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.
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 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.