Lake Oconee Market update - lakefront homes

By
Real Estate Agent with Coldwell Banker Lake Country 284620

Demand for lakefront homes on Lake Oconee exploded in 2020 as Covid swept across the country. Untethered from offices and seeking less crowded places - Americans are swapping urban and suburban living for the quality of life found in "out but in" locations. Like Lake Oconee, just 90 minutes from the Atlanta airport, yet a world of its own.

Is the market still heating up?

Are prices still climbing?

Does what goes up inevitable come down?

A close look at 2023 sales to date, and especially 3rd Quarter sales, provides some tantalizing hints that "seller euphoria" may be waning.

In Q3, we set a record for highest average price EVER recorded for lakefront homes on Oconee, according to data compiled by the Lake Country MLS.

Average sales price was $2,381,000 - first time the average ever closed above the $2M mark. 

BUT - average days on market swelled to 96 (highest since Q2 2020) AND 2/3's of the sold homes had price reductions before going under contract. To me, this signals that it's time for sellers to be more careful about initial pricing, instead of continuing to test how high is up.

Six homes did sell above asking price, but not by much. 

I'll be watching Q4 sales carefully, and report again. For 20 years now, I've been tracking quarterly sales statistics for lakefront property on Oconee, and have seen markets shift more than once.

My message to sellers - when buyers compete with one another, sellers win.  But if the market is cooling down, it takes careful attention to find the price that feels like a compelling value to multiple buyers.

My message to buyers - investing in your own quality of life is never a bad decision. But in times like this, you need to be sure you have a local market expert advising you every step of the way.

 

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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

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Comments (3)

Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Lack of inventory, normal buyer demand forces prices to continue to climb.... too bad the Fed & the politicians do not get this concept Endre

Oct 24, 2023 10:23 PM
Jeanne Dufort

When inventory gets scarce, the prices of most homes goes up. But when markets begin to fall - lower quality inventory feels the heat first!

Oct 26, 2023 02:50 PM
Kat Palmiotti
eXp Commercial, Referral Divison - Kalispell, MT
Helping your Montana dreams take root

The market is always changing, and sometimes sellers don't want to hear about it (when the market starts going down!)

Oct 25, 2023 04:45 AM
Jeanne Dufort

We owe the best advice possible to our clients. BUT - they are the decision makers.

Oct 26, 2023 02:49 PM
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello and thank you for sharing your market report with us here in the Rain.  Hope you are getting phone calls from buyers and sellers.

Oct 25, 2023 09:48 AM
Jeanne Dufort

Getting the phones to ring is what its all about!

Oct 26, 2023 02:48 PM