2010 LAKE OCONEE NEWSLETTER

NOVEMBER 2010 LAKE OCONEE REAL ESTATE MARKET NEWSLETTER

KIM AND LIN LOGAN

KELLER WILLIAMS REALTY LAKE OCONEE

We are rapidly approaching the end of 2010 and another holiday season. This fall has been exceptionally beautiful and the weather nearly perfect. Keller Williams Lake Oconee has really been "painting the lake red" in our first year in operation. We have more than doubled in agent strength and have the top realtor in sales volume at Lake Oconee (KIM LOGAN). The big news going forward is that our Keller Williams office is MOVING locations!!! We are relocating to Harmony Crossings, next to Hug's restaurant and Movie Max, in the heart of the business district of Lake Oconee. We are excited to open later this month and be closer to all the action and a part of the largest shopping complex in the Lake Oconee area. This will make us more convenient and able to provide even better service to all our clients. Please stop by and visit us!!!

The real estate market has continued to be challenging in 2010. Here are some statistics and comparisons with data from the LCBOR MLS:

The total number of homes sold in 2010 = 342, average sales price was $317,243 and was 89% of asking price and on the market for 181 days.

The total number of homes sold in the same period in 2009 = 353, average sales price was $263,146 and was 88% of asking price and on the market for 173 days.

The total number of lots/land sold in the same period in 2009 = 105, average sales price of $216,624 and was 89% of asking price and on the market for 144 days.

Home sales continued to decline and foreclosures climbed both nationally and in Georgia in 2010. The real estate market was hampered by high unemployment, despite some of the lowest mortgage rates in history. The Lake Oconee market, although affected by this, remained relatively stable during 2010 as you can see by the statistics above. This was largely due to a lower foreclosure rate than some of the more hard hit areas of the state and country. The Lake Oconee total volume of sales in 2010 was $123,000,000 which was actually an increase from $103,500,000 in 2009.

Many areas are forecast to experience slow home sales during 2011, but, better home values are projected to develop in some regions of the U. S. according to the new Housing Predictor national forecast for the year. This forecast suggests that the 2011 real estate market will be very regionally dependent and that foreclosure rates and prevalence will again be the determining factor for real estate markets and home values in 2011. The second home market in Georgia, and in particular Lake Oconee, saw some resurgence in the below $500,000 range this year. However, there is a 10 year supply of homes more than $1 million, and that market remains soft. Overall, it is still an incredible time to be a buyer, with a great inventory of property, low prices and historic interest rates.

For sellers, it is important to note that property is selling. However, in this very competitive market, the following are absolute essentials to have a chance of selling: 1) the listing price must be perceived as a "good deal". Buyers are very educated and will not even consider properties they see as "over priced". 2) the property must be in the best possible condition. With the large inventory, your property must be more appealing than the competition. Making all necessary repairs, immaculate landscaping and professional staging can all be critical to help move your property.

Kim and I would love to help you with your real estate needs in any way we can. If you're considering buying or selling, let us show you how we can help. Our results speak for themselves as Kim has been the top selling realtor at Lake Oconee for the past 3 years. Our marketing guarantees your property top exposure, our knowledge guarantees you will have the best possible information in all your decisions, and our commitment to service guarantees we will treat your real estate needs like our own!

LIN LOGAN 770-846-2700
KIM LOGAN 706-338-0757