As you can see from the Market Report, the Average Median Sold Price for Homes Sold here in the North Georgia Mountains continues to drop….considerably. Over the past 2 Years, the North Georgia Residential Real Estate Market has experienced a 20% decline in Median Sold Price, down $37,750. This data is obtained through the Northeast Georgia Board of Realtors® Multiple Listing Service (MLS) and is only for Fannin, Gilmer, Towns and Union Counties. The Average Median Sold Price for the 4 Counties is $153,000.
The Average Sales Price is not much different. It too is down 16%, a drop of over $40,000. This has been a steady decline month over month, with only a few months jumping higher than the sliding average. The interesting statistic is the fact that the Number of Homes Sold is actually up an amazing 36% from December 2008 compared to December 2010. This is due mostly in part to the number of Foreclosures that are being Sold within our Market. There were 117 Homes Sold in December 2010, compared to the 86 that was Sold in 2008.
The Number of Homes Under Contract is up an amazing 70% in 2010 versus 2008. There was 112 Homes Under Contract in December 2010, a change of 46 from 2 years ago. The Number of New Properties hitting the Market was down 33%. There has been a very limited number of Building Permits issued in each of the counties within this North Georgia Mountain Market Report. The Number of Homes For Sale overall is down 22% which in and of itself may not sound like a huge change, but when you say that there are 739 fewer Homes For Sale in December 2010 compared to the same time in 2008, then it puts things in a little more perspective.
The Average Days on Market or DOM is down 15%. According to the Market Data, it is only taking an average of 143 Days to Market and Sell a Home here in the North Georgia Mountains. The Average Month’s Supply of Inventory, or the Absorption Rate is down 59% to only 17.9 months. That is a statistic that is telling us it would take almost 18 months to sell all the homes in this North Georgia Mountain Real Estate Market at current market conditions.
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