Georgia's Lake Country* market continued to rebound in 2016, with just under 1500 sales generating $383 million in volume - that's an increase of 15.9% in volume and 16% in units over 2015 - and 125% in units and volume over 2012! Five straight years of steady double digit increases have brought the market volume back to 2004-2006 levels.
On the lake, there were 163 single family homes sold last year, a slight uptick from the 156 sold last year. Average sold price dropped from $685K to $602K - and when we look at the fact that the 131 homes currently available average over $1M in asking price - this indicates a lack of inventory at the lower price points compared to buyers, rather than a true drop in like-home sales prices.
Despite the overall market trend towards smaller homes, when it comes to lake homes, more bedrooms rather than less are what buyers are selecting. There were only 4 homes sold on the lake last year with just 2 bedrooms - average sale of those was $434K. 36 three bedroom homes sold ($506K avg sales price) - so 2 AND 3 bedroom homes combined are still under 25% of the 2016 sales of lakefront homes.
Lake lots are HOT! Unit sales soared to 91 in 2016, a huge jump over the 54 sales closed in 2015. There is still plenty of inventory, so this year may be your opportunity to secure a prime lot at a good price. Don’t expect a steal – the average sale price for a private lakefront lot in 2016 was just under $400K.
Lake Oconee is Georgia’s second largest lake, with more than 19,000 acres and miles of shoreline crossing three counties. There are many factors affecting value on Oconee, including location, view, water depth, and amenities. If you’re considering buying or selling property on Lake Oconee, you’ll want a local market expert on your team to be sure you get the best deal possible.
*Georgia's Lake Country is a six county region an hour east of metro Atlanta, featuring Lake Oconee and Sinclair, plus historic towns and cities like historic Madison. The Lake Country Board of Realtors has been proudly serving buyers and sellers in the Lake Country for more than 50 years.