Unlike prices for Homes Sold in Blue Ridge, Vacant Lots prices continue to decline. The Median Sold Price for Empty Lots Sold in Fannin County for January 2011 was $17,708. That is a decrease of 61% from the $45,000 Median Sold Price of January 2010. Also unlike prices on Cabins For Sale in Blue Ridge, the Median For Sale Price for Vacant Lots in Morganton and surrounding areas in Fannin County was down 6% to $65,700, a change of $4,200. The number of Vacant Lots Sold in the Blue Ridge Real Estate Market in January 2011 was 13. This was down 7%, but only a change of 1.
There is however some good news! The number of Vacant Lots Under Contract in Blue Ridge is up 50%. There were 21 Empty Lots Under Contract in January, that is 7 more than a year ago. Due to the increase of Foreclosed Land, and the increase of Bank Owned Real Estate in North GA, the number of new Real Estate Listings continues it downward trend by 17%. However in January, we did notice a spike in the number of 89 new MLS Listings in the Blue Ridge Real Estate Market. The total number of Vacant Lots in Fannin County is down 21% year over year.
The Average Days On Market (DOM) for Vacant Lots in Fannin County is down by more than 34%. The Month Supply of Inventory, or the Absorption Rate is also down 50% to 46.1. This is the number of months given at current market conditions that it would take to sell all the Empty Lots within a given Real Estate Market.
If you have any questions or concerns, feel free to Contact Me. I appreciate you taking the time to review this North Georgia Mountain Real Estate Market Report.
Click HERE to Search Vacant Lots For Sale in Blue Ridge, GA.
- February 2011 Fannin County Residential Market Report (thefrontporchview.com)
- January 2011 Sees Single-Family Housing Starts Fall (thefrontporchview.com)