North Georgia Blue Ridge Mountains Market Watch - End of Year 2007 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.  This data has been edited to show EOY (end of year) 2007 market acitivty.  Updated 1-2-2008

Market News

• 2879 single family homes are available for sale as at EOY 2007 for all counties combined 
• 1594 single family homes sold since January 1, 2007 to December 31, 2007 compared to 2004 single family homes sold during the same time period in 2006 resulting in a decline in demand of 410 homes.  Keep in mind this is a decline of only 410 homes across a combined total of 5 counties. 
• Average Days on Market in 2007 are 130 days compared to 123 days in 2006 resulting in a slight increase in 2007
• On average, sellers are getting 94% of their list price.  Buyers making offers much lower than this are not as likely to get an acceptance on a property in good to excellent condition.
• Average Sold price is $245,906 in 2007 up from $235,973 in 2006
• Average median Sold price is $212,500 in 2007 up from $205,000 in 2006

Market Snapshot 

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

This chart represents the number of homes Sold by county at EOY 2007 compared to 2006.  Fannin County had a decrease in home sales in 2007 of 187 less homes.  Gilmer County had a decrease of home sales in 2007 of 191 less homes.  Union County had an increase in homes sales in 2007 of 7 homes.  Towns County had a decrease in home sales in 2007 of 70 less homes.  Pickens County had a decrease of home sales in 2007 of 150 less homes. 

This chart represents Inventory levels for residential single family homes compared to number of homes Sold at EOY 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.  Higher inventory offers home buyers an advantage in selection of homes and avoid bidding wars resulting in paying an inflated sales price.

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 has been updated to include end of year (EOY) 2007 sales.  The Average Sold Price increased in 2007 for Fannin, Union and Pickens Counties.

This chart represents the number of Days on Market at the EOY 2007 compared to 2006. 

For more information regarding the real estate trends for the North Georgia Blue Ridge Mountain area or for your specific zip code, please contact Donna in Blue Ridge and visit http://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

Copyright:  North Georgia Market Watch - Blue Ridge Mountains Real Estate