Wow, June was a great month to have a mountain home or cabin on the market here in the North Georgia Mountains! As you will see in this month’s report, the market continues to show signs of improvement.
New Construction seems to be continuing to show signs of steady growth, especially in the Blue Ridge GA real estate market. Although we are not certain how many of the New Construction are speculative builds, we do know that through June of 2015, there have been 275 New Construction Permits issued within the 4 counties of Gilmer, Fannin, Towns and Union Counties. Fannin County had 109 of the 275 total permits. I can remember during the Real Estate Boom of the early 2000’s, Fannin County had as many as 150+ permits issued in one month!
The Median Sold Price for the month of June was up 33% from $160,750 in June of 2014, to $214,000 in June of this year. That is a increase of $53,250. The Median For Sale Price also increased $11,000, which is a 5% increase year over year.
The number of mountain homes and cabins that went under contract for the month of June was impressive as well. There were 200 residential properties that went under contract during the month of June here in our North Georgia real estate market. That was an increase of 35%, or 52 more homes from June of 2014.
The Supply and Demand is slowly, and I mean slowly starting to balance itself out a little. The number of properties for sale dropped 18%, a difference of 451 units. That along with the number of Sold Properties increasing 5% definitely indicates that the pendulum is slowly starting to swing. The average Days On Market (DOM) for the month of June was 146 Days and the Month’s Supply of Inventory dropped an amazing 43% to only 8.8 Months of Inventory. This is definitely signs that our market could be shifting.
Thank you for reading this Real Estate Market Report. Again, this data is compiled from the Northeast Georgia Board of Realtors® Multiple Listing Service. The data is taken from the 4 counties that The Mountain Life Team services and specializes in. Those counties are Fannin, Gilmer, Towns and Union Counties. It might be easier if I mention the cities within those counties, which are Blue Ridge, Ellijay, Blairsville Hiawassee, as well as all other communities within those counties.
If you are searching for a mountain home, or you are thinking about selling one you currently own, we would be grateful for the opportunity to speak with you. I am certain you will see the value in partnering with The Mountain Life Team. My name is Chad Lariscy and I am the owner and Listing Specialist for this amazing Team. If I can answer any questions or concerns about any information in this market report, or in general about our incredible Georgia Mountains, please do not hesitate to reach out to me. You can reach me at Chad@TheMountainLifeTeam.com. Thanks again for visiting, and make it a great day!