North Georgia Mountain Residential Market Report February 2015

The Mountain Life Team Blogger March 9, 2015

It is very exciting to see that the North Georgia Mountain Residential Real Estate Market is convincingly showing signs of improvement. This report is compiled from our Northeast Georgia Board or of Realtors® MLS, and contains data taken from 4 of our North Georgia Mountain counties. Those counties are, Gilmer, Fannin, Union and Towns counties located along the Highway 515 corridor just 90 minutes north of Atlanta.

North Georgia Units Sold February 2015

The number of Residential Sales throughout the 4 counties was Up 5% year over year. In February of 2014 there were 110 Homes Sold, and in last month of this year there were 115 Homes Sold. A difference of only 5 I know, but it is 5 more units sold in a positive direction.

North Georgia Median Sales Price February 2015The Median Sold Price was up 6% in February of this year, with a rise of $10,500. The Median Sold Price was $175,000, versus only $164,500 from the previous year.

North Georgia Supply and Demand February 2015The number of homes for sale overall across North Georgia is dropping at a rate of 18% from February of 2014. In the 4 counties there were 2,208 Single Family Detached Homes For Sale last year, however in 2015 there are only 1,818 Homes For Sale. That is a drop of almost 400 Homes. This in return causes our Month Supply of Inventory to decrease as well, the MSI was down 30%. This is actually good news for Seller’s, not so great news for Buyers. Right now our MSI is at 11.3. This means that at current market conditions, it would take approximately 1 year, or 11.3 months to deplete the inventory of homes for sale in North Georgia. That is as long as there were no other New Properties entering the market.

The Mountain Life Team is dedicated to providing you with the information you need to make an educated decision when searching to purchase or sell a home on the Georgia Mountains. Please Contact us if you are seeking to make an informed decision in the near or distant future, we would be grateful for the opportunity to assist you with all your North Georgia Mountain Real Estate needs.