The temperature is starting to heat up a little here in the Georgia Mountains, and so is the North Georgia Mountain Real Estate Market. The Mountain Life Team currently has 18 Pending Contracts, with another 3 to 4 currently in negotiations. Showings in March and April were down slightly, however the market overall seems to be picking up a lot of momentum heading into the Summer season. For our monthly Real Estate Market Report, I pull data from our Northeast Georgia MLS for the 4 main counties that The Mountain Life Team specializes in. Those counties are Fannin, Gilmer, Towns and Union.
The Median Sold Price for our market in May was down 3% from $170,000 to $165,000. That is a 3% decrease from the Median Sold Price in May 2014. The Median For Sale Price was up in May 6% to $225,000. The number of Sold Properties was also down in May from 159 homes sold in May 2014, to 137 homes sold in May of this year. That is down 14% year over year.
Most folks want to know how long it will take to get their house sold, and for the month of May the Average Days On Market (DOM) was down 4% to 143 Days on Market. I feel there is a more important statistic to look at and that is the Month’s Supply of Inventory. The Month Supply of Inventory tells us how many months it would take to deplete the inventory based on current market conditions. With the Bank Owned Properties market share dropping considerably from previous years, and the lack of New Construction here in the Mountains, our Inventory is not what it used to be. As a result our MSI is down 34% from 14.4 Months, to only 9.5 Months Supply of Inventory. This is the lowest I recall seeing in some time.
If you are thinking about purchasing a Home or Log Cabin in the North Georgia Mountains, please consult with a Real Estate Agent and seek professional advise before making that investment. Make sure that they know and understand current market conditions, as it is so important when it comes to negotiating for your future investment. Remember, you make money in Real Estate when you purchase, not when you sell! If myself or any member of The Mountain Life Team can be of any assistance to you now or in the future, we would be very grateful for the opportunity to earn your business. Thank you for visiting our website and for reading this brief North Georgia Mountain Real Estate Market Report.
Make it a great day!