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Union County Residential Real Estate Market Report – March 2011
The Residential Real Estate Market in the Blairsville area of the North Georgia Mountains are still be dominated by Bank Owned Properties For Sale. The Median Sold Price for Homes Sold in Union County was on a steady climb since September of last year according to the data that this report has been compiled from with help from the Northeast Georgia Board of Realtors® MLS. That all came to a screeching halt in February of 2011. Although there were over 2 times the number of units sold, the Median Sold Price dropped 27% from last month, but only 16% from a year ago. The Median For Sale Price has risen slightly from last month, but dropped about 3% from a year ago. Again, the number of Homes Sold in Blairsville, GA. was up 116% from last month, and 7% from a year ago. I believe that all the snow we had in December and January had a lot to do with why our sales were down so much in January.
But why the decrease so much in Median Sold Price? 27% in one month. Well one word…Foreclosures. Bank Owned Properties make up a very small percentage of the Market Share in Blairsville but dominate the sales. If you take a look at the homes sold in February, 20 of them were Bank Foreclosures. That is 57% of House Sales in Union County.
The number of Homes Under Contract has actually dropped a little from last month as well. There were 30 Homes Pending in Blairsville Georgia at the end of February, compared to the 41 that were Under Contract in January. Taking a look at the past year, we can see a somewhat steady climb and an overall 67% increase year over year.
New Real Estate Listings continue to decline mostly in part to New Construction Home starts being down so much. The total number of Residential MLS Listings is down 23% from February 2010. The Average Days On Market or commonly referred to as DOM, was down 13% overall, but was up just slightly to 155 days. Also the Absorption Rate for Union County is down overall 57%, but jumped from 12 months to almost 16 months in February 2011. The Absorption Rate tells us how many months under current market conditions it would take to sell all the Homes For Sale in Blairsville, GA.
Thank you so much for stopping by “The Porch” and visiting. you are welcomed back at anytime. If you have any questions or concerns with anything you have read in this report, or pertaining to the North Georgia Mountain Real Estate Market, please Contact Me and I will be grateful for the opportunity to address them for you.
Make it a GREAT day!
Related articles
- Incredible Buy On A Bank Owned Home In Blairsville Georgia (thefrontporchview.idxco.com)
- Lake Houses For Sale On Lake Nottely In Blairsville GA (thefrontporchview.com)
- 2 Year North Georgia Mountain Residential Market Report – January 2011 (thefrontporchview.com)
- Pending Home Sales Up In The North Georgia Mountains (thefrontporchview.com)
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Union County Residential Real Estate Market Report – February 2011
Homes in Georgia continue to see a decline in Median Sold Prices. Houses For Sale in Georgia are being rocked by Bank Owned Real Estate For Sale. We are not immune to it here in the North Georgia Mountain Real Estate Market either.
The Media Sold Price for Homes Sold in Union County was down another 5% in January 2011. A drop of $7,600 to $144,900. The Median Sales Price for Homes For Sale in the Blairsville, GA. Market was also down 3% to $185,000. The number of Houses Sold in January was down 25%. Only 15 Homes Sold in Blairsville, down 5 from 20 that sold a year ago. Now are you ready for some Good News, there are currently 43 Homes Under Contract in Union County. That is a change of 19 from last year, and a 79% increase. January marks the second highest month for Pending Home Sales in Union County in the past year.
New Real Estate Listings are down 37%. I guess those would-be Seller’s that do not need to sell are listening to their Real Estate Agent. I tell my customers and clients that unless circumstances arise that cause you to sell, now is just simply not the time to Sell Your Ga Mountain Home. The total number of Properties For Sale is down 26% to only 577 Houses.
The Average Days on Market (DOM) is down 8% to 161 Days. This is the number of days on average that it takes to market and Sale Homes In Union County. The Months Supply of Inventory, or better known as the Absorption Rate was 11.2 in January 2011. That is down almost 60% year over year. This is due mostly in part to both the Supply and Demand each being down around 25%.
If you have any questions or concerns about anything that you have read in this report, please Call Me at 706-994-8686, or you can simply Contact Me Here.
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Towns County Residential October 2010 Market Report
Towns County surprisingly is the only County in the North Georgia Mountains that I serve that has experienced an Increase in Median Sold Price. Now granted, it isn’t much, but to be the only one of 4 counties is actually saying something. The Media Sold Price for homes Sold in Hiawassee Georgia was up 1% in September 2010, over the previous year. The Median Sold Price was $226,000. The Median For Sale Price however is down 8%, down $20,500 from $249,500. The number of Homes Sold In Hiawassee was up an amazing 56%! There was 14 Homes Sold In Towns County in September of this year. Again with a little good news, comes a little bad news. The number of Homes Under Contract in September of this year was down 17%, only 10 instead of the 12 Under Contract last year.
The number of New Listings hitting the market in Hiawassee was also down 15%, down to 41 from 48 last year. Also, the total number of listings, or homes for sale in Towns County was down 7%. There was only a total of 494 Homes For Sale as opposed to 533 last September. .
The Average Days On Market was down 7% to 183 Days. This was down 15 Days from 198 in the previous year. The Month’s Supply Of Inventory, or the Absorption Rate was up 14% to 45.8. That is the number of months that it would take to deplete the Inventory at today’s current market conditions.
I hope that you have found this Towns County Real Estate Market Report to be useful. If you are planning on purchasing a home or property in the Hiawassee area, or other areas in the North Georgia Mountains, please Contact Me. I would be grateful for the opportunity to work with you, and to assist you every step of the way.
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Blairsville Realty Fall 2010 Newsletter
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Fannin County Residential October 2010 Market Report
Fannin County Residential Market is somewhat depressed much like that of Union County. Homes Sold in Blue Ridge and surrounding areas experienced a drop in Median Sales Price of 27%. In September 2009 the Median Sales Price was $225,000, in September of 2010 it plummeted to $164,000. The good news is the number of transactions climbed 3% by 1 sale, 36 Sales up from 35. Now there is a huge difference in the number of Homes Under Contract In Blue Ridge, GA. At month’s end, the number of Homes Under Contract was up a whopping 66%, a change of 25 more than the 38 in September of 2009.
The number of New Properties continues to go down each month, as well as the number of total Homes For Sale In Blue Ridge each month. The supply and demand is hold steady over the past year. Supply is down 6%, while the number of Homes Sold in Fannin County has risen 3%.
The Average Days On Market (DOM) has been increasing month after month since May 2010. The Days On Market is up 33% to an average of 174 Days in Fannin County. Having said all of that, the Months Supply of Inventory, better known as the Absorption Rate, is down an amazing 44% to 13.7 Months. To sum all of that up, it would take 13.7 months today’s market to sell all available Homes For Sale In Blue Ridge as long as no other homes entered the market.
I hope that this gives you a great insight to what is going on in the Fannin County Residential Real Estate Market. If I can answer any questions or concerns that you may have, I will be more than happy to do so. Please Call Me at 706.994.8686, or you can Contact Me and I will get back to you with answers. Thank you so much for viewing this North Georgia Mountain Market Report.
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Union County Residential October 2010 Market Report
As you can see from the report above, the Union County Residential Median Income continues to slide. This report shows that Blairsville Homes For Sale have seen a 35% drop in the median sales price from this time last year. The Union County Median Sales Price is $103,500. No change in the number of transactions within Union County with 28 Homes Sold in October 2010. November points to somewhat more of a promising month, as our number of Homes Under Contract increased by 10% to a total of 34.
Union County currently has 730 Homes For Sale, that is an decrease by 112 from this time last year. The number of New Properties is also down 25% from 80 to 60. The Average Days On Market had a slight increase of 3%. And finally, the Months Supply of Inventory came to a little of a surprise being down 23%
If you would like any additional information that is not provided in this post, please Contact Me and I will do my best to answer any and all questions that you have. Thank you for viewing this North Georgia Mountain Real Estate Market Report.
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With home prices still relatively low and mortgage rates trolling near their all-time best levels, it’s no surprise that home affordability is extraordinarily high in The North Georgia Mountains and most U.S. markets.
According to the quarterly Home Opportunity Index as published by the National Association of Home Builders, more than 72 percent of all new and existing homes sold between January-March 2010 were affordable to families earning the national median income.
It’s the second highest reading in the survey’s history.
Of course, on a city-by-city basis, home affordability varies.
In the first quarter of 2010, for example, 98.7% of homes sold in Bay City, Michigan were affordable for families earning the area’s median income and in Indianapolis, the percentage was almost 95 percent.
Indianapolis has held the top quarterly ranking for close to 5 years now.
On the opposite end of the spectrum, the New York-White Plains, NY-Wayne, NJ region earned the “least affordable” metropolitan area for the 8th consecutive quarter. Just 20.9% of homes are affordable to families earning the local median income.
The rankings for all 225 metro areas are available on the NAHB website but regardless of where your town ranks, home affordability remains high as compared to historical values but it likely won’t last long. Home values are recovering in many markets and mortgage rates won’t stay this low forever.
All things equal, buying a Home For Sale in Blairsville, or a Cabin For Sale in Blue Ridge may never come this cheap again. If you were planning to buy later this year, consider moving up your time frame.
Please Contact Me or give me a call at 706.994.8686, and I will share with you some Affordable Vacation Homes For Sale in the Beautiful North Georgia Mountains.
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There is nothing like feeling you are out in the “Boonies,” but you can walk to “Civilization!” You can get the Full Experience of Mountain Living just a few short blocks away from Downtown Blue Ridge Georgia in the Mineral Springs Ridge Community.
Mineral Springs Ridge is located near Great Food, Shopping, City Parks and even one of 4 Drive-In Theaters still operating in Georgia. Enjoy Long Range Mountain Views across Country and Town. There are many Great Outdoor Adventures here in the North Georgia Mountains, and the Aska Adventure Area in just down the road from Mineral Springs Ridge. From there you can do any number of activities, such as Biking, Mountain Biking, Hiking, Fishing, Hunting, Kayaking, and so much more! You can also Catch A Show or Hop On The Train, and take a ride along the Toccoa River and view the Indian Fish Traps along the way. There is always something going on in Blue Ridge, GA.
Mineral Springs Ridge is currently offering some really Good Deals! For a limited time, ALL Remaining Lots For Sale in Mineral Springs Ridge are priced at ONLY $25,000. That is right, Fantastic Mountain View Lots For Sale for ONLY $25,000. There is currently One Home For Sale in Mineral Springs Ridge. There are 2 New Homes that have recently began construction, and should be completed by the end of Summer 2010. There were also 2 Homes that SOLD in the community last year.
The Community is protected by Covenants and Restrictions, and there is a Home Owner’s Association. The property is served by Blue Ridge City Water, Sewer is provided by Private Septic Systems on each individual lot that the new owner(s) will be responsible for, and all Utilities are underground.
If you are looking for a place “Close To Town,” look no further than Mineral Springs Ridge. I can get you in touch with a Reputable Local Builder that will help you build the Home of Your Dreams. If you have any further questions or concerns, I would be grateful for the opportunity to answer those for you. If you would like any additional information, you can Contact Me, or simply pick up the phone and give me a call at 706.994.8686. I look forward to hearing from you soon.
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Median Sales Prices for Homes Sold in Blairsville was down 23% from April 2009, and it was also down 9% from March of this year. The Median Price of Homes For Sale in Blairsville, GA. is also down 5% , from $209,000 to $199,000.
Sales were down in April from 31 in March, to only 18 in April. That is a change of 42%. Of those 18 Homes Sold in Blairsville, 39% of them were Foreclosures. There were 21 Homes Sold in Union County in April 2009. Our Northeast Georgia MLS system is not set-up to accurately report the number of Short Sales that occurred within those sales.
There is Good News for May however. The number of Pending Sales in Union County was up 45% in April. These are properties that are currently under contract but have not closed. Typically, these properties close between 30 – 45 days. Looking back on Pending Sales in March, there were also 32 Homes Under Contract in Blairsville as in April. That means that either half of those deals fell through, or it is indeed taking a little longer with the New Changes to the Real Estate Settlement Procedures Act (RESPA) to close the transaction.
The number of New Properties For Sale in Blairsville climbed a little in March, but fell again in April. Overall, our inventory is slowly coming down bringing back into align the law of economics…Supply and Demand. We have gone from 860 Homes for Sale in Blairsville in April of 2009, to 711 available on the market in April of 2010. That is a change of 17% year over year.
The Average Days on Market (DOM) spiked 51% in the month of April to 170 days, up from 112. However with inventory coming down, and sales holding somewhat with a very slow and steady climb, our Absorption Rate is coming down. Our Month Supply of Inventory (MSI) is down 44%.
Should you have any questions or concerns with anything that you see in this report, please Contact Me. You may also call me at 706.994.8686, I will be more than happy to answer any question or concern that you may have. If I can assist you or anyone you may know that is looking to purchase a Home For Sale in Blairsville, GA., or anywhere here in the North Georgia Mountains, I would be grateful for the opportunity.
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Mountain High is a Gated Luxurious Mountain Home Community Located just outside of Blue Ridge, GA. in a small town known as Mineral Bluff. The development is less than 10 years old and features unmatched Mountain Views of Georgia, North Carolina and Tennessee.
Currently there are 10 Mountain Homes For Sale within Mountain High. These homes ooze Mountain Elegance and make incredible Rental Investments. There are currently 4 Vacant Lots Available For Purchase at this as well. Mountain High is protected by Covenants and Restrictions upholding the integrity of the development.
If you have any questions or concerns, please Contact Me, or you can simply pick up the phone and give me a call at 706.994.8686 and I will be more than happy to answer them for your. Thanks so much for learning a little more about Mountain High. Please come back and visit more often on The Porch.
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