Lake Sinclair real estate market direction May 2015

By
Real Estate Broker/Owner with Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 GREC# 169695
https://activerain.com/droplet/4DXb

This morning I read a post about how the first half of this year looked compared to the first half of last year.  I say we should wait about another 30 days to figure that out.  22 more days for it to actually BE mid year and then about a week for so for some agents to actually enter the sales data into the MLS system.

But I wanted to share with you what the data from May 2015 (you know the 5th month) looks like and of course my opinions for direction and trends.


First there were 22 closed water front homes in May, which is fabulous. It's the second highest number of closings in the past 5.5 years and only misses making it a tie with the number one spot by ONE.  In the first 5 months of 2014 there were 54 closing and this year in the first 5 months we've had 78 closings. That's 145% of last year's total.  That puts us down to 15 months worth of inventory.  Still clearly a buyers market with that much inventory, but certainly moving in the direction of a stable market. Most markets say 6 months is stable, but around 8 has always been a stable market at Lake Sinclair.  Why?  well because in the upper end of price ... the luxury market of $500k and over there will always be more inventory than buyers on Lake Sinclair.

Price? Well we're down a little. $235, 995 was the average price in the month of May for ALL homes sold on Lake Sinclair. The lowest sales price was just $80,000.  And that property was a fixer on a lease lot. The most expensive property thatsold in May had a price $440,000. With inventory creeping closer to stable, perhaps by the end of summer we will see some price gains. We did actually have one seller raise their price based on our last CMA.

Days on the market?  Way down from 5 year highs to just 113.  90 is a very stable number in our market.  The high days on the market for May was 756 and the low was 7.  Perhaps if the price every gets back up a little more the folks who have refused to budge on price and have been on the market for ages and ages will get out of here and we won't see the high triple digits and four digit days on the market anymore.

 

 

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Ambassador
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Noah Seidenberg
Coldwell Banker - Evanston, IL
Chicagoland and Suburbs (800) 858-7917

Excellent analysis Tammy. You have a real focused view of the Lake Sinclair market.

Jun 08, 2015 12:51 PM #1
Rainmaker
638,914
Claude Labbe
Real Living | At Home - Washington, DC
Realty for Your Busy Life

More activity, though prices are moving to the Buyer's favor. I do like your lower Days on Market and more active market. That would seem be benefit everyone.

Jun 08, 2015 02:03 PM #2
Rainmaker
2,331,998
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Tammy. Lots of detail in your report and yet easy to understand. Really important information for anyone considering buying or selling.

Jun 08, 2015 08:04 PM #3
Anonymous
Joe Walton

I'm just glad that I was able to contribute to these stats. Thanks Tammy for being a great broker and business partner!

Jun 08, 2015 09:11 PM #4
Rainmaker
4,432,838
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Home buyers and sellers in the area will appreciate the report.

Jun 08, 2015 09:11 PM #5
Rainmaker
699,027
Chris and Dick Dovorany
Homes for Sale in Naples, Bonita Springs and Estero, Florida - Naples, FL
Broker/Associate at Premiere Plus Realty

Tammy, I'm actually quite surprised that you're in a buyers market when we're into the Spring?Summer months already.  Your lakefront properties are so very nice.

Jun 08, 2015 09:52 PM #6
Rainmaker
2,453,283
Captain Wayne - Rowlett Real Estate School
REcampus Fully Accredited Florida ONLINE & Classroom Training in Destin, Pensacola Florida - Panama City Beach, FL
Rowlett Real Estate School / Owner and Instructor

Great job on your market report.  I appreciate the information and hope you are having a great week.

Jun 09, 2015 03:42 PM #7
Rainmaker
173,392
Michele Milic
Realty ONE Group ~ 702.419.5359 - Las Vegas, NV

Tammy, great market update for Lake Sinclair real estate. Buyers and sellers alike should contact Tammy Lankford for her expert guidance.

Jun 15, 2015 10:24 AM #8
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Broker GA Lake Sinclair/Eatonton/Milledgeville
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