With the holidays on our heels here in North Georgia…we tend to see fewer homes listed or purchased which is the case across most markets.
We love to report that the real estate market overall here in the North Georgia Mountains for the Fannin, Gilmer, Towns and Union markets is improving steadily. The Median Price of For Sale Properties is up 8% collectively for our markets to $239,900 and the median price of sold properties is up 6% to $187,000. Comparing October 2014 to October 2015, the number of homes sold has decreased -11% with only 160 units (homes) closed in October 2015.
Just like in the month of September, the number of homes actively for sale in our North Georgia market decreased significantly in October. There were 438 fewer homes on the market for a total of 1,940 in the four county market for a decrease of -18%. Again, comparable to September, 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 8.2 Months. The average Days On Market (DOM) is also down -25% in October to 124 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 improving slightly 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 wonderful Thanksgiving holiday!
The Mountain Life Team | KW Realty Partners 706-745-3123 or [email protected]