Pickens County Georgia Real Estate Sales Data for March, 2009

While the number of homes placed under contract in the month of March improved over February's numbers (which is to be expected at this time of year), in my opinion, the number fails to indicate a significant turning point in the local housing market.

Out of 500+ homes for sale in the Jasper Georgia area, eighteen pending sales is a relatively small number, and is still almost 36% below numbers posted in March 2008 -- an already declining market. When compared with March 2007, the number of houses sold last month reflect a drop of greater than 50%, so certainly nothing worthy of note.

With the average list price of homes placed under contract falling between $195,000 - $200,000, here too we see a shift from prior periods where average sale prices were greater than $220,000. Only one of the eighteen homes to find a buyer in March was priced over $300,000 . . . a sure concern for sellers of higher-priced homes, who are having a harder time selling at this time. A fact reflected in the growing number of price reductions seen in this price range.

Of the 18 sales, seven were listed as foreclosure, lender owned, or corporate owned . . . nearly 40% of the total, not counting short sales and other must sell situations. The impact on sellers not in a distress sale situation is obvious. While there are those in the industry locally who argue that foreclosures are a minor matter, unlikely to have an impact on pricing, the facts speak for themselves . . .

Inventory of houses for sale in Pickens County GA reached 549 homes on market, marking a steady climb back up after having dropped below 500. At current sales levels, this corresponds to 3-years worth of inventory! Forty-four of these are bank-owned REO homes -- making foreclosures roughly 8% of all available homes for sale.

Despite the lack of positive news in this update, it is not all as bleak as it seems . . .

Aside from previously mentioned government efforts, low interest rates, and lower housing prices, March showed a sharp uptick in consumer confidence (essential to any correction), first time home buyers began making their presence felt in greater numbers around the country (important, as these buyers have no home to sell and buy the lower-priced homes of potential move-up buyers, creating a chain reaction), and . . . a review of April's numbers are looking somewhat promising.

I am going to be very cautious in trying to call a "bottom" or turnaround in the housing market in the North Georgia area, but am certainly keeping an eye out for anything that might represent good news or a sign of improvement, and April may be it . . .

Feel free to contact me for specific info about your street, neighborhood, or town!

(All sales data obtained and compiled from First Multiple Listing Service records and is believed accurate, but is not warranted.)