Bent Tree Activity Summary for 2008
Little Hendricks Mountain & Lake Tamarack in Bent Tree
“Climb Every Mountain” might well be the theme song for sales in Bent Tree this year. Sales in Bent Tree hadbeen consistently growing in volume of units and dollars for several years, but this year they certainly proved that no trend continues forever. I have heard some residents - even some Real Estate agents - say that “Nothing” is selling; but that is certainly an exaggeration. We just had to work a lot harder and climb a lot higher to make it work.
In 2007 there 38 home sales listed on the First Multiple Listing Service (FMLS) totalling about $9.5 Million in total value. In 2008 there were 23 home sales totalling about $6.125 Million in value. So while the number of homes sold was down about 40%, total value was only down about 33%. The average sale price in 2007 was $248,344 and the average in 2008 was $266,636.
In 2007 the values of homes ranged from $115,000 to $499,000 and in 2008 the range was from $125,000 to $452,000. Days on the market in 2007 was a brisk 73 and that fell to a not so brisk 124 in 2008.
Actually, the 124 is understated quite a bit as several listings went from one broker to another after 180 days and the clock started over for them. There are currently 65 homes for sale in Bent Tree with a total value of almost $19 Million dollars. At this year’s pace of sale that inventory would last us 3 years at about $6.3 Million per year.
Probably the most dramatic drop in Bent Tree sales was in the lots. In 2007 there were 17 sales with an average of $36,123 per lot. In 2008 there were only 9 sales, but the price per lot was up to $58,833. There are currently 116 lots for sale or about a 13 year inventory at last years pace.
There are some really good buys out there and certainly as the economy begins to recover the inventory should drop significantly. Calls and Internet traffic fell off in November and December as the economy lurched to the end of the year, but both are up this month and communication with buyers seems to indicate that if the market and economy stabilizes a little they may actually venture out and become part of the recovery by beginning the purchasing process. Conditions in the rest of Pickens County are similar. If you would like to see the numbers for the county please visit my other blog “Life In North Georgia.”
Buyers should note that while there are some great buys out there ( particularly in the few bank owned properties in Bent Tree) prices have not cratered as in other parts of the country. Realistic offers still spark negotiations and there is plenty of room for win-win solutions. Buyers should also note that local banks have money and they are ready to lend it. We have not had any deals fall apart because qualified buyers could not obtain financing.
Sellers should note that with a large inventory and insufficient number of buyers they must either price their property aggressively or stage their home so that it stands out above all the others in a similar price range -and preferably they should do both.
If I can answer any questions about property in Bent Tree, please contact me or if you have a comment for the common cause feel free to leave a comment on the Blog and we’ll all discuss it. Well “HI Ho, Hi Ho, Its Off to Work We Go”
See you round the mountains,
Don
Tags: Bent Tree Real Estate News, Bent Tree Real Estate Sales
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