North Georgia Blue Ridge Mountains Market Watch (Edited)

Keeping it real in real estate... 

Following are real estate market statistics as reported by the Northeast Georgia Multiple Listing Service for the North Georgia Blue Ridge Mountains.  This market information is comprised of the following counties in Northeast Georgia:  Fannin, Gilmer, Union, Towns, and Pickens and provides a snapshot of current real estate market conditions.  Please bookmark my website:  www.move2northgeorgia.net  to keep informed of ongoing real estate market conditions in the North Georgia Mountains. 

All in all, the North Georgia Mountain market is still strong with some slight and necessary corrections in certain cases.  In spite of the negativity of the news media that the sky is falling, we are doing just fine in North Georgia.  If I did not have the facts to look at in my own local market and all I had to go on was what I hear from the news media, I would have quite honestly, thrown my real estate license in the trash months ago, and moved on to an early retirement.

Buyers should keep in mind that interest rates are at a historical low, inventory is a bit high and they have a great selection in residential single family homes.  Investors who want to build their portfolios, retirees who want that second home  or dream of relocating, but have been putting it off should see the opportunities in this changing market.  Financing is there for those who are creditworthy.   Sellers understand the slight shift in the market place and are pricing their homes to sell. 

Listen to your local Realtor who is also your local area expert in the real estate market.  Let the facts do the talking, not the rating games of a network or cable media!  Real estate is still the top investment choice for many despite a slowdown in some areas.  If you are waiting because you think prices are going lower, Why wait?  How much lower do you think they will go?  Talk to me, you may not have to wait for them to go lower (IF) they go lower.   Let common sense prevail. 

I want to know what you think, I really do.  Please leave a comment and tell me what's on your mind.  All I ask is that you keep it non-offensive.  Thank you.

Market News

Market Snapshot 

This chart represents the number of Listings and the number Sold in 2007 compared to 2006.  Inventory is higher and sales were lower in 2007 compared to 2006 with the exception of Towns County where inventory is lower in 2007.  Sales were lower across the board for all counties in 2007.

This chart represents the number of homes Sold in all price ranges in 2007 compared to 2006.  Sales are down for 2007 with more homes selling in the "up to 300K" range for both years.

This chart represents the number of homes Sold by county in 2007 compared to 2006.  Pickens County showed an increase in home sales in 2007 over 2006 while the other counties showed a decrease.   In 2006: Fannin had 157 more homes which sold; Gilmer had 175 more homes which sold; Union had 162 more homes which sold; and Towns had 61 more homes which sold.

This chart represents Inventory levels for residential single family  homes compared to number of homes Sold in 2007.  Homes are continuing to sell at a normal pace but inventory is out of line compared to the number sold.  Properties must be priced right to bring the inventory under control.

The Average Sold Price reflects the total sold $ volume by the number of properties sold in a specified time.  This chart represents Average Sold Price for residential single family homes in 2007 compared to 2006.  It is important to note that a change in the average sold price does not indicate that property value has increased or decreased accordingly.  The main purpose for this measure is to know which price range is most active.  This trend is only one of many factors in estimating home values.

This chart represents the number of Days on Market in 2007 compared to 2006.  The number of days on market increased for Fannin, Union, Towns, with a slight decrease in Gilmer and a notable decrease in Pickens in 2007.

Edited 12/5/2007 to add Average Sold Price; Inventory/Sold; Days on Market

For more information regarding the real estate trends for the North Georgia Blue Ridge Mountain area, please contact Donna in Blue Ridge and visit www.move2northgeorgia.net :

Donna Yates, Realtor
Mountain Investments of North Georgia
North Georgia Blue Ridge Mountains
706-633-0644 cell
Email:  donna@ellijay.com
Website:  www.move2northgeorgia.net