Happy New Year! As we say farewell to 2015, overall it has been a much better year for the real estate industry in general and great things are on the horizon for 2016. Typical for this time of year, we tend to see fewer homes listed or purchased across all markets and this past year is no exception.
Fortunately, although fewer homes are listed or purchased, the overall real estate market in North Georgia Mountains for Fannin, Gilmer, Towns and Union markets is seeing steady improvements. The Median Price of For Sale Properties is up 9% collectively for our markets to $239,900 and the median price of sold properties is up 18%. Comparing December 2014 to December 2015, the number of homes sold has decreased -9% with only 147 units (homes) sold in December 2015.
Again, like the month of November, the number of homes actively for sale in our North Georgia market has decreased. There were 362 fewer homes on the market for a total of 1,663 homes in the four county market for a decrease of -18%. Normal for this time in our market, the number of sold properties is down -9% to 147 number of sold properties. Overall, The Month Supply of Inventory (MSI) is down -25% to 11.8 months. The average Days On Market (DOM) is down only -1% in December to 165 days.
In closing, December 2015 brings 2% more properties under contract than December 2014 and median selling price has increased, our market is positively in a warm Sellers Market here in our four county market so that’s great news for those who are looking to sell their home soon.
If you are thinking about selling your Mountain Home or Cabin, or possibly Acreage or a Vacant Lot, Winter is still a good time to do it. The Mountain Life Team | KW Realty Partners would be grateful for the opportunity to earn your business. Our marketing strategies are second-to-none in the industry. Please give us a call and let us show you the value we can bring to you and your Real Estate needs. Don’t take our word for it, just take a look at what some of our recent clients have said about us! Hope this market report has helped you and if you haven’t signed up to receive our emails to your inbox- do so today. Sign up in the footer below!
Hope this new year brings you much success and prosperity!
The Mountain Life Team | KW Realty Partners 706-745-3123 or [email protected]