Union County is enacting a moratorium on vacation rental business licenses. Anyone has until 8/15 to submit an application then there will be a 180 day moratorium as a 10 member committee studies the impact on the county.
http://www.unioncountyga.gov/
If you have any questions, please contact Jennifer at the Commissioner’s office.
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Monthly Housing Market Statistics Update for Union, Towns, Fannin & Gilmer Counties in North Georgia Mountains. Data provided by NEGBOR and presented by Michelle Miller Real Estate at Coldwell Banker High Country Realty.
Information Includes Individual Monthly Statistics on the following categories:
– New Listed Properties
– Average Sale Price
– Number of Sold Properties
– Average Days on Market
FANNIN: Unit volume has really not changed much since May, but it’s average price in June was out the roof because of all the BIG dollar sales. The average transaction price in Fannin was $614,638, which was the highest ever and 37% higher than the average Fannin transaction in 2021.
UNION – Healthy pace of closings in June, at 91, which is the exact monthly average of 2021. And, like Towns, Union prices have jumped 29% from the 2021 average.
TOWNS – Unit sales have dropped by about 20% from last year and even from the pace of earlier this year. However, in true form, their prices hit the highest level ever ($383,334 per transaction), which represents a 29.5% jump from the average price in 2021. Towns is, generally speaking, the highest average price in this area behind Fannin.
GILMER – Continuing to have lots of transactions (121 just in June), in fact more than any other county. Average transaction value in Gilmer in June was $331,314, a little more than half of Fannin’s, but still that’s the highest ever for Gilmer and 27% higher than 2021’s average transaction price. So, volume is strong and prices in Gilmer are still looking good.
Due to completed New Construction, and homes being purchased by investors and converted to rentals, the supply of houses & cabins for vacation rental has increased 30%-35% just over the last year.
Fortunately, bookings increased nicely by 26%-31% too, but since that wasn’t quite as high as the increase in supply, we saw a reduction in the occupancy rates.
Despite still strong occupancy and revenue in May, it looks like the arrivals (people visiting Fannin Co., even for a day only) during the January – April period were down (-23%).
And, amazingly, it looks like the average daily rate has held up well in both Fannin and Gilmer. So, I’d say we remain an amazing place to visit, and also still an amazing place to invest in the vacation rentals business.
For a PDF copy of the Blue Ridge – Fannin County Tourism Statistics, please email a request to michellemariarealtor@gmail.com.
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