Hard to believe Summer 2015 is almost gone! The kiddos are getting ready to go back to school, and many have already started. It has been a Hot Summer in Real Estate here in the North Georgia Mountains and I for one am not ready for Summer to be over. Although I have to admit, Fall is probably my favorite season of the year and I am looking forward to a great Fall Season in Real Estate as well.
The Real Estate Market here in the Georgia Mountains continues to improve. The Median Sold Price was up 1% collectively for the Fannin, Gilmer, Towns and Unions market to $161,000. The Median For Sale Price also increased to $234,900 which is 7% Higher year over year. The number of homes sold also increased by 2%, and there were 169 units (homes & property) closed in July 2015.
With the “selling season” in full bloom, the number of homes actively for sale on the market decreased significantly in July. There were 498 fewer homes on the market for a total of 2,068 in the four county market for a decrease of almost 20%. 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 33% to just 8.8 Months. This basically means that under current market conditions and the number of homes currently for sale, it would take almost 9 months to sell all the inventory. It doesn’t seem too long ago that I remember our MSI being almost 40 months! So yes, we have come along way. The average Days On Market (DOM) has almost decreased 19% in July to 132 Days.
To wrap it up, there are fewer homes on the market, more homes are being sold and in less days than before. There aren’t as many new homes entering the market these days either, and new construction is still improving but slowly. So, in a nut shell that means that the market is finally beginning to shift to a Sellers Market here in the Mountains of North Georgia.
If you are thinking about selling your Mountain Home or Cabin, or possibly some Acreage or a Vacant Lot, The Mountain Life Team 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! Thanks so much for spending a few moments with us, and I hope you come back again real soon.
Take care, and make it a great day!