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One day after the National Association of Realtors® released the softest Existing Home Sales report since 1995, the U.S. Census Bureau released a similarly-weak New Home Sales report.
Americans bought just 276,000 newly-built homes in July. That marks the fewest units sold since the government started keeping records in 1963.
In addition, although new home inventory actually dropped 2,000 units in July, the slowing sales pace still managed to push the national supply higher by 1.1 months. At July’s rate of sales, the nation’s new home inventory would be exhausted in just about 9 months.
None of this news should surprise you, though. It’s all been foreshadowed for weeks.
First, Single-Family Housing Starts have dropped in every month since April. A “housing start” is a when a home starts construction and, because fewer homes are under construction, we should expect fewer homes to be sold.
Second, Building Permits are down. The number of new permits peaked in March and have fallen 23 percent since.
And, lastly, home builder confidence ranks at its lowest levels since early-2009. A contributing factor in that pessimism is dwindling buyer foot traffic.
Regardless, there’s two sides to the story. Although the New Home Sales data looks bad for builders, it can be terrific for you. This is because new homes are more likely to be discounted when the sales cycle favors buyers.
Coupled with ultra-low mortgage rates, the cost of buying a newly-built home in Hiawassee may have just become cheaper.
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Where’s The Bottom?
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According the Federal Home Finance Agency’s Home Price Index, home values are now off just 12.5 percent from their April 2007 peak nationwide. This, after a half-percent monthly increase in prices in May, on average.
Given the state of the market since April 2007, the Home Price Index results are a positive for both the housing market and the economy, but we have to remember that May’s half-point increase is an average, and not specific to a particular area.
In contrast to “national markets”, the real estate markets in which you and I live are decidedly local. It’s a major difference and the distinction renders the Home Price Index somewhat less important.
After all, the HPI doesn’t account for housing activity in individual neighborhoods like the Aska Adventure Area , nor does it track value across cities like Blue Ridge. Instead, it summarizes data in giant chunks of geography.
A quick look at the HPI regional data proves the point. Of the HPI’s 9 tracked regions, only one was within one-tenth of one percent of the national, half-point average. The others varied by as much 1.3 percent.
As a sample:
- Mountain Region : + 1.7 percent
- New England : + 0.2 percent
- South Atlantic : +1.0 percent
And this is on a regional basis. The HPI’s applicability to state, city and neighborhood markets is even less appropriate.
Real estate values cannot be captured in a national survey. For home buyers and seller, what matters is the economics of a block, on a street, in a neighborhood. That type of granularity can’t be tracked in a report like the Home Price Index.
The best place to get that data is from a local real estate agent that knows the market well. That is why I have attached a Market Report that includes Residential Sales for Fannin, Gilmer, Towns and Union Counties covering the past 3 years.
So as you can see, our North Georgia Real Estate Market is no where near 12.5 % of the peak in 2007. Median and average sales prices of homes continue to fall as a result of distressed and Foreclosure Sales. We are all wondering just when and if the bottom will ever get here. I don’t know about you, but I am ready to start looking up for a change. Please Contact Me or give me a call at 706.994.8686 if you have any questions or concerns about anything that you have read in this article. Thanks so much for visiting “The Porch,” and I hope you come back and visit again real soon.
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Median Sales Prices for Homes Sold in Blairsville was down 23% from April 2009, and it was also down 9% from March of this year. The Median Price of Homes For Sale in Blairsville, GA. is also down 5% , from $209,000 to $199,000.
Sales were down in April from 31 in March, to only 18 in April. That is a change of 42%. Of those 18 Homes Sold in Blairsville, 39% of them were Foreclosures. There were 21 Homes Sold in Union County in April 2009. Our Northeast Georgia MLS system is not set-up to accurately report the number of Short Sales that occurred within those sales.
There is Good News for May however. The number of Pending Sales in Union County was up 45% in April. These are properties that are currently under contract but have not closed. Typically, these properties close between 30 – 45 days. Looking back on Pending Sales in March, there were also 32 Homes Under Contract in Blairsville as in April. That means that either half of those deals fell through, or it is indeed taking a little longer with the New Changes to the Real Estate Settlement Procedures Act (RESPA) to close the transaction.
The number of New Properties For Sale in Blairsville climbed a little in March, but fell again in April. Overall, our inventory is slowly coming down bringing back into align the law of economics…Supply and Demand. We have gone from 860 Homes for Sale in Blairsville in April of 2009, to 711 available on the market in April of 2010. That is a change of 17% year over year.
The Average Days on Market (DOM) spiked 51% in the month of April to 170 days, up from 112. However with inventory coming down, and sales holding somewhat with a very slow and steady climb, our Absorption Rate is coming down. Our Month Supply of Inventory (MSI) is down 44%.
Should you have any questions or concerns with anything that you see in this report, please Contact Me. You may also call me at 706.994.8686, I will be more than happy to answer any question or concern that you may have. If I can assist you or anyone you may know that is looking to purchase a Home For Sale in Blairsville, GA., or anywhere here in the North Georgia Mountains, I would be grateful for the opportunity.
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It appears that there is some positive news coming out of Fannin County, at least compared to the previous months. Vacant Lots For Sale in Blue Ridge, GA. is up 83% from March 2009. The Median Sales Price has risen %2,500, or 4% to $61,000 compared to $58,500 from a year ago. This is due in part to the Average Median For Sale Price coming down almost $10,000 for a 14% change from March 2009.
April is promising to be a fantastic month as the number of Vacant Lots Under Contract in Fannin County is up an amazing 180%. Although that is only a change of 9, up to 14 from 5, but it is still great news for North Georgia Mountain developments that have been sitting idle for for the most part experiencing very few sales. Many of our Mountain Communities are not doing well at all, and several of our developers are struggling to keep their investments out of Foreclosure. Many are realizing with the massive reductions in Property Values due to the Real Estate and Mortgage Crisis, the carrying costs added to the initial investments of these developments far exceed the 5 to 10 year projections of Market Value. This makes it very tough for them to hang on, both mentally and physically.
However Inventory is coming down shedding some more good news. The number of New Properties that have entered the market is down 29%, and the number of Total Vacant Lots For Sale In Blue Ridge Georgia is down 26%. The Average Days on Market (DOM) shot up a little in March, up 31% to 231 Days. This is the average time it takes a Real Estate Professional to Market and and Sell a Vacant Lot in Fannin County. AS you might have guessed, with the decrease in the amount of Properties For Sale in Blue Ridge, GA. and a slight increase in sales, the Month Supply of Inventory is also way down, 74.5% to only 72 months.
If you have any questions or concerns, or if you would like any additional information that I have not provided in this Real Estate Market Report, please Contact Me or give me a call at 706.994.8686. I appreciate you stopping by “The Porch,” and please know that you are welcome back anytime.
Make it a GREAT weekend!
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The Median SOLD Price for Homes Sold In Fannin County was down 1% or $1,500 from April of 2009. January of 2010 was a great month for Median Sold Prices, it spiked to nearly $250,000. Not much change for the Median Price on Homes For Sale In Blue Ridge. The Median Price For Sale was down 4% or $11.500. There was only 1 less Home Sold in March of 2010 over a year ago which had a total of 27 units, this was a change of 4%.
The GREAT News is that the number of properties that have gone under contract during the Month of March, but have not yet closed is up a staggering 105%! There are currently 41 Homes Under Contract in Blue Ridge, GA., a change of 21 from a year ago. This is promising news that sheds some light on what the economists that I have heard have been saying. The consensus is that we have a lot of Buyers with money in their pockets just waiting on Spring and beautiful weather. It is a gorgeous Spring Day, boy do I hope they are right!
The number of Newly Listed Homes in Fannin County is down 5%, and the Total number of Properties that are being offered For Sale is down 13%, a drop of 137 units. The number of Expired Listings, listings that were not renewed or that is not currently back on the market was also down by 7 units for a Total of a 7% change. The Supply and Demand Graph within this Residential Market Report really paints the picture of what we have been seeing here in the North Georgia Mountain Real Estate Market.
Some more good news is that the number of Days On Market (DOM) is down 21% to 122 Days. This is basically saying that of the Homes Sold In Blue Ridge, GA., they were only on the Market for a total of 122 Days before going under contract to be purchased. Also because of the number of Homes For Sale in Blue Ridge Georgia being down and the number of units that were Sold being up, the Months Supply of Inventory is down 59% to only 18 and a half months.
If you have any questions or concerns about anything that you have seen or read within this North Georgia Real Estate Market Report, please feel free to Contact Me, or simply pick up the phone and give me a call now at 706.994.8686. Thank You so much for visiting me on “The Porch.” Please come back and visit as often as you like, you are always welcome.
Make it a AWESOME day!
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If there is any good news at all concerning the Union County Lots and Acreage Real Estate Market, it is that inventory is down. The number of new properties listed by month is down a staggering 90%, a change of 192 fewer listings from this time last year. The total number of Properties For Sale in Blairsville is down 12%, a change of 219.
If that wasn’t enough good news, then how about the fact that the Median Sold Price by month was up as well, 16% with an average increase of $4,500. Not much, not near enough, but none the less a positive increase. The number of units sold however was down 38%, a decrease of 5 from February of last year. Also, the number of units that went under contract was down 29%, but only a decrease of 2 properties.
The average Days On Market (DOM) continues to increase, up 17% to 240 days. That also causes the Absorption Rate to increase as well. The average Month Supply of Inventory is up 21% to an incredible 299 months supply of Vacant Lots For Sale in Blairsville, GA. Let me do the math for you. That means that at current market conditions, and taking into consideration that we do not have any additional lots enter the Union County Real Estate Market, it would take almost 25 years to deplete our inventory. Wow! I have a funny feeling that these Bank Closures might cause this time frame to speed up just a little. What do you think?
Other Related Articles You May Find Of Interest:
March 2010 Union County Residential Real Estate Market Report
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As you can see from the above report, the Median Sales Price for Homes Sold in Blairsville, GA. continues to fall. There was a change of $21,525, down 14% from February of 2009. This is due mostly in part to the Short Sales and Foreclosures that continue to plague both our Residential Market, and even more so our Vacant Lots and Acreage Market. I will be sharing that report in a later post.
The good news is because of the amount of Short Sales and Foreclosures, the number of units SOLD is up 18%. Only a change of 3, but 18% sounds so much better. There was no change this month over a year ago for number of properties that went under contract. The number of homes under contract year over year in February was 20.
The number of new homes being listed in Union County is down 31%. We had 27 fewer residential listings hit the market in Blairsville Georgia in February 2010 over last year. This is mainly due in part to New Construction coming to a near halt. Along with number of new listings going down, the total number of Properties For Sale in Blairsville was down 14% as well.
Our average Days On Market (DOM) for Homes Listed In Blairsville was up 32%, an added 47 days from the previous 149 from a year ago to a total of 196 average days on market. However with the drop in Inventory and a slight increase in Demand, our Month Supply of Inventory, better known as our Absorption Rate is down 14% to roughly 31 months.
If you have any questions or concerns from this North Georgia Real Estate Market Report, please Contact Me, or simply pick up the phone and give me a call at 706.994.8686. I appreciate you taking a moment to read this report, and please come back up on “The Porch” each and every time that you have the opportunity. You are always welcome here.
Make it a Great Day!
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As you can imagine, 2009 presented many obstacles for those of us in the Real Estate and Mortgage Industry. It was a tough and challenging year no doubt, but presented some hope for the future. Although 2010 has not started with record breaking numbers, many are still predicting that this could be the year we finally see “The Bottom.”
My broker Robert Rogers, really does a great job leading our agents and guiding us to success. He is a numbers guy, and he stays on top of the market and keeps all of us at Blairsville Realty informed as to exactly what is going on in the Real Estate Market in the Blairsville, GA., and all of the North Georgia Mountains.
I too wanted to congratulate my associates at Blairsville Realty for being #1 in number of units SOLD in all of the Northeast Georgia Board of Realtors(R) MLS, and #1 in number of units SOLD and Sales Volume in Union County. I am very fortunate and proud to work with such a great group of professionals, but more importantly friends that I consider to be family.
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