This Residential Market Report uses data from the Northeast Georgia Board of Realtors®. Data was compiled from Gilmer, Fannin, Union and Towns Counties from North Georgia, as well as Clay and Cherokee Counties from the Western North Carolina Mountains. The Mountain Life Team services these areas in North Carolina, accommodating our customers and clients that just might be searching for a home just over the North Carolina State Line, or Lake Chatuge Homes For Sale.
In summary as you can see from flipping through the report below, the Median Sold Price has risen 12%, from $130,000 to $145,000 year over year from last October. It seems as if the trend really started about January of this year, and has slowly been climbing with a slight dip in June 2013. While the Median Sold Price has been on the rise, the number of homes sold has been on the decrease the past several months. Overall the number of Homes Sold is down 18% from 215 to 177 year over year. There was an upward swing again beginning in January, but as the dip occurred in June with our Median Sales Price, so did the beginning of this downward trend of sales. I believe that this is actually a good sign, let me explain. The number of Foreclosed Homes For Sale within our market area has been declining rapidly. The Banks have finally purged most of their bad loans resulting in fewer Bank Owned Homes dominating the market. Unfortunately, the Banks are having a hard time lending to builders for speculative building due to regulations placed on them. This has caused a shortage in inventory, and a trend that looks as if could last another 8-12 months until New Construction Homes begin to pick back up. New Construction Cabins For Sale in Blue Ridge, GA. are already increasing rapidly, and these New Construction Cabins For Sale are averaging only 100 Days On Market with a 97% Sold to List percentage.
New Properties entering the market is up 6% from last year. Now this isn’t just New Construction, but an overall snap shot of just how many new residential listings are hitting the MLS. The interesting thing about that is flip side of that, the number of properties expiring off of the MLS. An Expired Property is a property that did not sell during the length of time in which it was listed for the duration of the agreement between the Broker and Seller. Once the Listing Agreement Expires, the property is purged from the MLS System. Now year over year the number of Expired Listings is down 5%, however look at the growing number of Expired Listings since June, ironically they are increasing at the same time the number of units Sold started decreasing. How ironic is that? Basically this tells me that we are experiencing some over zealous Sellers and Real Estate Agents that are simply over pricing properties. The Average Days On Market have remained about the same at 156 Days, and our Months Supply of Inventory has increased slightly to 15.2. The DOM are not quite as bad as I thought they would be considering the increased number of Expired Listings, and the Months Supply of Inventory still remains pretty high telling me that we are still somewhat is a Buyer’s Market.
North Georgia Residential Market Report November 2013
If you have any questions or concerns with anything in the Residential Market Report, please Contact Us or feel free to call me directly at 706.994.8686. Thank you so much for taking a look at this months Market Report. Until the next report, I hope you have every opportunity to Enjoy The Mountain Life!