Fannin County Residential Real Estate Market Report – March 2014

The Mountain Life Team Blogger March 4, 2014

Market-Report-300x197Well there is a little something to be said about those crazy squirrels I suppose. It has seemingly been a long cold winter, and it has been said the the squirrels were trying to tell us that this past fall. I am hoping that with spring just around the corner, the North Georgia Mountain Real Estate Market will soon begin to heat up!

The Median Sold Price in Fannin County for residential homes was down $19,000 which is a 10% from February of 2013. The average Median Sold Price for the Blue Ridge GA area was $166,250. The Median For Sale Price was also down but only 1% for a change of $2,950 to $246,950. There were 38 homes sold in Fannin County last month. March should see some significant increases in units sold due to the fact that our Under Contract Properties are up 65% from last February. At the end of the month, there were 38 homes under contract in Fannin County. The number of new properties entering the market in Fannin County was down 5% year over year with only 81 new residential listings hitting the North Georgia Mountain Real Estate Market. The total number of homes currently on the market in Fannin County is 708 which is a slight increase from last February.

Fannin County Residential Median For Sale and Median Sold - March 2014

With the number of Expired Listings on the rise by a staggering 75% year over year and the Average Days On Market climbing, that tells me that sellers are a little too eager in assuming that we are full swing back into a seller’s market. Since this past November, the Average Days On Market (DOM) for Fannin County has risen significantly each month to 178 Days just this past month in February. The Month’s Supply of Inventory (MSI)is actually down 40% to 16 months. I feel this is due in part because our builders cannot keep up with the demands of today’s buyers wanting New Construction Homes For Sale in Blue Ridge GA. Again, the number of new properties down 5% and decreasing inventory since October, the homes that are left on the market are simply overpriced and staying on the market longer driving up the average Days On Market or DOM.

Fannin County Residential Average Days On Market and Month Supply of Inventory - March 2014

If myself or The Mountain Life Team can assist you with any of your Real Estate needs here in the Georgia Mountains, please let us know. We are eager to earn your business. If you have any questions or concerns about anything in this Blue Ridge GA Real Estate Market Report, please call me at 706-994-8686 or Contact Us and I will be more than happy to address those for you. Thank you for taking the time to read this Market Update provided by The Mountain Life Team with Keller Williams Realty.