Lake Oconee Georgia market report: 2017 lakefront home and lot sales trends
Lakefront home sales on Oconee continue to rise – closed sales in 2016 reached their highest point since 2004, and First Quarter of 2017 was very strong – with 30 homes closed at an average sales price of an eye popping $726,000.
While overall inventory continues to be relatively high – there are 155 lake homes currently on the market – we’re beginning to see more balance between average sold price and average price for homes still listed.
Affordable private lakefront homes are in short supply – only 7 homes were sold for $400,000 or less in first quarter 2017 , and 6 homes sold for more than $1 million dollars!
We continue to see a preference on Lake Oconee Georgia for lake homes that can sleep plenty of people – 2/3’s of the homes sold this year had at least 4 bedrooms.
While lake homes in the gated golf communities often command the highest prices, you may be surprised to learn that 2/3’s of the lake front homes sold this year were “outside the gates”.
Lakefront lot sales also soared in 2016, reaching their highest totals since 2005 with 91 private lakefront lots sold for an average price of $394,000.
Sales of lots have slowed down a bit in 2017, with just 11 sales to date. With 171 lakefront lots currently on the market – there is plenty of inventory to choose from, and it continues to be a buyers market.
That creates an opportunity for value buyers – you can find good quality lakefront lots on Lake Oconee Georgia in the $250K range, and add a nicely appointed 2500+/- sf home for about $400K – bringing you in well below the median home price with a brand new home that’s every thing you wished for!
If you’ve learned something useful today, and would like to learn more about how current market trends will affect the property you plan to buy or sell on Lake Oconee – why not contact me.