Happy Holidays to you and your family! It has been really cold up here in the North Georgia Mountains the past couple of days. The Real Estate Market seems to be cooling down a little as well. This Real Estate Market Report contains data that has been taken from the Northeast Georgia Board of Realtors® MLS. Just in case there are a few that may not know or have forgotten, MLS stands for Multiple Listing Service. For the December Residential Market Report, I only used data for Single Family Detached Properties in Gilmer, Fannin, Towns and Union Counties located in the North Georgia Mountains.
The Median Sold Price stayed the same from October, however it was down just slightly at $155,000, only 2% year over year from November 2012. The Number of Sold Properties has decreased each month since June. There were 7 fewer homes Sold in November than October, but again a 13% decline from November 2012. There were 115 total closed residential transactions last month for the 4 counties combined. There was a slight increase in the number of Pending Contracts in November, so hopefully those contracts will remain in tact and will close this month so that we might see a slight increase in sales moving forward into 2014.
The number of New Properties remained steady throughout most of the year, however there was a huge slide in the number of New Properties last month. I am sure with all the rain we have had the past month or so it has made it tough to get any new homes out of the ground. New Properties are still up 9% from November of last year. The Total Number of Properties For Sale also had a slight decrease in November, but again is up 5% year over year. It is very hard for me to differentiate the true number of New Properties entering the market without hours and hours of research. The reason I bring that up is I have noticed a spike in Expired Properties over the past several months. A good many of those listings re-list right away, and sometimes they are unfortunately entered back into our MLS under another address making it very difficult to track which listings are truly New on the market. The Good News is that the Average Days On Market (DOM) is down 34% to 128 Days. This means that of the homes Sold in November, it took an average of 128 Days to get the job done. Our Months Supply of Inventory has been gradually rising since May, and is up 10% from November 2012. The number of Months that it would take to deplete our inventory under the current sales conditions would be 15 months. There were 2,084 Homes For Sale the last day in the month of November.
Thank you again for taking a look at this North Georgia Mountain Residential Market Report. Please let me know if you have any questions or concerns or if I can elaborate on any of this information for you. If you are searching for a Mountain Home, we would be grateful for the opportunity to earn your real estate business here in the Georgia Mountains. Call our Team today at 877.633.8186 and we can get you scheduled with one of our Buyer’s Specialist today.