lots.
If I can answer any questions from anything I have said in this Market Report, please feel free to Call Me at 706.994.8686, or you can Email Me at [email protected]. Thank You so much for visiting The Front Porch View. Please come back and visit anytime that you can, you’re always welcome.
Existing Home Sales Rebound Gives Hope For Autumn
Sales of existing homes in recovered in August, perhaps the result of a post-tax credit normalization.
As compared to July, Existing Home Sales rose 8 percent in August, buoyed by falling interest rates and slow-to-rise home prices. There’s lot of “good deals” out there and home buyers in Blairsville and Blue Ridge are taking advantage.
The housing gains are relative, however. August’s total units sold barely crossed 4 million and still trails the average figures of the last few years by close to 1 million units.
Despite that, the August Existing Home Sales report can be considered a strong one. This is for several reasons:
- Sales volume increased in August without tax credit or government intervention
- Sales growth is not limited by geography. All 4 regions — Northeast, Southeast, Midwest, and West — showed improvement last month.
- Repeat buyers are driving the market, representing 48 percent of sales, up from forty-three percent in July.
And, perhaps most important to the housing market market, the number of available home resales dropped by almost one full month last month. At the current sales pace, the national inventory would be depleted in 11.6 months.
For home buyers, the data presents an interesting opportunity. With average mortgage rates rising from their best levels ever and home affordability cresting in places like The North Georgia Mountains , this autumn may represent the turn-around point for the housing market nationwide.
If you’re planning to move in early-2011, consider moving up your time frame.
