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2010 Union County Market Review 2010 Marked another year that most of us in the real estate business would like to forget. Once again, we saw a record number of foreclosures that continued to drive down prices. Sales of bank-owned properties rose by more than 36 percent compared to the year before. According to The Beasley Report, which tracks all real estate sales in Union County over $5,000, 35 percent (or 272 of the 772 total transactions) were bank-owned properties last year . Overall, the total number of sales did increase by about 6 percent. “ That is almost impossible to comprehend . ” However, the total volume dropped by nearly 12 percent, or $11 million dollars. Since 2006, the total sales volume has fallen by more than 72 percent, or $224 million dollars. According to the data obtained from our MLS, the number of home sales (345 total units) showed a decent gain in 2010, up by more than 8 percent compared to the year before, with an increase of 24 percent over 2008. Foreclosures comprised 42 percent of all home sales, while only accounting for 10 percent of the active inventory. The median price, now at $140,000, fell by more than 12 percent in comparison to last year, and 23 percent in 2008. The median sales price peaked in 2007 at $199,000. 63 Murphy Highway Blairsville, GA. 30512 REAL ESTATE REPORT BLAIRSVILLE REALTY WINTER 2011 YEAR $ VOLUME # OF SALES $ VOLUME # OF SALES 2006 $310,268,400 1,963 $170,183,653 1,142 2007 $188,390,200 1,134 $101,469,199 625 2008 $113,932,300 735 $72,188,478 409 2009 $97,159,600 723 $64,085,959 453 2010 $85,886,100 772 $63,902,001 508 The Beasley Report Northeast Georgia MLS ! e 706-745-3000 www.BlairsvilleRealty.com
