Trent Cluley -- Pickens County Georgia Real Estate

November home sales in Jasper GA, fared only slightly better than sales activity for October '08.

Eighteen homes were placed under contract, slightly higher than October, but still off 25% from 2007 numbers, and down 50% from 2006. Average list price of pending sales stood at $203,438 -- also better than October -- and average number of days on market dipped to only 59. Of the 18, seven were listed as either foreclosure or bankruptcy homes (39% of all sales).

Overall inventory of homes for sale in Pickens County GA declined for another month, dropping to 539 houses available, at an average list price of $332,274. 27 were identified as either foreclosed (REO) or bankruptcy estate properties -- 5% of total inventory.

I'm not expecting any significant change in December, as the combination of economic uncertainty and the time of year continue to occupy consumers' minds, however, it is possible that the effects of the bailout billions, government and bank initiatives to slow down the rate of foreclosure, very low interest rates, and a selection of deeply discounted properties, might at the very least help to spark the first flicker of renewed life for real estate in the early part of next year. A complete turnaround however, is in all likelihood much further out . . .

After reporting on what appeared to be some slight improvement in Pickens County GA home sales in the last two months, October has unfortunately reversed the trend . . .

With only roughly 15 houses either under contract or sold for the month of October, this marks a substantial decline when compared to both year-on-year numbers, and prior month sales, showing a greater than 50% drop in both areas. Notably, more than half the homes placed under contract were bank-owned foreclosures, which fact is likely to be reflected in the average sale price and list to sale price ratio, which had already dipped below 93% for September.

The average list price of the pending sales was below $195,000 . . . already lower than the average sale price in October 2006 and 2007, and likely to fall lower once these sales actually close. List prices fell within a range of between $65,000 and $459,100.

Better news is that inventory continued its decline, as more sellers withdrew to the sidelines, falling below 570 houses (versus a number usually hovering at more than 600 homes for sale in the Jasper GA and Big Canoe area). Of those properties, at least 31 (nearly 5.5%) were identified as either foreclosed REO homes or bankruptcy filings, not including those in pre-foreclosure or distress situations.

Going into November, the numbers look even more bleak. Month-to-date, almost half-way through the month, out of nearly 570 available homes, there are currently only four pending sales noted, all of which are listed at below $200,000, and two of which are foreclosure listings.

Based on national and local economic uncertainty, it seems unlikely that there will be a substantial shift in the local real estate market in the short term, particularly not during this time of year that is typically slower anyway. Sellers should be prepared for the possibility of not seeing significant activity on their listings until the new year. Buyers (particularly investors) might want to explore some of the better deals that are available, as that is one area still showing activity and quick turnaround -- properties priced below market. Many lenders and builders are trying to dispose of inventory quickly and are offering some very good deals right now.

For information on some of the better opportunities available or more specific market information, shoot me a quick email with your needs / criteria or questions and I'll get back to you shortly. Be sure to check out some of the great deals I have on new construction in Pickens County GA, under $300,000.

The number of homes for sale in Pickens County, GA, for September 2008, showed a slight decline over last month's numbers, down to 589 houses for sale, with an average list price of around $332,000, in a range from $27,900 to $1,950,000. Twenty-one of these homes were listed as REO's (foreclosures) or short sales.

Twenty-six homes were placed under contract in September, versus September last year's thirty-two, and 2006's forty-one home sales, (average pending sale list prices have stayed consistent in the low to mid $200's). Eight of the twenty-six homes under contract are listed as bank-owned foreclosures -- more than 30%! While Big Canoe accounted for five of the home sales.

As noted in August's sales update, while sales are still off over prior years, the numbers reflect some improvement percentage-wise over year-on-year declines seen earlier in the year.

One number I am keeping an eye on is the list-to-sale ratio -- the price for which homes in Jasper, GA, are selling against their list price. This appears to be sliding down to the vicinity of 93.5%, which reflects increasing price concessions by sellers (often against an already discounted list price). While this reflects the softness in the market, it may also be part of the reason for the increased buyer activity.

Stay tuned . . .

Two neighborhoods located in Pickens County, GA, offer truly breathtaking views at 3,000+ foot elevations, not to mention the natural beauty of numerous springs, creeks and waterfalls, which form and flow from these mountain heights, yet they are little known and seldom talked about. Since both are located along Monument Road in the Mount Oglethorpe area (each taking up opposite sides of the road), and share many similarities, I thought I would combine both as one post rather than dividing them out.

Sassafras Mountain Estates lies on the eastern side of Monument Road, facing a series of rolling hills and valleys to the east that catch glorious morning sun and are often swathed in layers of mist. Lot sizes are all 5-acres or more, with many being over 10-acres in size, allowing homes plentiful wooded privacy to go along with their pleasant views. Out of the nearly 200-lots available in the development, I would estimate that less than half have homes built at this time.

None of the homes in Sassafras Mountain Estates date to much earlier than the early 1990's, and many have been constructed in just the past few years. With most of the homes designed and built as custom homes, rather than as builder spec homes, there are a wide variety of home styles and finishes to choose from, from traditional large log "cabins" to more contemporary options.

In the last three-years, there have been only seven houses sold in Sassafras Mountain, ranging in price from $182,500 to $576,000, and an average sale price of $322,785. (NOTE: Four of the seven homes sold were listed as bank-owned foreclosures.) As of this writing, there were eight homes available for sale, in the range of $249,900 to $797,900, and an average list price of $477,687. Two of these homes were also listed as foreclosures.

On the other side of Monument Road is the Monument Falls development. Slightly smaller than Sassafras Mountain, with approximately 100 lots, Monument Falls offers some spectacular views of its own to the west, including some very long range views (60-miles or more). Lots are at least 3-acres or more, with larger acreage lots of 10-acres or more also available.

Homes range in age from the late 1990's to homes built in the last year or two -- most built as unique custom homes, and no two just alike. With only two homes sold in Monument Falls in the past three-years (average for the two of $227,400), sales data is sparse. As of this writing, one home was available for sale ($639,000), with two more under contract of sale, (at a list price of $184,500 and $429,000 respectively), which pricing reflects the diversity in the types of homes available.

There are close to 30-lots on the market between the two developments, from 3 to 20+ acres each, and ranging in price from $40,000 to just under $500,000 -- depending on size and features -- providing numerous opportunities for interested buyers to find a suitable lot for a custom home of their own, if they can't find a home already built that matches their needs.

Traveling up Burnt Mountain Road / Highway 136 to Monument Road (named for the Oglethorpe Monument which used to be located there, but which is now located on Main Street in Jasper), distance from Jasper is likely to be at least 10-miles or more. As with Big Canoe, part of Sassafras Mountain Estates lies in Pickens County and part falls within Dawson County -- something to keep in mind when making a purchase, if county of residence is important in the decision.

For those wanting scenic mountain views and a peaceful wooded setting, away from it all, the larger lot sizes and less restrictive covenants and restrictions than those in Big Canoe or Bent Tree (Monument Falls in fact backs up on Bent Tree), make these two subdivisions an often overlooked alternative to these bigger "gated-communities".

August numbers for Jasper GA real estate showed some improvement over previous months. Slight as it may be, any improvement is definitely welcome!

Pending home sales climbed from 15 homes placed under contract in July, to 24 in August. Particularly noteworthy was that the month-to-month declines we'd been seeing in the average price of homes going under contract reversed itself, climbing from the $180,000 it had dropped to in July, back up to $219,000 for August.

It should be noted that in this area, August sales are generally a little stronger than July each year. But what is significant this year, is that this actually marks a lessened drop from the same time last year, as compared to the declines we've seen in previous months. July numbers for example were off nearly 45% from 2007, and almost 72% from 2006, August was only off 59% from 2006, and 33% from 2007.

Obviously, one swallow does not spring make, but, it is good news and so far September numbers are holding to the same pattern, so we'll see . . .

Foreclosures and short sales in the Jasper area (as with most of the country), are still a large variable in the real estate market. Notices of sale continue to inch upward, ultimately bringing more "distress" properties to market and could have some negative impact. But, the increased buyer activity we're seeing will hopefully minimize the impact of discounted bank-owned homes on sellers, while offering good buying opportunities for buyers.

Most promising is that inventory of houses for sale in Pickens County GA has not shown any significant change (and in fact is lower than earlier this summer!), which is great for those trying to sell a home. The number of homes on market as of this writing was a manageable 600, at an average list price of $329,192.

We'll just have to see what September brings . . .