July 2023 Market Update

Each month, we monitor the 10 Georgia counties we serve—Cherokee, Fannin, Gilmer, Habersham, Lumpkin, Pickens, Rabun, Towns, Union, and White—by gathering data provided by The Georgia Association of REALTORS® (GAR). GAR collected the data from 14 MLSs throughout the state of Georgia.

Of the 10 counties we serve, the most active for us are Fannin, Gilmer, Towns, and Union counties. Below is data from January through July 2023. Seeing the numbers in bar chart format gives us a better idea of the ebb and flow of the market. You'll see a slower start to the year due to the end of the holiday season and a surge in the Spring as families look to make a move as the school season winds down.

July showed a very active month for our local housing market despite mortgage interest rates being at a 22-year high. Cash buyers and multiple offers are still "a thing" and homes in good condition that are priced right go quickly. Fannin County has over 7 months' supply of inventory, the only county of our 10 to exceed 6 months' supply, the threshold to be considered as having a "buyer's market". Let's look at the data:

 

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 - Since January of this year, Fannin, Gilmer, and Union counties have shown a steady increase in the number of homes for sale with a slight decrease in July for Towns County. As mentioned before, this is good considering the mortgage interest rates are at an all-time high.
• New Listings - The number of new listings bounced back in Fannin County, our strongest market, while Gilmer and Towns counties took a notable dip. Union County's numbers dropped only slightly.
• Pending Sales - The number of pending sales clearly reflects the activity within each county. Fannin, typically a hot market, saw a 27.72% decrease in pendings and at the same time seeing a 15% decrease in the average sale price. Very interesting! Gilmer County saw very little change to their "under contract" homes however Towns and Union counties saw an increase with Union County taking top prize so to speak for a 27% increase in pending sales.
• Homes Sold - Towns County held their own in the number of sales in June versus July. However, the market wasn't so good to the other 3 counties. Beloved Fannin County saw a 45% drop in the number of sold homes when comparing June to July of this year. Gilmer County saw a 39.52% decrease in the number of homes sold. And Union County saw a 44.15% decrease in the number of solds. Is the summer market winding down? Time will tell.
• Average Sale Price - The average sale price is always an interesting data point to follow. Like the ocean's tide, it's rarely stagnant, it's current state typically pointing to some sort of reason. Comparing June to July, Fannin, Gilmer, and Union counties each saw a decrease in the average sale price. But Towns County, home to Hiawassee and Young Harris, saw a bit of an increase. Of the four counties, Towns is somewhat more affordable and a popular destination for those who cannot afford the pricier counties like Fannin and Gilmer.
• Average Days on Market - This data is commonly watched to "check the temperature of the market." Do homes sell quickly like we saw in 2021 and 2022? Or are they taking longer to sell?
  
  It should be noted, that there are 3 factors that sell a home: price, location, and condition. Homes that sit on the market longer should be evaluated again for those 3 factors to determine what's holding back buyers. Here at The Mountain Life Team, we use years of experience, extensive research, and strategic marketing to sell homes as quickly as possible. But on occasion, a price improvement is needed to help push along the process. But, let's get back to July's average number of days on the market.
  
  Fannin County showed some improvement when comparing June to July's average number of days before a home goes under contract. Eight days quicker to be exact. Gilmer stayed about the same from June to July however Towns County showed a 10 day increase from June to July. Union County showed the highest increase in number of days comparing June to July—11 days.

As mentioned before in this blog post, there are 3 factors that affect selling a home quickly: price, location, and condition. If you're looking to sell your home, we invite you to check out our 200+ Google reviews to read how we've helped clients buy and sell their home.

If you're curious about what your home is worth, try our free Home Valuation Tool. It's easy to use and you're under no obligation using it. We'd be humbled at the opportunity to earn your business. If we can help you today—or help you prepare for down the road—give us a call at (706) 745-3123. Get the power of a 5-Star Team on your side!