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Pending Home Sales Data Forecasts Higher Home Values Ahead
When a home seller accepts a contract on an MLS-listed property, the property’s status changes from “Active” to “Pending”.
This means the home is scheduled to sell, but not yet sold.
Each month, the National Association of Realtors® tallies the number of pending homes and publishes the data as the Pending Homes Sales Index report.
In October, for the 9th straight month, the index gained. It’s the longest such streak in Pending Home Sales history.
Because a “pending” home sale is just a contract between buyer and seller, it’s not as important to the economy as actual home sales. However, the Pending Home Sales Index can be a fine predictor of future activity.
Historically, 80 percent of homes under contract “close” within 60 days, and most others close within 120 days. Recent Existing Home Sales data corroborates this. Home sales activity is at its highest pace in nearly 3 years.
The Pending Home Sales Index does have some shortcomings, though:
1. It doesn’t account for newly constructed homes, a small but important part of the real estate market
2. It doesn’t track For Sale By Owner properties and other non-MLS listed homes
3. Its sample set is small, measuring just 20 percent of all MLS-listed sales
Despite this, however, Pending Home Sales is a terrific measure of real estate market strength. Homes are going under contract at a dizzying pace. It’s thinning out home inventory supplies and pressuring prices to rise.
This chain reaction is what makes Pending Home Sales Index worth tracking. As the number of homes under contract increase, home prices can’t be far behind.
I am hopeful that these national statistics and predictions will hold true for the Value of Homes in the North Georgia Mountains. If I can assist you with any of your Real Estate needs in the North Georgia Mountains, please Contact Me or just pick up the phone and give me a shout! My number is 706.994.8686. I would be grateful for the opportunity to assist you with those needs. Should you have any questions or concerns in the meantime, please bother me!
Make it a GREAT day!
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Hope everyone has a very Happy and Safe Halloween. Remember, if you are in the North Georgia Mountains, we have the Halloween Safe Zone in Blue Ridge, GA. and Halloween On The Square in Blairsville, GA. These are really great events for Halloween here in our North Georgia Mountains.
Trick Or Treat!
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2009 Copper Basin Halloween Costume Parade
When: Friday October 30, 2009 at 5:00 P.M.
Where: Downtown Copperhill, TN.
Downtown Merchants will distribute free candy to children in costume. Bring your children and let them enjoy the fun. 5:00 p.m. Cash prizes for the best costumes, infants to adults.
Sponsored by the Tri-Cities Business Association.
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While there is some good news with Vacant Lot sales in and around the Blue Ridge area located in Fannin County, there is still good reason to be concerned. Median Sales Price is up 25%, up $8,000 dollars from $32,000. Now it is questionable to me whether or not it is good news that the Supply has dropped 37%. This is obviously not from sales or we would see that in these reports. So where did all of the lots go? Well, they could have been withdrawn from the MLS to simply wait out the market and be offered by the developer, however my fear is that they are probably going into Foreclosure, if not now in the very near future. It is a major concern of myself and that of my associates that if we see a major wave of Foreclosures on these developments, it could yet again be another devastating blow to our North Georgia Real Estate Market.
It seems so dramatic to report that Vacant Lot Sales were down 22%, whereas if I told you that there were only 7 Lot Sales this month compared to 9 that Sold last month it wouldn’t sound near as bad! There were 8 Vacant Lots under contract in the month of July, and that is a decrease of 11% from the previous year. We have seen a significant decrease in the amount of Vacant Lots available on the market. In July of 2008 there were 1,573 Active Listings in Fannin County, in July of 2009 there were only 994. That is a difference of 579 or 37%. What is comforting is that the number of new listings hitting the market is down a whopping 68%. There were only 32 new Vacant Lots that hit the market in Fannin County in July 2009.
The average Days On Market (DOM) has climbed immensely to 344 Days, up 114% and still on the rise. As mentioned earlier with the decrease of Inventory, we have also experienced a decrease in our Month Supply of Inventory (MSI). MSI is down a change of 26%, from 158.6 to 118 months.
So as you can see, we are still experiencing a rough market for Vacant Lot Sales. It is so hard for these developers to hold on during these trying times. The biggest thing that I have experienced in talking with these developers is that they have suffered such significant depreciation in there developments, most more than 50%, that by the time that the market for Vacant Lots starts to come back around, they will have paid more interest than they will ever get out of the proceeds of the sale. That is a tough pill to swallow.
I you have any questions or concerns about this report or would like additional information, please Contact Me, or you can call me at 706.994.8686. I appreciate you taking the time to stop by The Front Porch View.
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For May, the Case-Shiller Index showed home values up in 15 of its 20 tracked U.S. markets. It’s the first time in nearly 3 years that the index showed such strength and a signal that home prices may be turning higher for good.
According to a Case-Shiller Index spokesperson, “this could be a signal that home price declines are finally stabilizing.”
However, just because the Case-Shiller Index indicates home values are stabilizing, doesn’t necessarily make it true. Real estate is a local phenomenon and the Case-Shiller Index tracks just 20 U.S. cities. Here in the North Georgia Mountains, we have seen a steady increase practically from the first of the year beginning in February. In Towns, Union, Fannin and Gilmer counties our Median Sales Price has dropped 12% but appears to be stabilizing. Even better news, we have experienced a 10% increase in the number of homes sold, and a 49% increase in the number of homes under contract. It sure looks like we can begin to say that we have reached or at least are very near “The Bottom.”
Residents of every other town are unaccounted for.
Additionally, even within the 20 tracked cities, there are distinct neighborhoods and pockets that are under-performing the general market — just as there are those that are over-performing. The Case-Shiller Index can’t get that granular.
Despite its imperfections, the Case-Shiller Index remains a helpful, broader measurement of U.S. real estate. Economists believe that housing led the U.S. into the recession and they believe housing will lead us out, too.
If that’s true, May’s figures are the next step in the right direction.
Please come back to “The Porch” often for updated North Georgia Mountain Real Estate Market Reports. If you have any questions or concerns about anything in this article, please contact me at 706.994.8686. or you can email me at Chad@EmailMyRealtor.com.
Make it a GREAT day!
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11th Annual Butternut Creek Festival
When: Saturday July 18th – Sunday July 19th, 2009
Where: Meeks Park in Blairsville, GA.
The Butternut Creek Festival is one of the finest juried arts and crafts shows in the Southeast. The two day festival showcases the work of 65 artists and craftsmen in categories from basketry, fine art, fabric art, and decorative painting, to glass, jewelry, metal working, photography, pottery, and woodturning. Held annually at Meeks Park in Blairsville, Georgia, you don’t want to miss it!
This is a wonderful North Georgia Mountain Festival. Great Food…Family Fun. Come to Blairsville this weekend and see what all the fuss is about!
[youtube]http://www.youtube.com/watch?v=3fepHhxPXKc[/youtube]
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Blairsville Scottish Festival
When: June 13 8:00 A.M. – 5:00 P.M.
June 14 10:00 A.M. – 5:00 P.M.
Where: Meeks Park in Blairsville, Georgia
[youtube]http://www.youtube.com/watch?v=wYCp3bx4ZJQ[/youtube]
The stage is set and if you listen you will hear the sounds of bagpipes, drums and sounds of Scotland come alive as the marching bands get the games underway. Be sure to visit the Clan tents, pitched along the Butternut Creek and pick out your favorite kilt. Visit the genealogy tent and find out if you might have a little Scottish in ya. You don’t want to miss seeing the competition of the cabor toss or who can run the kilted mile the fastest. Hungry? Visit one of the Scottish food vendors for a taste of Scotland.The Festival will feature an entire area designated exclusively for children’s events and activities with a fun as well as an educational twist. Children’s crafts and events make this festival fun for everyone in the family.
Please visit the Blairsville Scottish Festival site for more details and information.
**Voted Top 20 Event By The Souteastern Tourism Society**
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As this week’s signal that home buyers are returning to the market, both Existing Home Sales and New Homes Sales posted improvement versus month-prior figures this April.
According to the National Association of REALTORS, the number of Existing Home Sales rose by 130,000 units in April.
New Home Sales rose by a modest 1,000 units in April.
As a twist in the story, however, although sales activity is rising, the available housing inventory is rising faster.
Versus March 2009, there were 300,000 more homes for sale in April — an increase of 9 percent. In addition, the “housing supply” rose to 10.2 months, its highest level since October.
This is good news for home buyers, of course, because home prices are a product of Supply and Demand. Depending on local conditions, buyers may find themselves in a position to demand lower sale prices or additional seller concessions.
The housing market has not fully rebounded but it continues to show signs of strength. With a few more months like March and April, it’s reasonable to assume that home buyers will lose some of their leverage for contract negotiation.
When that happens, expect home prices to rise.
Please come back to “Th Porch” soon for an updated Real Estate Market Report for the North Georgia Mountains. I will be posting a market report for Residential Inventory as well as Residential Sales in Blairsville, Blue Ridge, and the Ellijay areas. In addition to that, I will be posting the same reports for Vacant Lots and Acreage sales in those same areas.
Meanwhile, if I can answer any Real Estate related questions or concerns on Homes For Sale in Blairsville, Ga. or Cabins for Sale in Blue Ridge or Ellijay Georgia, please do not hesitate to call me at 706-994-8686, or simply send me an email at Chad@EmailMyRealtor.com. I look forward to hearing from you real soon.
Make it a GREAT weekend!
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This Log Cabin for Sale in Cherry Log, GA. is located at 409 Little Rock Creek Court. A beautiful drive up to the cabin just off of Highway 515 along Little Rock Creek, just outside The Rich Mountain Wildlife Management Area. Cherry Log is a small community within Gilmer County , actually a little closer to Blue Ridge, GA which is just inside the Fannin County line. Cherry Log was put on the map because of The Pink Pig , a famous B-B-Q restaurant right in the heart of Cherry Log. Past President Jimmy Carter has often been seen there frequently enjoying himself some Good Ole’ B-B-Q!
This Cabin has recently undergone many upgrades, expansions and renovations. To start with , the Kitchen cabinets and counter tops as well as some of the appliances have been upgraded. A very nice double door refrigerator with freezer on the bottom has been added. The Master Suite has been recently extended offering a spacious yet cozy feel. There is a sitting area in front, currently being used as a home office, as well as a very large walk-in closet. The main level bathroom features a separate tub, corner shower, and double vanities. It too has recently been upgraded with tiled flooring.
The open Great Room features a Corner Stoned Fireplace complete with vented gas logs, which makes it nice should you prefer the real thing and would rather have a crackling fire instead. This conversion can easily be accomplished with little to no additional costs. High above the Great Room are cathedral ceilings with exposed beams adding to the the charm of a Log Cabin in the Mountains. Up the steps you will find an open loft with yet another extension to enclose a once private balcony that now can be used as anther sitting area to take in and enjoy those breathtaking Mountain Views.
Downstairs fulfills every man’s wants and desires. The Family Room features a nice size area, large enough for a sitting area as well as a game of Pool at the Pool Table, which I might add is included with the purchase of the Cabin. Also tucked neatly under the staircase is a neat Bar Area finished off with a wood slab counter top and special lighting. You will also find just off of the Family Room 2 additional Bedrooms, a Full Bath and the Laundry and Utility Room. Leading out from the Full Finished Basement is a concrete poured patio, where the Back-Up Generator is stored that will run most of the Cabin should the power ever go out. This Back-Up generator will remain with the Cabin as well.
The Cabin is nestled on 1.77 acres of beautiful Rhododendron, Mountain Laurel, Hemlocks, Pine, and various other Hardwoods and plants. This offers such privacy and seclusion, just what most Mountain Home Buyer’s are looking for. There is a 2 Car Garage just a few feet away from the Cabin, that has additional storage space in the attic of the Garage. Also, there is an additional refrigerator that makes for a great place for all those added items that are not needed as often that take up all your space in the refrigerator in the Cabin. You guessed it, this is also included with the purchase of the Cabin. If that isn’t enough, there is also an Outbuilding placed upon concrete pillars complete with electricity.
If you are looking for Peace and Tranquility, this is the place for you. The drive into the property along Little Rock Creek is almost reason enough to purchase the property. Just in front of the Cabin are trails meandering through the property that is often traveled by Deer, and even an occasional Bear. A wonderful place to spend your time is at the Stoned Outdoor Fire Ring with Gas Starter, or maybe even take in a game of Horseshoes at the Horseshoe Pit! This Cabin offers it all.
MLS# 185573 – $225,000
If you would like any additional information, or if you have any questions or concerns about this or any other Cabin or Mountain Home, please feel free to call me at 706.994.8686, or you can email me at Chad@EmailMyRealtor.com
Thanks for viewing this North Georgia Mountain Cabin For Sale, I really appreciate it.
Make it a GREAT day!
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