June 2023 Market Update

 

Each month, we monitor the 10 Georgia counties we serve by gathering data provided by The Georgia Association of REALTORS®. These counties are Cherokee, Fannin, Gilmer, Habersham, Lumpkin, Pickens, Rabun, Towns, Union, and White.

While we are active in each of those areas, the majority of our transactions occur in Fannin, Gilmer, Towns, and Union counties. That said, here are the numbers for each of these counties from January through June 2023. It's interesting to see what times of year are more active than others. Typically, April and May are strong months to sell as the school season winds down and families look forward to a school-free summer, the best time to make a move.

 

FANNIN COUNTY, GA

Blue Ridge, Morganton, Mineral Bluff, and McCaysville

 

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GILMER COUNTY, GA

Ellijay, East Ellijay, and Cherry Log

 

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TOWNS COUNTY, GA

Hiawassee and Young Harris

 

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UNION COUNTY, GA

Blairsville

 

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What the Data is Showing

• Homes for Sale - We've seen a steady increase in inventory since January with June being the highest month for all 4 counties.
• New Listings - It is typical to see an increase in new listings in the Spring as the school season winds down, making Summer the best time to move for families with children. While the Spring increase wasn't a smooth one, overall, it remained as expected.
• Pending Sales - These were down for June compared to May for all 3 counties except for Towns County which saw a slight increase. Despite the increase in number of homes for sale, the decrease in pending sales can be attributed to many things including a limited number of buyers, an increase in short-term-rental sellers pushing the inventory numbers up, and buyers not actively searching but rather going on vacation instead. Unfortunately, we cannot pinpoint the exact cause.
• Homes Sold - In June, these numbers varied dramatically among each of the 4 counties with spikes/dramatic increases in Fannin and Union Counties. Gilmer showed relatively no change in June while Towns County's number of homes sold dropped sharply.
• Average Sale Price - Fannin and Gilmer Counties showed a slight increase in the average sale price in June versus May. Towns County's average sale price dropped by nearly $10,000 to the delight of many home buyers. However, in Union County, the number stayed nearly the same in June versus May.
• Average Days on Market - Referring to how long a house took to sell from the time it was listed, the average days on the market for Fannin and Gilmer Counties saw very little change in June compared to May. However, in Towns County, the number of days dropped by 16 in June versus May. And dropped by 11 days in Union County in June versus May.

 

Be sure to check our Market Update video on our YouTube channel HERE for a review of Fannin, Towns, and Union Counties to better understand what the numbers mean for buyers and sellers.