A North Georgia Christmas and Happy New Year is on the horizon. As most know, we tend to see fewer homes listed or purchased which is the case across most markets.
Although fewer homes are listed or purchased, the overall real estate market in North Georgia Mountains for the Fannin, Gilmer, Towns and Union markets is improving steadily. The Median Price of For Sale Properties is up 13% collectively for our markets to $249,900 and the median price of sold properties is up 6% to $180,000. Comparing November 2014 to November 2015, the number of homes sold has decreased -12% with only 137 units (homes) closed in November 2015.
Just like in the month of October, the number of homes actively for sale in our North Georgia market decreased significantly in October. There were 435 fewer homes on the market for a total of 1,788 in the four county market for a decrease of -20%. Again, comparable to October, with fewer homes on the market and an increase in sales, the month supply of inventory should go down which is exactly what happened. The Month Supply of Inventory (MSI) is down -33% to just 9.3 Months. The average Days On Market (DOM) is also down -13% in November to 137 Days.
In closing, there’s not much of a change from last month…still fewer homes on the market, more homes are being sold and in less days than before so that’s all very positive. New construction is gradually improving from month to month as well. Basically, we’re still in a warm Sellers Market here in our four county market which is 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, Fall and 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!
Wishing you and your family a very Merry Christmas and a Happy New Years!
The Mountain Life Team | KW Realty Partners 706-745-3123 or firstname.lastname@example.org