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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facebook horse-and-home-georgia  Jeanne Dufort on Zillow

 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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lake oconee georgia market report
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Show All Comments
Rainer
124,785
Laurie Clark CRB Angel Realty LLC Your Monument Realtor 719-502-6572
CRB-CCSS-ASD-HBS-RSD-Denver Short Sale Agents - Monument, CO
Angel Realty, LLC

Great market report! Glad to see sales are picking up; that is a step in the right directions. Congrats on the feature and thanks for posting this market update.

October 26, 2011 09:14 PM #1
Rainmaker
73,388
Chicago Real Estate
Goran Utvic | Chicagoland Brokers Inc, Chicago IL 60656 - Chicago, IL
Goran Utvic

Great real estate market report Jeanne.

October 26, 2011 11:32 PM #2
Rainmaker
973,783
Sharon Alters
Coldwell Banker Vanguard Realty - Fleming Island, FL
Your Fleming Island Relocation Agents.

Jeanne, excellent question about how much off price can you expect. In our MLS, prices are 10% above original list price but sell for 95% of list price also. Interesting that your area sells for 95% also on average. With this type of informaiton, a buyer can make a much more informed decision.

Sharon

October 26, 2011 11:43 PM #3
Rainmaker
313,710
Sandy Acevedo
951-290-8588 - Chino Hills, CA
RE/MAX Masters, Inland Empire Homes for Sale

Yes definitely in the right direction. Yay... love when that happens. If it is slow but sure, it lasts longer. Good luck!

October 27, 2011 01:12 AM #4
Rainmaker
898,608
Ronald DiLalla
Century 21 Discovery DRE 01813824 - Anaheim, CA
No. Orange Cty Real Estate

H Jeanne,   always interested in statistics for other communities..thanks for sharing.

October 27, 2011 02:30 AM #5
Rainmaker
341,279
Dawn Maloney
RE/MAX Haven - Northeast Ohio Real Estate Specialist - Hudson, OH
330-990-4236 Hudson Stow Cuyahoga Falls Silver Lak

This is nice market report... your comments are entertaining - especially your dad's quote. Very charming way to present the facts and figures.

October 27, 2011 02:47 AM #6
Rainmaker
261,758
Jeanne Dufort
Coldwell Banker Lake Country - Madison, GA
Madison and Lake Oconee GA

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 #7
Rainmaker
811,858
Lyn Sims
RE/MAX Suburban - Schaumburg IL Real Estate - Northwest Suburbs of Chicago - Schaumburg, IL
Schaumburg Homes

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

October 27, 2011 11:45 AM #8
Rainmaker
261,758
Jeanne Dufort
Coldwell Banker Lake Country - Madison, GA
Madison and Lake Oconee GA

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 #9
Rainmaker
340,065
Catherine Ulrey
Keller Williams Realty Portland Premiere - Salem, OR
Equestrian and Acreage Property Specialist

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

November 16, 2011 05:54 PM #10
Rainmaker
261,758
Jeanne Dufort
Coldwell Banker Lake Country - Madison, GA
Madison and Lake Oconee GA

Thanks, Catherine - definitely finding its legs.

December 03, 2011 01:16 PM #11
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Rainmaker
261,758

Jeanne Dufort

Madison and Lake Oconee GA
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