Gilmer County's October median drops 17.3%, but the 12-month trend is milder

ELLIJAY, Ga. A single month can mislead on price, and Gilmer County shows why. The October median fell 17.3% from a year earlier to $417,500; the 12-month median, a steadier gauge, fell 5.3% to $450,000.

A single month can swing on which homes happen to close, so the 12-month figure is the better read on the trend. The last three months, 100 sales, had a median of $425,000.

Closings totaled 34 in October, down 12.8% from a year earlier.

The median home closed at 97.6% of its final list price in October, against 96.8% over 12 months. Sales below list made up 61.8% of the total. A price cut came before 50.0% of sales, compared with 50.4% over the year.

With 354 active listings as of 1:20 p.m. ET Nov. 14, Gilmer County had 10.4 months of supply at October's closing pace, which our published bands read as a strong buyer's market. On the 12-month pace it was 11.7 months, in the same band.

Sellers listed 104 homes in October, up 42.5% from 73 a year earlier, while buyers signed 29 contracts, down 17.1% from 35.

In neighboring Fannin County, 22 sales closed at a $739,500 median, up 4.5% from a year earlier.