Lake Hartwell Real Estate Market
Many seller and buyers are wondering how Lake Hartwell property values are weathering the storm of the U.S. financial crisis and extreme drought conditions. This is a first for many veteran of the lake Hartwell real estate market.
Typically this market prides itself on being "recession proof" from normal economic downturns. However, this is the first time this market has truly seen a slowdown because of the economy. We also are dealing with a sever drought that is threaten our lake levels.
Home owners are maintaining their property values by not reducing the price. There are a few home owners that absolutely have to sell property which have reduced prices. As far as foreclosures, there are few to none on the lake Hartwell market. Most of those are new speculation homes, which is great for the lake property values.
Third quarter Lake Hartwell market report.
These numbers are for GA Lake home sales From July, Aug, and September, 8 lake homes sold at an average of $371,375. The price ranges were from $299,000-$625,000
The median sales price for the Georgia side of the lake declined from the first, two quarters.
No Lake lots were sold in Georgia.
South Carolina stats are 14 lake homes sold with 7 still under contract from the month of September. The average price is $464,190 these prices range from 319,900 to 859,000.
The media sales price for the South Carolina side increased from the second quarter.
Lake lots sold were 4 average price is $266,500.
As with any market it is nearly impossible to predict an exact bottom. We will not actually know we have reached the bottom until prices increase or bounce then will be on the incline with prices rising.