Summer time weather is here in the mountains of Northeast Georgia and if we have a little more rain here and there, we will have a great Summer for sure. Just as last month’s predictions indicated, we are still looking up for the Northeast Georgia area overall which indicates a really busy Summer heading our way.
The real estate market overall in Northeast Georgia Mountains for Fannin, Gilmer, Towns and Union markets is still continuing with steady improvements across the board. The Median Price of For Sale Properties is up 10% collectively for our markets to $252,500 and the median price of sold properties is up 15% to $189,500. Comparing May 2015 to May 2016, the number of homes sold is up 7% with 156 units (homes) sold in May 2016.
In regards to Supply & Demand of sale properties for Northeast Georgia, the number of for sale properties comparing May 2015 to 2016 has decreased again just like last month. The number of for sale properties is down -12% and the number of sold properties is up 7%. There were -242 fewer homes on the market in May 2016 for a total of 1,753 homes on the market in the four county market. Overall, The Month Supply of Inventory (MSI) is also down -21% to 7.7 months – meaning if no more homes hit the market, we will run out of homes to sell in 7.7 months. Just like the last 3 month, this stat pushes us further into a sellers market. The average Days On Market (DOM) is also down -21% in May 2016 to only 120 days.
In closing, just like last month, May 2016 market numbers indicate that our market is still positively in a Sellers Market here in our four county market so that’s great news for those who are looking to sell their home soon. As we always mention, it’s also not a bad time to get an excellent deal when buying your North Georgia home!
If you are thinking about selling your Mountain Home or Cabin, or possibly Acreage or a Vacant Lot, this is really 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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