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August 2023 Market Update

photo of mountains with chart overlay

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 August 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.

Let's look at the data on how Summer 2023 wrapped up:

 

FANNIN COUNTY, GA

Blue Ridge, Morganton, Mineral Bluff, and McCaysville

6 charts of data for fannin county georgia

 


 

GILMER COUNTY, GA

Ellijay, East Ellijay, and Cherry Log

6 charts of data for gilmer county georgia

 


 

TOWNS COUNTY, GA

Hiawassee and Young Harris

6 charts of data for towns county georgia

 


 

UNION COUNTY, GA

Blairsville

6 charts of data for union county georgia

 


 

What Data is Measured

  • Homes for Sale - This is the total inventory of homes for sale.
  • New Listings - The number of homes that have gone on the market during this month (in addition to existing number of homes for sale).
  • Pending Sales - The number of homes that are under contract.
  • Homes Sold - The total number of home sales that closed this month.
  • Average Sale Price - This is the ever-fluctuating average sale price of homes in this county. This number is not to be confused with the listing price which could have started out higher or lower.
  • Average Days on Market - This data is commonly watched to "check the temperature of the market" and refers to the average number of days a home is listed for sale before it is sold.

    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!

 

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