Demand for homes and land continues to improve in Georgia's Lake Country - a multi-county region about an hour east of metro Atlanta that includes Madison and Lakes Oconee and Sinclair.
More homes have been sold through Oct YTD than in the peak market of 2007!
Overall, market closed volume is running 15% ahead of 2013.
Excess inventory continues to put pressure on prices - with an average of 75 homes sold per month and 994 on the market, buyers continue to have plenty of choices in many categories, especially in higher price points.
The average sold price of homes continues to creep up - currently $290,692 compared to $268,288 a year ago - but its still well below the $$388,152 average during the 2007 peak market. This is partly due to a scarcity of affordable homes on the market.
Land sales are continuing to increase - a 40% increase over last year - but again excess inventory is keeping prices very competitive.
What's driving the market recovery? That's easy - Georgia's Lake Country continues to be a great place to live and work, and with recent announcements of new jobs and businesses investing locally, the future looks bright.
If you'd like more information about market trends affecting property you may be buying or selling, why not give me a call. In this changing market, having a local market expert on your team is the smart choice.
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