Summer is quickly approaching here in Northeast Georgia but we’re still feeling Dogwood Winter which makes it a little chilly in the morning and sometimes till the afternoon! Just as last month’s predictions indicated, we are still looking up for the Northeast Georgia area overall which indicates a really great rest of Spring and Summer heading our way. This past March we’re seeing a decrease of 9% new properties listed for this month compared to last March 2015. The median sold price by month is up 5% so that’s great for sellers.
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 13% collectively for our markets to $249,000 and the median price of sold properties is up 5% to $194,000. Comparing Mar 2015 to Mar 2016, the number of homes sold has decreased -1% with 152 units (homes) sold in Mar 2016.
Like the month of February, the number of homes actively for sale in our North Georgia market has decreased. There were -272 fewer homes on the market for a total of 1,581 homes in the four county market for a decrease of -15%. Overall, The Month Supply of Inventory (MSI) is also down -36% to 6.7 months – meaning if no more homes hit the market, we will run out of homes to sell in 6.7 months. Just like last month, this stat pushes us further into a sellers market. The average Days On Market (DOM) is also down only -13% in March to only 142 days.
In closing, just like last month, March 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 get 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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