Ready or not…Spring is coming! Here in Northeast Georgia, we’re heading quickly into Spring but it’s still technically our Winter Season. With that being said, we are starting to feel the Winter lull which affects many markets in this industry across the globe. Just as last month’s predictions indicated, we are still looking up for the Northeast Georgia area overall which indicates a really great Spring and Summer heading our way. This February we’re seeing there’s a slight increase of 8% new properties listed for this month compared to last February. It’s typical to see fewer homes listed or purchased across all markets so it’s encouraging to see a slight increase of properties listed which anticipates an awesome Spring and Summer.
Again, the overall real estate market in Northeast Georgia Mountains for Fannin, Gilmer, Towns and Union markets is still seeing steady improvements across the board. The Median Price of For Sale Properties is up 14% collectively for our markets to $249,813 and the median price of sold properties is slightly down -4% to $168,000. Comparing Feb 2015 to Feb 2016, the number of homes sold has decreased -20% with only 106 units (homes) sold in February 2016.
Again, like the month of January, the number of homes actively for sale in our North Georgia market has decreased. There were -264 fewer homes on the market for a total of 1,486 homes in the four county market for a decrease of -15%. Normal for this time in our market, the number of sold properties is down -20% to 106 number of sold properties in February. Overall, The Month Supply of Inventory (MSI) is also down -38% to 7.2 months – meaning if no more homes hit the market, we will run out of homes to sell in 7.2 months. Just like last month, this stat pushes us into a sellers market. The average Days On Market (DOM) is also down only -21% in February to only 154 days.
In closing, February 2016 market numbers indicate that our market is still 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. It’s also not a bad time to haggle for a great deal when buying a home!
If you are thinking about selling your Mountain Home or Cabin, or possibly Acreage or a Vacant Lot, this is still a great 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!
The Mountain Life Team | KW Realty Partners 706-745-3123 or [email protected]
The Mountain Life Team | KW Realty Partners are not responsible for the data above which is compiled from Northeast Georgia MLS (negweb.ctimls.com).
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