Lake Oconee market report 2017 - we're baaaack!

By
Real Estate Agent with Coldwell Banker Lake Country 284620

Georgia's Lake Country* market continued its five year rebound in 2017, with just over 1600 sales generating $479 million in volume - that's an increase of 26% in volume and 7% in units over 2016 - and more than 125% in units and volume compared to 2012!  Five straight years of steady double digit increases have brought the market volume beyond 2004-2006 levels. 

Lake Oconee porch view

Lakefront home sales soared, there were 191 single family homes sold last year, a big jump from the 163 sold last year.  Average sold price also increased to $717K from $602K, higher than any year recorded except for 2008 - and when we look at the fact that the 112 homes currently available average over $1.1M in asking price - this indicates a lack of inventory at the lower price points causing some buyers to consider building a “right sized” home.

Despite the overall market trend towards smaller homes, when it comes to lake homes, more bedrooms rather than less are still what buyers are selecting. There were only 8 homes sold on the lake last year with just 2 bedrooms - average sale of those was $327K. 59 three bedroom homes sold ($467K avg sales price) - so 2 AND 3 bedroom homes combined were just 35% of the 2017 sales of lakefront homes, up from 25% in 2016.

Lake Oconee view from dock

Lake lot sales continued the torrid pace!  Unit sales soared above 120 for the first time ever, more than doubling 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 2017 was just above $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.

Posted by

******************************

facebook horse-and-home-georgia  Jeanne Dufort on Zillow

 Are you thinking dreaming about a place that will nuture your soul, bring your family together, or give you a chance to give back?  Whatever your dream, I'm committed to helping you explore how Georgia's Lake Country fits in. Located midway between Atlanta and Augusta, the lake country offers two recreational lakes, plus wonderful historic small towns with a commitment to sustainable agriculture. Lets talk.

Jeanne Dufort

2010 Realtor of  the Year

Lake Country Board of Realtors

horse and home logo

            Find Madison and Lake Oconee real estate news on Google+

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Location:
Georgia Greene County Greensboro Lake Oconee
Groups:
Posts to Localism
HyperLocal Neighborhood and Community Posts
Tags:
lake oconee market results
lake oconee market report
sales trend lake oconee

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
361,477

Jeanne Dufort

Madison and Lake Oconee GA
Ask me a question
*
*
*
*
Spam prevention

Additional Information