Pickens County Georgia Real Estate Data: August 2009

It appears that the positive trend we had been seeing in Jasper GA home sales in the early part of the summer took a turn for the worse in August.

The number of homes placed under contract or sold, 24*, was 20% lower than August 2008, and 33% below 2007's numbers. It also reflects a notable decline from the prior month's sales numbers. The average closed sale price of $219,072 for those transactions that have closed holds some promise on the pricing side of things, although still at a very low list-to-sale price ratio.

Of the 24 transactions, seven of the homes were located in either Bent Tree or Big Canoe. Eight were bank-owned foreclosures (33%). This is compared with only five foreclosures sold in August for each of the two previous years, or, 17% and 14% of all sales, respectively, for 2008 and 2007.

Inventory continues to hover at an unfavorable two-years plus, with 531 homes for sale in Pickens County GA at the time of this writing. Twenty-seven of these active listings were listed as bank-owned or foreclosures -- a slight drop as an overall percentage of inventory over prior months. With 30-40% of all homes that are selling being some form of distress sale, this drop is not surprising, but is also likely to be quickly replenished if the number of foreclosure notices being published is anything to go by.

This turnaround from the improvements we had been seeing is hard to explain, and makes predicting future trends almost impossible. September and October aren't showing significant signs of improvement, so the earlier gains may simply have been a release of pent up demand, and some bargain hunting by savvy buyers seeing great opportunities that met their needs. Even the anticipated surge of first-time home buyers racing to meet the tax credit deadline hasn't been as great as many expected.

Overall it seems the mood of uncertainty about job security, unemployment, housing prices and the economy, seems to be holding in check any sustained turnaround in the local Pickens County housing market.

*Some data used herein obtained via First Multiple Listing Service and is not warranted.