Market Report: Lake Country MLS trends for 2011 - covering Madison, Lake Oconee, Lake Sinclair

By
Real Estate Agent with Coldwell Banker Lake Country 284620

Market Report: Lake Country MLS trends for 2011 - covering Madison, Lake Oconee, Lake Sinclair

How's the market?

This is the number one question people ask when they find out I sell real estate.

With a word of caution from my late Dad, who was fond of saying "figures lie and liars figure" - let us bravely wade into the world of statistics courtesy of the Lake Country MLS.

Residential sales are thumbs up

2011 sold through Sept - 350 homes

2010 sold through Sept - 314 homes

2009 sold through Sept - 315 homes

still not close to the 2007 rate of 580 homes sold in the same period, but moving in the right direction.

With 935 homes on the market - there are still plenty to choose from.  But in the lower price points, inventory is getting scarce.

The average sale price year to date is $281,000 - trending flat with 2009 and 2010 - and well below the market top of 2005-7 when average prices were in the $390,000 range.  The drop in average prices comes from a combination of comparable homes dropping in value, and fewer high end sales in the mix.

The average price of homes currently on the market is $512,000 - a result of sluggish demand at the higher end.

How much discount should I expect from asking price? best price

is another question buyers often ask.  The only answer that is useful to a buyer is one that comes from assessing the value of a particular home - some of the best deals I've put together were at or above asking price.  But the market stats do show an important change - during market peak, homes were selling at an average of 95% of asking price - now that number is closer to 90% for the overall market.

The average days on market has stayed pretty constant in the 180-190 days range, BUT the expired listings have soared to more than 50%.  This means that sellers are letting one listing expire after the original listing period (usually 180 days) and then re-listing it to make it appear as a fresh property.  At market peak, the expireds were only about 20% of the market - so I think that the average days on market has actually increased substantally.

If you have questions about what's happening in your local market - just ask a local expert.  We're happy to help.

 

 

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Are you thinking dreaming about a place that will nuture your soul, bring your family together, or give you a chance to give back?  Whatever your dream, I'm committed to helping you explore how Georgia's Lake Country fits in. Located midway between Atlanta and Augusta, the lake country offers two recreational lakes, plus wonderful historic small towns with a commitment to sustainable agriculture. Lets talk.

Jeanne Dufort

2010 Realtor of  the Year

Lake Country Board of Realtors

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Topic:
Real Estate Market Trends
Location:
Georgia
Groups:
ActiveRain MasterMinds
BananaTude
Posts to Localism
The Ninety-ninth Percentile
The Recovery Train
Tags:
lake oconee georgia market report
madison georgia market report
homes sales lake oconee
home sales madison georgia
jeanne dufort madison

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Rainmaker
246,253
Jeanne Dufort
Madison and Lake Oconee GA
Coldwell Banker Lake Country

Angel Realty - we're actually about 6 quarters into a positive trend, so I am optimistic that the worst is behind us.

Goran - thanks.  And how are things in my favorite city?

Sharon - its all about local trends, which means you really need a local expert on your team when buying or selling a home.

Sandy - I'm all about sustainable growth.  As we've seen - what went up fastest fell the furthest.  Love the hat!

Ronald - thanks.  One of the great benefits of our AR community is the opportunity to learn from one another.

Dawn - my Dad worked in accounting, so he had personal experience with how numbers can be manipulated.  Like him, I prefer to get to the "rest of the story".

 

October 27, 2011 08:54 AM
Rainmaker
792,599
Lyn Sims
Schaumburg Homes
RE/MAX Suburban - Schaumburg IL Real Estate - Northwest Suburbs of Chicago

Glad to see you're on an upward trend. That's good news.

October 27, 2011 11:45 AM
Rainmaker
246,253
Jeanne Dufort
Madison and Lake Oconee GA
Coldwell Banker Lake Country

Hi Lyn - its a relief to see that the bottom is behind us.  How are things in your neck of the woods?

October 27, 2011 11:47 AM
Rainmaker
281,434
Catherine Ulrey
Equestrian and Acreage Property Specialist
Keller Williams Realty Portland Premiere

It looks like your market is picking up, that is awesome!

November 16, 2011 05:54 PM
Rainmaker
246,253
Jeanne Dufort
Madison and Lake Oconee GA
Coldwell Banker Lake Country

Thanks, Catherine - definitely finding its legs.

December 03, 2011 01:16 PM
Anonymous
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Rainmaker
246,253

Jeanne Dufort

Madison and Lake Oconee GA
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Additional Information

Thoughts and news from Georgia's Lake Country, featuring Madison and Lakes Oconee and Sinclair, from the perspective of a land-focused Realtor, horse mom, and farm owner.