The North Georgia Mountain Real Estate Market is still showing signs of improvement. I talk with many very successful agents that sell a lot of property in the Florida and Atlanta Markets, and they are telling me just how busy they are. Here in the mountains, we are primarily a second and third tier market, and that typically will result in a slightly slower market. The market here is somewhat like a tidal wave, rolling on into the mountains about 8 months to a 1 year from the Atlanta and Florida markets. This North Georgia Mountain Residential Real Estate Market Report is for March 2015, and it contains data from 4 counties which include Gilmer, Fannin, Union and Towns Counties.
The number of Homes Sold increased 6%, from 136 Homes to 144 Total Homes Sold. The Median Sold Price was also up but only slightly at 2% from $180,250 to $184,000. That is also an increase of 5% from February 2015 that had a Median Price of $175,000.
The Supply and Demand is always an interesting graph to analyze. The number of Homes For Sale in North Georgia dropped again this month from 2,267 to 1,921 which is a decrease of about 15%. This is pretty significant in a smaller market.
The Average Days On Market is down 3% from 179 in March of 2014, to 175 Days in March 2015. The good news is that the Months Supply of Inventory is down an amazing 30% from 14.2 to 9.9 Months. This basically says that for the market to be depleted of all the homes currently available, it would take almost 10 Months to do so under current market conditions.
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.