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.
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