North Georgia Residential Market Update – August 2012

I am often asked….”So how’s the market?” Quite simply, the Market is improving slowly but surely.  Like myself, most Realtors® I speak with on a day-to-day basis are really busy. There are a lot of Buyers out there on the internet and in our communities, and for The Mountain Life Team connecting with those customers hasn’t been too hard. What has been difficult is finding the right property to fit their needs. Inventory for certain price points and styles are becoming harder and harder to find. In some cases once you find it, now you have to get to it before another Buyer does. Just in the past month or so, The Mountain Life Team has been party to no less than 4 to 5 multiple offer situations, and only 1 of those involved a Foreclosure or Bank Owned Property.

This Market Report is for the North Georgia Mountain region that The Mountain Life Team serves. Those counties include Gilmer, Fannin, Union and Towns Counties. The communities within these counties most commonly known are Ellijay, Blue Ridge, Blairsville and Hiawassee.  As mentioned above, overall the Real Estate Market is beginning to show signs of improvement. The Median Sold Price since January 2012 has been increasing. Year over Year from July 2011, the Median Sold Price is up 10%, from $135,000 to $149,000.

The number of Properties Sold showed a slight decrease from July of 2011, down 20% from 137 Homes Sold in North Georgia, to 109 last month for July 2012. Of the 109 Closed Sales in July 2012, 29% or 32 Units were Bank Owned Properties. That is down slightly from July 2011, where there were 46 Residential Foreclosures out of 136 Homes Sold. I will  have several other posts this week breaking down the data for each county so that you can have a better understanding what the market is doing where you may own a Second Home, or maybe considering purchasing a Vacation Home or Weekend Get-A-Way in the North Georgia Mountains.

The number of Homes and Cabins Pending, or going Under Contract are steadily increasing month after month. At the end of July 2012, there were a Total of 143 Properties Under Contract. If you look at the chart below, you will see that there were 151 Units Under Contract at the end of June, and only 109 of those Transactions actually closed in July. This doesn’t necessarily mean that 42 Contracts were lost. Sure some were Terminated, however some just may not have met all contingencies before the close date and needed to be extended.

So as you can see for the most part, the Real Estate Market here in the North Georgia Mountains is starting to look up for now. No one knows what the future holds, especially being that we are in an Election Year. One thing I have learned from being in this business, and the same lesson we have been taught since we were children, you just have to take it one day at a time. However in Real Estate, we take it one Month at a time!

If we can assist you with any of your North Georgia Mountain Real Estate needs, whether you are thinking of Purchasing or contemplating Selling your Mountain Home or Cabin, please Contact Us or simply pick up the phone and give us a call at 877.633.8186.

This information is taken from the Northeast Georgia MLS and is deemed reliable but is not guaranteed.

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