How's the market for Lake Oconee homes and lots?
Improving nicely, according to statistics compiled by the Lake Country MLS.
Through September, we've closed 108 private lakefront homes - about as many as in all of 2013. The average sold price is a robust $658K, an increase of 3% compared to last year.
Price pressure is still on sellers, especially in the higher priced homes. There are currently 231 private lakefront homes on the market, and with an average asking price of $894K you can see that its definitely a buyers market at the higher price points.
Private lakefront homes on Lake Oconee can be found in a wide range of prices - the highest sale price in 2014 so far is $2,900,000 for a large custom home in the acclaimed Reynolds Plantation, and the lowest was $115,000 for a fixer-upper cabin on shallow water in the northern lake area.
Private lakefront lots sales are keeping pace with last years growth, with 37 lots sold through September for an average sold price of $404K, compared to last years $455K. Of course, averages can be misleading - the highest priced private lake lot sold this year went for an eye-popping $2.2 million! The lowest sold price was $50,000. Fully half of the lakefront lots sold this years have been sold between $50K and $245K.
One things for certain - if you're considering purchasing property on Georgia's Lake Oconee, you'll want a local market expert on your team. Give me a call if you'd like to learn more about the market at Lake Oconee.
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