This North Georgia Mountain Real Estate Market Report is derived using information from the Northeast Georgia Board MLS. The data in this report is limited to Fannin, Gilmer, Towns and Union County vacant lots only.
The Median Sold Price for Vacant Lots Sold in the North Georgia Mountain Region in October 2010 was down $1,000 to $27,000, a drop of 4%. The Median For Sale Price was also down nearly $10,000 to $49,750, a change of 16%.
The number of Vacant Lots Sold in the 4 county area stayed the same at 33 sales compared to October a year ago. As you can see by the chart, sales have somewhat of a roller coaster. However over the entire past year, you can also see that sales have leveled out. What is interesting and somewhat unexplainable is the number of Vacant Lots Under Contract. In October 2010 Vacant Lots Under Contract rose 100% to 66 Lots, 33 more than October last year.
The number of New Vacant Lots hitting the market has seen a considerable drop and rightfully so, New Developments have come to a screeching halt. New Properties by Month was down an amazing 69%, which is 273 less than the previous 398 in October of 2009. The Number if Vacant Lots For Sale are on a steady decline month after month. There has been a drop of 1,267 Vacant Lots over the past year, which is a down 24%. You might be thinking why are number of lots declining, but the number of sales have stayed the same? Well, that is very simple, Foreclosures. It goes without saying that our Supply is much greater than current demand.
The Average Days On Market (DOM) continues to fall due in part to the falling prices. The DOM for October 2010 was 205 days. This is the average amount of time the Vacant Lot is on the market until it is Sold. That is down 5% for a change of only 11 days less. The Months Supply of Inventory, or Absorption Rate is also coming down for all the reasons stated before. Right now in the 4 reporting counties at current sales rates, we have a 50 Months Supply or a little over 4 years of Lots available.
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.