So we’re well over a month into the new year and Winter is in full swing here in North Georgia. With this season, we generally see a lull in the industry in general and that statistic holds true for our North Georgia market as well. However, everything is still looking up for the North Georgia area overall. It’s typical in the month of January, to see fewer homes listed or purchased across all markets and again this January is holding to that trend.
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 still seeing steady improvements across the board. The Median Price of For Sale Properties is up 13% collectively for our markets to $247,750 and the median price of sold properties is up 7%. Comparing Jan 2015 to Jan 2016, the number of homes sold has decreased -10% with only 104 units (homes) sold in January 2016.
Again, like the month of December, the number of homes actively for sale in our North Georgia market has decreased. There were -351 fewer homes on the market for a total of 1,593 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 -10% to 104 number of sold properties in January. Overall, The Month Supply of Inventory (MSI) is down -14% to 8.8 months – meaning if no more homes hit the market, we will run out of homes in 8.8 months. This stat pushes us into a sellers market. The average Days On Market (DOM) is also down only -5% in January to 169 days.
In closing, January 2016 our numbers indicate that 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. It’s also not a bad time to haggle for great 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, 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!
The Mountain Life Team | KW Realty Partners 706-745-3123 or [email protected]
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