2015 END OF SUMMER LAKE OCONEE REAL ESTATE MARKET UPDATE!!

We are nearing the end of 2015 and fall is in the air and football practice has started!  This year seems to have flown by and there have been many exciting things happening at the lake including a great Masters Week, a very busy 4th of July and an absolutely beautiful summer.  Lots of people are visiting our lake and activity and construction are all increasing.  Please contact us to hear all the details!

The Lake Oconee real estate market has continued to improve in 2015.   Total sales volume increased 11% from the same period (Jan-Aug) $178 million in 2014 to $198 million in 2015.   The number of sales/transactions also increased similarly (733 transactions in 2014 to 788 transactions in 2015).  Credit the continuation of the lowest mortgage rates in history and a generally improving overall regional and national economy.  Real estate prices/values have been mostly stable with the average price of a home being almost identical.  The inventory of homes continues to be reduced resulting in slightly reduced days on market (197 in 2014 and 185 in 2015) and an improvement of the difference between list and sales price from 8.5% in 2014 to 7.0% in 2015.  Lot sales continue to lag the home market as can be seen from the numbers below.  In fact, the number of sales has actually decreased from 2014.  There continues to be an oversupply of available lots (both re-sales and developer owned lots).

Here are some statistics that shaped the real estate market (Jan-Jun 2014/2015):   

Year Type of Property #Sold Year Type of Property #Sold
2015 Reynolds Homes 91 2015 Lake Homes 62
2014 Reynolds Homes 65 2014 Lake Homes 61
2015 Harbor Club Homes 15 2015 Golf Community Lots 85
2014 Harbor Club Homes 13 2014 Golf Community Lots 124
2015 Cuscowilla Homes 13 2015 Lake Lots 8
2014 Cuscowilla Homes 11 2014 Lake Lots 13

 

For property sellers, it is important to note that PROPERTY IS SELLING and DEMAND FOR HOMES IS UP.  However, in this primarily second home and retirement market, the following are absolute essentials to help generate a sale:  1) Market a realistic and market derived listing price.  Buyers are very savvy and getting this wrong will cause your property to not get showings or get you less than top dollar.  2) Ensure your property is in the best possible condition.  To get “top dollar” and potential buyer interest, every effort must be made to have your property give the best possible first impression.

For property buyers, this is still a great time to buy.  Prices are still down significantly from their highs of 2007/2008.  Interest rates are still the lowest in history.  When you combine these two factors, there may never be a better time to buy than now.

 

Kim and I would love to help you with your real estate needs in any way we can.  After six consecutive years as the top selling realtors at Lake Oconee (and in the lead for 2015), we can offer you proven strategies.  Our marketing guarantees top exposure, our combined knowledge guarantees you will have the best possible information and our dedication to customer service guarantees we will treat your real estate needs like our own.

 

    KIM LOGAN 706-338-0757       www.kimandlinlogan.com      LIN LOGAN 770-846-2700