Since Fall is my favorite season of the year – I’m glad we’re quickly approaching that time of year. I look forward to the “leaf season” as we fondly call it here in the colorful North Georgia Mountains!
The Real Estate Market here in the mountains continues to improve. The Median Sold Price was up 11% collectively for the Fannin, Gilmer, Towns and Unions market to $183,770. The Median For Sale Price also increased to $237,450 which is 8% Higher year over year. The number of homes sold has also increased by 4% and there were 171 units (homes & property) closed in August 2015.
Just like in the month of July, the number of homes actively for sale on the market decreased significantly in August. There were 481 fewer homes on the market for a total of 2,022 in the four county market for a decrease of 19%. With fewer homes on the market and an increase in sales, of course the month supply of inventory should go down and that is exactly what happened. The Month Supply of Inventory (MSI) is down 34% to just 7.6 Months. The average Days On Market (DOM) has increased now to 11% in August to 142 Days.
To wrap it up, there are still fewer homes on the market, more homes are being sold and in less days than before. Just like in the month of July, there aren’t as many new homes entering the market in August either, and new construction is still improving but still a little slower. So, basically we’re still looking at a steady shift to a Sellers Market here in the North Georgia Mountains.
If you are thinking about selling your Mountain Home or Cabin, or possibly some Acreage or a Vacant Lot, Fall is a great time to do it. The Mountain Life Team | KW Realty Partners would be grateful for the opportunity to earn your business. 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!
Take care, and make it a great day!
The Mountain Life Team | KW Realty Partners 706-745-3123 or [email protected]