The number of ACTIVE listings in the North Georgia Mountain Real Estate Market have actually seen a slight decrease in number over what the market held in November. This is due to a small increase in the number of SOLD properties in December over the previous month. Also, there have been a lot of folks that have chose to pull their properties off of the market until we see a shift back to a Sellers Market.
Properties that are PENDING, that is they are UNDER CONTRACT, have also had a slight decrease in number for the month of December.
This chart explains the Average Listing Price of those properties that have gone UNDER CONTRACT for the month of December 2007.
Santa Claus was good to the North Georgia Real Estate Market as we saw an increase in SOLD properties.
The DOM (Days On Market) have climbed a little for both Gilmer County and Fannin County, however Union County has seen another slight decrease in the number of Days On Market for the Residential Listings.
Gilmer County and Fannin County both saw an increase in the Average Sales price for residential listings, however Union County experienced a downward turn. Fannin County had a substantial Average Sales Price for Lots and Acreage over Gilmer and Union County, but that was in part to a couple of larger tracts of land sales. If you were to take those two land deals out of the equation, you would be looking at an Average Sales Price of $84,000.
There is not a whole lot of change with the List To Sell Percentage. This is giving a strong indication that our Sellers are able to hold out for the price they want. This is contrary to what goes on in most Buyer’s markets. There you usually see a significant decrease in what the property actually sales for compared to what it was listed for. There is actually a couple of ways to study this particular statistic. You can check the percentage by what the list price was at the time of the sale, or you can go back and look at what the properties original price was when it first came on the market. Both of these are good indicators of exactly what the market is doing.
If there is any data that I have left out that you might be interested in, I would be glad to research that information for you and continue posting it on future reports.
You can reach me on my cell at 706.633.8186 or by email at ChadL@KW.com. Thank you so much for taking the time to read this informative Market Update for the North Georgia Mountain Real Estate market.