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REAL ESTATE REPORT
BLAIRSVILLE REALTY WINTER 2011 ISSUE 5

2010 Union County


Market Review The Beasley Report Northeast Georgia MLS

2010 Marked another year that YEAR $ VOLUME # OF SALES $ VOLUME # OF SALES
most of us in the real estate
2006 $310,268,400 1,963 $170,183,653 1,142
business would like to forget.
2007 $188,390,200 1,134 $101,469,199 625
Once again, we saw a record
number of foreclosures that 2008 $113,932,300 735 $72,188,478 409

continued to drive down prices. 2009 $97,159,600 723 $64,085,959 453


Sales of bank-owned properties
2010 $85,886,100 772 $63,902,001 508
rose by more than 36 percent
compared to the year before.
According to The Beasley Report, However, the total volume increase of 24 percent over
which tracks all real estate sales dropped by nearly 12 2008. Foreclosures
in Union County over $5,000, 35 percent, or $11 million comprised 42 percent of all
percent (or 272 of the 772 total dollars. Since 2006, the total home sales, while only
transactions) were bank-owned sales volume has fallen by accounting for 10 percent of
properties last year. Overall, the more than 72 percent, or the active inventory. The
total number of sales did $224 million dollars. median price, now at
increase by about 6 percent. $140,000, fell by more than
According to the data
12 percent in comparison to
obtained from our MLS, the

“That is almost last year, and 23 percent in


number of home sales (345
2008. The median sales
total units) showed a decent
impossible to gain in 2010, up by more
price peaked in 2007 at
$199,000.

comprehend. ”
than 8 percent compared to
the year before, with an

63 Murphy Highway 706-745-3000


Blairsville, GA. 30512 www.BlairsvilleRealty.com
UNION COUNTY RESIDENTIAL SALES
UNDER AVG SALES PER MONTH SUPPLY
PRICE ACTIVE CLOSED YTD
CONTRACT MONTH OF INVENTORY

Under $100,000 93 (21) 9 (4) 101 (61) 8.4 11

$100,001 - $150,000 74 (11) 10 (4) 104 (39) 8.7 8.5

$150,000 - $200,000 103 (8) 12 (2) 73 (22) 6.1 17

$200,001 - $250,000 58 (2) 0 (0) 24 (10) 2 29

$250,001 - $300,000 43 (1) 4 (2) 18 (4) 1.5 29

$300,001 - $400,000 45 (3) 3 (0) 12 (4) 1 45

$400,001 - $500,000 25 (1) 1 (0) 2 (0) 0.2 125

$500,000 + 43 (0) 0 (0) 5 (1) 0.4 107

TOTALS 484 (49) 39 (12) 339 (!41) 28.3 17

%FORECLOSURES 10% 31% 42% ***(FORECLOSURES)

sale, continue to fall. As of buyer traffic is starting to have


One encouraging
today, there are 487 homes in a positive effect on the
sign to report the county listed for sale. That absorption rates. There is now
is that the median price has is down by more than 100 17 months worth of inventory
remained the same since the since the same time last year. for sale when looking at all
end of the third quarter. This Inventories typically do price ranges. The best market
may be signaling that home decrease in the winter, but I do remains under $200,000, and
prices are trying to find a not remember the last tie we the slowest is for homes over
bottom. Another encouraging had fewer than 500 homes on $400,000. You can see the
sign is that the inventory the market. Fewer homes for chart on this page for more
levels, or number of homes for sale combined with stronger details.

UNION COUNTY MEDIAN SALES PRICES


$197,500 $199,000
$200,000.00 $181,650
$160,000
$150,000.00 $140,000

Vacant Lots
$100,000.00
Residential
$51,000 $50,000 $44,500
$50,000.00 $26,000 $21,500
$0
2006 2007 2008 2009 2010
Lot Sales are still
very weak with UNION COUNTY LOT SALES
only 107 closing
within the county PRICE ACTIVE UNDER
CONTRACT
CLOSED YTD
AVG SALES
PER MONTH
MONTH SUPPLY
OF INVENTORY

last year through


Under $15,000 24 (6) 1 (0) 28 (21) 2.3 10.4
our MLS.
$15,001-$20,000 62 (17) 4 (4) 25 (9) 2.1 29.5
This is practically the same as $20,001-$25,000 96 (8) 3 (1) 21 (6) 1.75 54.8
2009 when 109 closed, but the
$25,001-$30,000 79 (5) 5 (1) 15 (4) 1.25 63.2
prices have dropped
significantly. The median price $30,001-$40,000 125 (3) 2 (0) 5 (2) 0.4 312

fell to $21,500, which is down $40,001-$$50,000 154 (5) 2 (1) 6 (2) 0.5 308
by 17 percent in the last year, $50,001-$60,000 76 (3) 0 (0) 2 (0) 0.2 380
and a drop of 57 percent in
$60,001-$70,000 35 (0) 0 (0) 0 (0) 0 NC
three years. Bank-owned lots
made up 42 percent of all $70,000 + 156 (5) 1 (0) 4 (1) 0.3 520

closed sales in 2010, but they TOTALS 807 (52) 18 (7) 106 (45) 8.8 91
account for only 6 percent of ***(FORECLOSURES)
% FORECLOSURES 6% 39% 42%
the active inventory. There is
currently a 91 month supply of
$15,000. There were 28 sold subdivisions around the area,
inventory when looking at all
last year for $15,000 or less and it is nearly inconceivable
price ranges. The only price
and 21 of these were for a developer to compete with
range with under a year’s
foreclosures. Banks or the FDIC their prices and special
worth of supply is for lots under
now own a good portion of the financing incentives.

UNION COUNTY INVENTORY REPORT


UNION COUNTY PENDING UNION COUNTY PENDING 6 COUNTY AREA PENDING AREA VACANT PENDING
DATE RESIDENTIAL VACANT LOTS RESIDENTIAL
RESIDENTIAL VACANT LOTS RESIDENTIAL LOTS VACANT LOTS

JAN 10 588 45 1150 9 3220 252 5832 65

FEB 10 594 52 1245 5 3317 263 5847 59

MAR 10 594 48 1210 4 3312 257 5834 60

APR 10 603 49 1202 14 3402 274 5756 72

JUN 10 664 54 1289 7 3756 303 5620 60

AUG 10 664 49 1088 19 3774 292 5156 77

SEP 10 633 50 1044 19 3727 290 5052 77

OCT 10 614 51 960 14 3605 321 4798 70

NOV 10 577 66 801 22 3441 324 4477 99

DEC 10 548 52 889 25 3227 307 4543 79

JAN 11 484 39 821 14 2823 266 4015 57


MARKET SHARE TOTALS 2010
30%
Blairsville Realty 24.6%
23%

15%
12.4%
8.8%
2.7% 2.7% 3% 3.2% 3.6% 4.1% 8%
4.1%

0%

I do think, or at least hope, that 2011 will be a little better for sales since there are not as many homes on the
market to choose from. One of the major problems is that you simply cannot build them cheaply enough to
compete with the foreclosures. When you can get one under contract, appraisals kill many of our deals.

Raw land/acreage sales continue to be very slow, but the lower prices are starting to drum up more interest. I
have had several conversations with potential land buyers in the past few weeks, more than I have had in quite
some time. By researching The Beasley Report, I have found 16 sales of more than 10 acres of unimproved land
(land without houses, etc.), and those sales averaged $7,681 per acre. There are currently several tracts of
land listed for $5,000 per acre, and one tract at $4,500 per acre.
Our MLS shows that 11 properties listed commercially closed last month. Of those, eight were bank-owned.
There are a lot of bargains to be had in the commercial world...if you have the cash or are very well qualified for
financing.

Ten homes were sold on Lake Nottely during 2010 in our MLS and ranged from a cabin on seasonal water for
$137,000 to a large rustic home, which sold for $642,000. Seven lake lots also
sold, ranging in price from $140,000 to $300,000.

In Closing...
New
Construction
... I hope and pray that 2011 will be better for all of us in the real estate and
Building Permits Is related businesses. Given the data, I feel a little more optimistic that it will. Our
sued
in 2010 prices are going to have to find some stability. In order for that to happen, the
Fannin
foreclosures must stop or at least slow down tremendously. Typically, location,
123
quality, supply and demand determines the worth of a property, but that is all out
Gilmer

91 the window nowadays. It just depends on how quickly the banks want to sell
Towns
them.
54
Union

68 Finally, I would like to once again congratulate our agents for the largest market
share in Union County for property sold in 2010, and for doing it by a large margin.
They also had the next to largest market share for any company in our entire six-county MLS, only being
second to an office with twice as many agents.

Thanks again for reading, and we truly appreciate your business.

Robert Rogers
Broker/Owner of Blairsville Realty