Gainesville & Hall County Real Estate: Our Community is Stronger!
The Abernathy Cochran Group of The Norton Agency has reported on the residential real estate market in Hall County several times over the last two years. In 2010, Hall County homes sold better (as a percentage increase in number of sales year to year) than our neighboring counties, the counties of metro Atlanta, the State of Georgia, and the Nation.
The 2011 Market is showing strength for Hall County. So far, as of the end of May, Hall continues to sell more homes (year over year) than those around us!
We researched several areas looking for the number of home sales from January 1st to May 31st, in 2009, 2010, and 2011, and the trends in number of sales year over year. These areas saw the following percentage increase or decrease in number of home sales from 2009 to 2010; and from 2010 to 2011:
Area Change ‘09 to ’10 Change ’10 to ‘11
Barrow +16.2% -12.6%
Jackson +13.8% -20.9%
Dawson +39.6% -17.6%
Fulton -17.4% -9.2%
Hall +28.8% +12.3%
Forsyth +23.1% +9.5%
Gwinnett +7.9% +7.8%
Cobb +15.2% +1.8%
State of Georgia +3.8% -3.4%
(Data Source: GAMLS)
The national media has reported stories over the last several months that have included our community. One national publication praised Gainesville for a rise in the average home value. Another national publication is now showing that this area is still losing value, and said the words “double dip”. Our analysis shows that the studies are comparing quarters in different parts of the year. Who knows what they are selling. The national publications do not know much about what is actually happening on the street, in our local market. We do.
The truth about the condition of our local real estate market is in the data. While the average home sale price in Hall County is still falling, the trend is slowing considerably. The average home sales price for the first 5 months of the year:
Rose +7.8% from 2006 to 2007;
Fell -7.3% from 2007 to 2008;
Fell -19.5% from 2008 to 2009;
Fell -10.5% from 2009 to 2010;
Fell -5.1% from 2010 to 2011. (Data Source: GAMLS)
One of the major reasons we are seeing lower average home sale prices in Hall County can be attributed to the actions of a handful of troubled banks. Some banks have taken back small homes, many of which were owned by investors and used as rental properties. These banks are selling these properties for very little to get rid of them. In 2006, during the first five months of the year 12 houses sold for less than $50,000. In the first five months of 2011 there have been 125 houses sell for less than $50,000. This is a jump of 941.7%! This alone has an enormous impact on the average sales price.
Don’t pay much attention to those that say “double dip recession” and “ring of death”. The truth is that our market is getting better. The strongest real estate markets in the Atlanta Metropolitan Area, and quite possibly the entire state of Georgia, are Hall, Forsyth, Gwinnett, and Cobb. Of these four counties, Hall County is leading in year over year sales increases. We know why we love it here. There is not a better place to call home.
We know our local market. Call us anytime when you need the services of a local expert in Real Estate. Things are getting better! Have a fantastic week!
R. Brad Abernathy | Regina Cochran
The Norton Agency
770-718-5255
