Fannin County Residential Market Report February 2011

Fannin County Residential Market Report – February 2011

If you are looking to Buy A House in the North Georgia Mountains, especially Cabins and Cottages 4 Sale in Blue Ridge, GA. you better get on up here! Even though the Median Sold Price for Homes Sold in Fannin County is down 23% in February, prices are beginning to trend upward. Since July of 2010, the Median Sold Price for Homes In Blue Ridge have risen from $150,000 to $186,000 in January 2011. With a steady 7 month climb like that I think it is safe to say that we just might have hit “The Bottom” in Blue Ridge and surrounding areas, and we are officially on our way back up. The Median For Sale Price continues to drop but only 6% , down $15, 300 to $234,600. This is due mostly in part to the number of Foreclosed Real Estate For Sale in Fannin County that is driving down the prices. The number of Homes Sold In Blue Ridge is surprisingly down 9%  from January 2010. The number of Homes Sold and closed in Fannin County in January 2011 through our Northeast Georgia MLS Listings was 29. The number of Homes Under Contract is up 23%, which is about the same that we saw last month in other counties within the North Georgia Mountains, such as Union County.

New Real Estate Listings was down for Homes in Blue Ridge by 22% over January 2010. The total number of Homes For Sale In Blue Ridge and surrounding areas was down 19%, a total of 766. Makes one want to laugh a little when you look at the Supply and Demand Chart within this Real Estate Market Report. After taking a look at that, you might be surprised to see that the Absorption Rate for Blue Ridge Homes is down 34%. The Month Supply of Inventory is 24.1. Basically that tells us that it would take a little over 24 months, or 2 years to sell all the Houses For Sale within the current Real Estate Market. So with Home Prices on the rise a little in Fannin County, we see that the Days On Market (DOM) is also on the rise. The average time it takes to sell a home in Blue Ridge is 167 Days.

If you have any questions or concerns about this Real Estate Market Report, please Call Me at 706.994.8686, or you can Contact Me Here. Thank you so much for taking the time to read another North Georgia Mountain Real Estate Market Report by Chad Lariscy

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