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North Georgia Mountain Residential Market Update October 2011
This Mountain Market Minute Edition is for Residential, Single Family Detached Sales covering Fannin, Gilmer, Towns, and Union Counties in the Mountains of North Georgia. The data compiled in this North Georgia Mountain Real Estate Market Report is taken from the Northeast Georgia Board of Realtors® MLS.
If you have any questions or concerns with any information in this Market Report, or if you would like any additional information on any property of interest in the North Georgia Mountains, please Contact Me or simply pick up the phone and call me at 706.994.8686 or email at [email protected]
Lake Chatuge August 2011 Market Report
Lake Chatuge is a TVA Lake which straddles the mountains of North Georgia and Western North Carolina. This is a Real Estate Market Report showing data compiled from the Northeast Georgia Board of Realtors MLS in both Clay County, NC. and Towns County, GA.
Year to date, there has been a total of 9 Homes Sold on Lake Chatuge. Currently there are 6 Homes Under Contract or Pending at the present time. In 2010, there were 17 Homes Sold on Lake Chatuge. Prices continue to drop on homes that have sold. In 2010, the average sales price was $563, 853. The lowest price sold was $220,000, and the highest price sold was $1,250,000. The average days on market was 298 days with resulting in 68% of the Original List Price. In 2011, of the 9 Homes Sold, the average sales price has been $42,533. The good news for sellers is that they are taking a little less time to sell and the sales price is holding closer to original list at 77%. There are currently 54 Homes For Sale on Lake Chatuge.
This data is for Single Family Detached Homes Only
Year to date, there has been only 3 Lakefront Lots Sold on Lake Chatuge. There are currently 5 Lots that are Under Contract. In 2010, there were 12 Lots Sold on Lake Chatuge. In 2010, the average sales price was $222,292. The lowest priced lot sold was $60,000, and the highest price sold was $320,000. The average days on market was 313 days yielding on 67% of Original List Price. There are currently 52 Lakefront Lots For Sale on Lake Chatuge.
January 2011 Union County Residential Market Report
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.
It Was A Pleasure Dealing With You
Chad,
It was a pleasure dealing with you on my recent vacation home purchase. Your help before, during, and even after the sale has been above and beyond. I have already recommended you to several of my friends who are interested in the Blue Ridge area.
Thanks again,
Garland
Go Gators!
Garland,
I am not real sure why I am allowing the “Go Gators” to remain on your testimonial…..but I have no choice. I am glad that we finally found “Gator Mountain!” I am sure that you will enjoy your New North Georgia Mountain Cabin for years and years to come. I will enjoy getting to know you better.
Thank you so much for your loyalty and your business. I am grateful.
Chad
October 2010 Gilmer County Residential Market Report
Gilmer County Residential October 2010 Market Report
Leaves aren’t the only thing falling in Gilmer County. Much like that of the surrounding counties in the North Georgia Mountain Real Estate Market, the Median Sold Price for Homes Sold in Ellijay, GA. has dropped 10% from September of 2009. The Median Sold Price for residential sales in Gilmer county dropped $15,500 to $137,500. The Median For Sale Price for Gilmer County also dropped year over year 7%, a change of $15,000 to $199,900. What is more staggering than that is the fact that there were 13 fewer homes sold in September this year, than the 35 Homes Sold In Gilmer County last September. The number of Homes Under Contract in Ellijay were also down 8%, down to 37 Pending Sales from 40 a year ago.
The number of New Listings For Sale In Ellijay being offered on our MLS was down 10%. The total number of Homes For Sale in Gilmer County was down 5% from September 2009 to a total of 819, a change of 41 homes. The Average Days On Market (DOM) was down 17% to 156 days. The Months Supply of Inventory, also known as The Absorption Rate, was up 2% to 19.3 months. The Absorption Rate tells us home many months it would take to sell all the homes available under current market conditions.
I hope that you have found this Gilmer County Real Estate Market Report to be useful. If you are planning on purchasing a home or property in the Gilmer County 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.
3rd Quarter Foreclosure Activity By Metro Area In 2010
Foreclosures are a big part of the housing market, with distressed properties accounting for 35 percent of all home resales last month, according to the National Association of REALTORS®.
But for as common as foreclosures can be, they remain a localized concern. Data from foreclosure-tracking firm RealtyTrac shows that more than half of last quarter’s foreclosures came from just 19 metropolitan areas, with the Miami-Fort Lauderdale are accountable for the largest number of filings.
A “foreclosure filing” is defined as a default notice, scheduled auction, or bank repossession.
On a per-household basis last quarter, the Las Vegas area was hardest hit. 1 in every 25 households received some form of foreclosure notice.
The RealtyTrac report features other interesting figures, too:
- California, Florida, Arizona and Nevada account for the top 10, and19 of the top 20 metro areas for foreclosures
- Compared to Q3 2009, foreclosure activity dropped in 72 metro areas, including No. 2 Cape Coral/Fort Myers, FL
- Foreclosure activity dropped 1 percent from Q3 2009 in the nation’s 20 most-populated cities
And, despite a 27 percent increase in foreclosures from the second quarter, Utica/Rome, NY posted the lowest foreclosure rate in the nation — 1 for every 8,003 households. The next closest city, Charleston, WV, posted 1 for every 2,600 households, by comparison.
Foreclosures, like everything in real estate, are local. For instance here in the North Georgia Mountains, Foreclosures have made up 49% of the sales in Towns County, 41% in Union County, 39% in Gilmer County and 32% in Blue Ridge located in Fannin County. And buying them is “different” from buying a typical home resale. If you’re planning to buy a foreclosed home, Call Me at 877.633.8186 for specific experience with homes in foreclosure. Professional advice is helpful.
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.
May 2010 Fannin County Vacant Lot Market Report
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April 2010 Fannin County Vacant Lot Market Report
It appears that there is some positive news coming out of Fannin County, at least compared to the previous months. Vacant Lots For Sale in Blue Ridge, GA. is up 83% from March 2009. The Median Sales Price has risen %2,500, or 4% to $61,000 compared to $58,500 from a year ago. This is due in part to the Average Median For Sale Price coming down almost $10,000 for a 14% change from March 2009.
April is promising to be a fantastic month as the number of Vacant Lots Under Contract in Fannin County is up an amazing 180%. Although that is only a change of 9, up to 14 from 5, but it is still great news for North Georgia Mountain developments that have been sitting idle for for the most part experiencing very few sales. Many of our Mountain Communities are not doing well at all, and several of our developers are struggling to keep their investments out of Foreclosure. Many are realizing with the massive reductions in Property Values due to the Real Estate and Mortgage Crisis, the carrying costs added to the initial investments of these developments far exceed the 5 to 10 year projections of Market Value. This makes it very tough for them to hang on, both mentally and physically.
However Inventory is coming down shedding some more good news. The number of New Properties that have entered the market is down 29%, and the number of Total Vacant Lots For Sale In Blue Ridge Georgia is down 26%. The Average Days on Market (DOM) shot up a little in March, up 31% to 231 Days. This is the average time it takes a Real Estate Professional to Market and and Sell a Vacant Lot in Fannin County. AS you might have guessed, with the decrease in the amount of Properties For Sale in Blue Ridge, GA. and a slight increase in sales, the Month Supply of Inventory is also way down, 74.5% to only 72 months.
If you have any questions or concerns, or if you would like any additional information that I have not provided in this Real Estate Market Report, please Contact Me or give me a call at 706.994.8686. I appreciate you stopping by “The Porch,” and please know that you are welcome back anytime.
Make it a GREAT weekend!
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April 2010 Fannin County Residential Market Report
The Median SOLD Price for Homes Sold In Fannin County was down 1% or $1,500 from April of 2009. January of 2010 was a great month for Median Sold Prices, it spiked to nearly $250,000. Not much change for the Median Price on Homes For Sale In Blue Ridge. The Median Price For Sale was down 4% or $11.500. There was only 1 less Home Sold in March of 2010 over a year ago which had a total of 27 units, this was a change of 4%.
The GREAT News is that the number of properties that have gone under contract during the Month of March, but have not yet closed is up a staggering 105%! There are currently 41 Homes Under Contract in Blue Ridge, GA., a change of 21 from a year ago. This is promising news that sheds some light on what the economists that I have heard have been saying. The consensus is that we have a lot of Buyers with money in their pockets just waiting on Spring and beautiful weather. It is a gorgeous Spring Day, boy do I hope they are right!
The number of Newly Listed Homes in Fannin County is down 5%, and the Total number of Properties that are being offered For Sale is down 13%, a drop of 137 units. The number of Expired Listings, listings that were not renewed or that is not currently back on the market was also down by 7 units for a Total of a 7% change. The Supply and Demand Graph within this Residential Market Report really paints the picture of what we have been seeing here in the North Georgia Mountain Real Estate Market.
Some more good news is that the number of Days On Market (DOM) is down 21% to 122 Days. This is basically saying that of the Homes Sold In Blue Ridge, GA., they were only on the Market for a total of 122 Days before going under contract to be purchased. Also because of the number of Homes For Sale in Blue Ridge Georgia being down and the number of units that were Sold being up, the Months Supply of Inventory is down 59% to only 18 and a half months.
If you have any questions or concerns about anything that you have seen or read within this North Georgia Real Estate Market Report, please feel free to Contact Me, or simply pick up the phone and give me a call now at 706.994.8686. Thank You so much for visiting me on “The Porch.” Please come back and visit as often as you like, you are always welcome.
Make it a AWESOME day!
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