North Georgia Mountain 3rd Quarter Residential Real Estate Market Report

The Mountain Life Team Blogger November 18, 2010

November 2010 Residential

This North Georgia Mountain Real Estate Market Report is compiled using information from the Northeast Georgia Board MLS. The data in this report is limited to Fannin, Gilmer, Towns and Union County Single Family Detached Homes only.

The Median Sold Price for this Northeast Georgia Market Report area continues to be on the decline. It is down $13,000, or 8% from where it was in October 2009. The Median Sold Price for October 2010 is $152,000. The Median For Sale price is also down 8% to $210,000, down from $229,000. It kind of goes without saying that when prices get as low as they are, and Mortgage Rates are at historical lows, that sales would go up. The number of sales are also up due to all the Foreclosures that continue to flood the market at low prices. The number of Homes Sold In North Georgia in October of 2010 was 133, compared to only 113 in October of 2009. That is an 18% increase. The number of properties Under Contract is where we have seen the biggest increase. In October 2010 there were 148 Homes Under Contract In North Georgia, an huge increase of 38%.

The number of New Properties For Sale is down 16% which is good. The more inventory we can get through, the sooner contractors can get back to work. The total number of Homes For Sale In The North Georgia Mountains was 3012 in October 2010. That was down 8% or 261 Homes.

The average Days On Market (DOM) was also up in October 2010 to an Average of 190 Days. This is the average days a home is on the market before it has been sold. However the Absorption Rate, or Month Supply of Inventory is down 37% to 17.2 Days On Market.

Please let me know if you have any questions or concerns about anything that you have seen or read in this North Georgia Mountain Real Estate Market Report. You can Contact Me, or feel free to give me a call at 706.994.8686.

Enhanced by Zemanta