I apologize but it has been a while since I have given you an update on what the Residential Vacant Lot Real Estate Market looks like here in the North Georgia Mountains. This report includes Vacant Lot sales data from our Northeast Georgia Board of Realtors® MLS for Gilmer, Fannin, Union and Towns counties combined. This Market Report is solely for Residential Vacant Lots, and does not include Lake or River Front Lots.
The number of Vacant Lots that have SOLD in the North Georgia Mountains is down by 45% from February of last year. There were only 22 Vacant Lot sales in the 4 counties last month. While that may not sound like great news, I am delighted to report that the Median Sales Price was up 84% from $9,250 to $17,000. The Median For Sale Price remains about the same at $29,900. The number of Vacant Lots Under Contract at the end of the month was down 17% year over year.
The number of New MLS Listings for Vacant Lots are also down from a year ago. There were 86 new properties that entered the North Georgia Mountain Real Estate Market last month, a change of 33% from February of 2013. The Total number of Vacant Lots For Sale on the market is slightly down by 9% to 1,677 again for the 4 county area. The number of Expired Listings are also down 46% which means that sellers are leaving their properties on the market longer in hopes that the Vacant Lot Market will soon be making a turn upward. Unfortunately in doing so, it causes the Average Days On Market or DOM to increase. The DOM for Vacant Lots in North Georgia has increased by an amazing 217% from February of 2013. The average number of days to sell a vacant lot in the Northeast Georgia Mountains right now is 336 Days. Currently we have enough inventory in our market to supply a 50 month period, and that is if there is not one more lot that enters the market during that amount of time. This is better known as the Absorption Rate.
Thank you for stopping by our real estate website to get an update on what the vacant lot market is doing here in the Georgia Mountains. Obviously this is a snapshot of the 4 County area that The Mountain Life Team specializes in here in the North Georgia Mountains. There are certain areas such as the Aska Adventure Area in Blue Ridge, Choestoe in Blairsville and others where lots are selling better than others. Of course that special feature such as a vacant lot with a lake view, an incredible mountain view, or even creek front lots help lots sell in less time than others as well. If you are searching for a lot to build, or if you are thinking about selling a lot here in the mountains, we would like to speak with you. Please call Chad at 706-994-8686 or you can Contact Me via email and let me know your needs. I hope to hear from you real soon.