More Hall County homes hit the market in October, fewer sold

GAINESVILLE, Ga. Supply and sales moved in opposite directions in Hall County in October. Sellers added 391 new listings, 20.3% more than a year earlier, and closings dropped 23.3% to 158.

The October median sale price was $417,000, down 0.5% from a year earlier.

With 1,155 active listings as of 1:20 p.m. ET Nov. 14, Hall County had 7.3 months of supply at October's closing pace, which our published bands read as a buyer's market. On the 12-month sales pace the figure is 5.4 months, which falls in the balanced (4 to 6 months) band.

The median home closed at 97.9% of its final list price in October, against 98.7% over 12 months. Sales below list made up 62.0% of the total. A price cut came before 50.6% of sales, compared with 42.4% over the year.

Buyers signed 149 purchase contracts in October, against 206 a year earlier, a sign of how closings may track in the months ahead.

Across the trailing 12 months, 2,573 closings produced a median price of $400,286, down 6.4% from $427,500 in the prior 12 months.

Homes that sold in October spent a median 40 days on the market, slower than the 12-month median of 37 days.

In neighboring Habersham County, 12 sales closed at a $365,704 median, down 2.5% from a year earlier.