August 2018 Lake Sinclair real estate market report (GA)

By
Real Estate Broker/Owner with Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 GREC# 169695
https://activerain.com/droplet/5fxS

I'm a little late getting this post written for August.  It's nearly time to write September's.  But the good news is that the reason is we are really busy still.  Currently have six contracts and five of them are on Lake Sinclair.  However, let's take a look back at August.

We had 32 homes close on Lake Sinclair in August.  That ties last year and is only one short of the 5 year high for the month.  Things slowed down and there is certainly less inventory than in the past 5 years.  That puts us at 4.25 months of inventory which is still a seller's market.  I see a shift in the market, as summer comes to that's the normal thing around our market.  We still see people moving to the area, but not the number of people we have looking for weekend places.  That usually picks up in the winter after the holidays are over.

 We saw the  highest average price selling since this past April.  $282,000 was the average price for homes on water on Lake Sinclair in August. They sold at an average of 96.7% of the list price.  A couple that got into bidding wars brought that average up, but it means that as prices increase the demand is keeping that happening.  The average price per square foot was $160.  Now that doesn't mean that your home is worth $160.00 a sq. ft.  But that's the average across the board ranging from under $100 per square foot to well over $200.  To know what your home is likely to sell for we could do a market analysis and give you a range. We compare apples to apples, not oranges.

The average days on the market continues to be very low.  While national statistics say 60 is a fair market time that has never held true in a market where we sell at least 50% of our homes to buyers who use them as second homes.  People buying second homes have less urgency to buy and that has always made a difference in our market. 90 days is stable here and in August we saw it below that at 78.

 

If you would like to get market reports emailed to you monthly, just send us an email with "market report" in the subject line to tammy@lake-sinclair.com

 

 

 

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Rainmaker
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Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.346.1799 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good evening Tammy Lankford, 

What a great market report..you have a very different market than most because of your lake properties. With a $282,000 average sales price you really have great value for a home on the lake. There is NOTHING here even close to that price range. I'm sure many enjoy receiving a market report from you in their email and will see more wanting to be included.

Oct 02, 2018 04:21 PM #1
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Hi Tammy

ANYONE with an interest in buying in Lake Sinclair will appreciate not only the date but also the analysis behind what this all means.  Each market can vary and you've made it abundantly clear Lake Sinclair is not just like any other housing market, and why! You are the one to call!

Jeff

Oct 04, 2018 08:19 PM #2
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Tammy Lankford,

Broker GA Lake Sinclair/Eatonton/Milledgeville
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