Union County Residential Market Report March 2011

Union County Residential Real Estate Market Report – March 2011

The Residential Real Estate Market in the Blairsville area of the North Georgia Mountains are still be dominated by Bank Owned Properties For Sale. The Median Sold Price for Homes Sold in Union County was on a steady climb since September of last year according to the data that this report has been compiled from with help from the Northeast Georgia Board of Realtors® MLS. That all came to a screeching halt in February of 2011. Although there were over 2 times the number of units sold, the Median Sold Price dropped 27% from last month, but only 16% from a year ago. The Median For Sale Price has risen slightly from last month, but dropped about 3% from a year ago. Again, the number of Homes Sold in Blairsville, GA. was up 116% from last month, and 7% from a year ago. I believe that all the snow we had in December and January had a lot to do with why our sales were down so much in January.

But why the decrease so much in Median Sold Price? 27% in one month. Well one word…Foreclosures. Bank Owned Properties make up a very small percentage of the Market Share in Blairsville but dominate the sales. If you take a look at the homes sold in February, 20 of them were Bank Foreclosures. That is 57%  of House Sales in Union County.

The number of Homes Under Contract has actually dropped a little from last month as well. There were 30 Homes Pending in Blairsville Georgia at the end of February, compared to the 41 that were Under Contract in January. Taking a look at the past year, we can see a somewhat steady climb and an overall 67% increase year over year.

New Real Estate Listings continue to decline mostly in part to New Construction Home starts being down so much. The total number of Residential MLS Listings is down 23% from February 2010. The Average Days On Market or commonly referred to as DOM, was down 13% overall, but was up just slightly to 155 days. Also the Absorption Rate for Union County is down overall 57%, but jumped from 12 months to almost 16 months in February 2011. The Absorption Rate tells us how many months under current market conditions it would take to sell all the Homes For Sale in Blairsville, GA.

Thank you so much for stopping by “The Porch” and visiting. you are welcomed back at anytime. If you have any questions or concerns with anything you have read in this report, or pertaining to the North Georgia Mountain Real Estate Market, please Contact Me and I will be grateful for the opportunity to address them for you.

Make it a GREAT day!

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