The October 2010 Market Report for Vacant Lots in the Blue Ridge and surrounding areas of Fannin County is actually not too bad in some areas.. To begin with, the Median Sold Price for Vacant Lots is experiencing a huge increase, up 66% from September 2009. The New Median Sold or Sales Price for Fannin County is $43,500, up from $26,250. The Median For Sale Price however has experienced a decrease of 10% to $58,700.
The number of Vacant Lots Sold in Blue Ridge, GA. is down quite a bit. When you look at percentages it seems like an awful lot, and it is. Fannin County Vacant Lot Sales was down 35%, from 12 Sales in September 2009, to only 8 in September 2010. The number of Vacant Lots Pending, or Under Contract was also down 43%, from 14 to only 8 in September of 2010.
Now here is one I am having a hard time comprehending. The number of new properties was up 61%, from 76 all the way up to 122. The only thing that I can think is maybe the Local Banks have been holding on to some of the Developments and they all came back on to the market in one fail swoop. One good thing is that the Total Number of Properties For Sale continues to drop with each passing week. There were only 1,052 Vacant Lots For Sale In Blue Ridge, Ga. in September 2010. That was down by 23% from 1,365 in September of 2009.
The Average Days On Market, better known as DOM, is continuing to go down. In September 2010, the DOM was 115 which is down 15% from a year ago. With the number of Fannin County Vacant Lots available shrinking, and with sale decreasing a little as well, the Month’s Supply of Inventory, or Absorption Rate, is up to an amazing 122.5 months to get rid of all of our inventory at current market conditions. Let me do the math for you, that is 10 years and 2 months to sell all of our Vacant Lots.
If I can answer any questions from anything I have said in this Market Report, please feel free to Call Me at 706.994.8686, or you can Email Me at Chad@EmailMyRealtor.com. Thank You so much for visiting The Front Porch View. Please come back and visit anytime that you can, you’re always welcome.