Lake Sinclair June 2015- the tides have turned for real estate

By
Real Estate Broker/Owner with Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 GREC# 169695
https://activerain.com/droplet/4G4Q

For the first time in more than 5 and half years of compiling data for market reports when I ran the numbers for the end of June we had less than a years worth of inventory at the current rate of absorption.  I am delighted for sellers to report there is only 10 months worth of inventory. That's awful close to a stable market where we will start to see some price appreciation again.   Hear that buyers?  Been sitting on fence wondering how long we were going to rock along ever so close to the bottom we hit back in 2013, well looks like it was until May of 2015.

Of course I believe we will have our typical seasonal setbacks come winter, but I see the market moving in a price upward direction from here. I just ran the numbers and there's about a 2% bump in price from June's average to the first 10 days of July.  Interesting that sellers are demanding and getting more.

So in getting down to the numbers:

32 homes closed in June 2015 that were reported to our MLS. Off the charts for the past 5 and half years and typical of the numbers we saw in the boom market. And 140% of the best month in the past 5 years of data.

Price- eh? It was down ever so slightly to an average of $214,024. But with that average came of a couple of properties that had been on the market for more than a year with many price reductions and that were in terrible condition. And like I reported in my data above, we're made strides to recover from that slight decreases from May already in the first 1/3 of July.

Days on the market were also up from 113 in May as an average to 147, but I certainly expect as inventory clears out that will change. 

If you are looking to sell and want to know what we think your house would sell for right now, give us a call or your information on "value my home" page on our site and we'll be in touch. Looking to buy before the prices put you out of buying a lake home? Check out our site Lake-Sinclair and you can browse our listings or even choose one of the the saved search options on the home page to fit your budget.

And if you'd like to get these market reports monthly just send me an email at tammy@lake-sinclair.com with "market reports" in the subject line and I'll email you the report about mid month every month.  I never sell or abuse your email address.

 

 

 

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

Excellent analysis Tammy. Your charts are so easy to read and get the whole picture. Lake Sinclair is paradise, no wonder inventory is starting to get tight.

Jul 11, 2015 07:05 AM #1
Rainmaker
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Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Tammy, looks like you are off and running to a stable market. And so many sales to make along the way! Enjoy the trip! 

Jul 11, 2015 07:14 AM #2
Rainmaker
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Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Tammy - that is always good news.  I am glad things are picking up in your area.  I hope the buyers get off the fence.

Jul 11, 2015 07:31 AM #3
Rainmaker
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Nina Hollander
Coldwell Banker Realty - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Very interested in your report, Tammy. Really brought home different our markets are. When we had 10 months of inventory we were totally freaked. OUr market now is just under four months with many pockets at less than two months. Great news for the Lake Sinclair area. Hopefully the months of inventory will keep decreasing through the summer.

Jul 11, 2015 07:41 AM #4
Rainmaker
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Michele Milic
Realty ONE Group ~ 702.419.5359 - Las Vegas, NV

Tammy, great and detailed market update for Lake Sinclair properties. Nice to see market improving. You are definitely the source for anything real estate for Lake Sinclair area.

Have a great day.

Jul 11, 2015 09:44 AM #5
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

That is something to sing about. Moving toward a balanced market is better for everyone. Nobody gets taken advantage of.

Jul 11, 2015 10:26 AM #6
Rainmaker
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Rebecca Gaujot, Realtor®
Vision Quest Realty - Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Tammy, you provide an excellent market report for Lake Sinclair GA properties for consumers. Market reports should be making your phone ring.

Jul 11, 2015 01:34 PM #7
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Noah Seidenberg we have been slow to catch up with many markets because of too much inventory.

Wayne Martin I'm super excited for local sellers

Grant Schneider had one in my office today that seems headed in that direction

Nina Hollander I believe because our market is not made up mostly of primary homes, but second/vacation homes it's different from normal residential areas all the time.

Jul 11, 2015 01:57 PM #8
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Michele Milic sellers have been waiting for this

Debbie Reynolds buyers have had a super advantage here for ages.  We were about 18 months behind other areas for the crash though.

Rebecca Gaujot, the GO TO REALTOR I hope so.  We have a lot of homes.

Jul 11, 2015 01:59 PM #9
Rainmaker
1,680,021
Larry Johnston
Broker, Friends & Neighbors Real Estate and Elkhart County Subdivisions, LLC - Elkhart, IN
Broker,Friends & Neighbors Real Estate, Elkhart,IN

Hi Tammy Lankford , I'm sure the buyers and sellers will be glad to hear the news.

Jul 11, 2015 02:29 PM #10
Rainmaker
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Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Tammy. Great hob with your report, lots of details and easy to understand, important information for anyone considering buying or selling.

Jul 11, 2015 07:57 PM #11
Rainmaker
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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 this information. 

Jul 12, 2015 01:40 AM #12
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Larry Johnston the sellers for sure, buyers... eh? maybe not, they have enjoyed a long buyer's market here

Gita Bantwal I hope so.

Jul 12, 2015 04:24 AM #13
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Jeff Dowler, CRS
eXp Realty of California - Carlsbad, CA
The Southern California Relocation Dude

Tammy Lankford 

That's pretty good news to pass along to sellers and important for buyers to consider. Great job on the market data and analysis for the Lake Sinclair area.

Jeff

Jul 13, 2015 06:46 AM #14
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