October 2010 Union County Residential Market Report
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.
Home Opportunity Index Ranks 225 Metro Areas For Affordability
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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Community REview – Mineral Springs Ridge In Blue Ridge Georgia
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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May 2010 Union County Residential Market Report
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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Community REview – Mountain High In Blue Ridge Georgia
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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