Local Market Trends November 10th, 2008
Market conditions on Lake Oconee and Lake Sinclair



Summary of current market information in Lake Oconee and Lake Sinclair MLS systems


The real estate closings for the first ten months of 2008 are running about 65% of the prior year for all types of properties sold year to date. More buyers have been talking with our agents in the last few weeks and fall activity is picking up as investors look to pick up bargain properties. The market favors the buyers due to the high number of properties available and low interest rates.

For Lake Oconee, as of the end of October, 83 lake homes have been sold this year with 7 ($3,526,000) closed in the last month, about the same as September. There are 291 lake properties currently on the market compared to a January start of 248 lake homes on the market, and down from our April high of 306 lake properties.

In the Lake Oconee Market, average sold to list price for all properties has remained at about 92% for most of the year. We continue to see downward pressure on prices. We have sold some properties in less than 60 days, and some in less than 2 weeks or sooner when the property is priced right. Our agents are also helping owners with smart pricing, short sales, internet advertising and investments in foreclosures, in order to sell properties quickly.

For the entire Lake Oconee market, there are 2443 properties of all types ($1,069,000,000) currently for sale, down from the high of 2595 properties available in August. 45 total properties sold in October ($13,536,000). 592 total properties have sold since January 1st compared to over 930 at this time last year.

Lake Sinclair market continues to be active. 12 Lake properties sold in October compared to 21 in September. 577 are available, more than the 468 for sale on January 31. Average sold to list price is 91% for the 157 lake properties that have closed this year.

For all types of properties in Lake Sinclair MLS, 615 ($98,140,000) have sold since January 1, but 1902 ($417,365,000) remain on the market - down from the high for the year, and over two years supply at this rate. 51 properties ($7,926,000) of all kinds closed in October. It remains a great buyer's market because of large numbers of properties for sale.

These trends make our area more affordable and give buyers an opportunity to make their best deals while inventories remain high and interest rates are still low. Buyers continue to contact us everyday looking for properties in this area that are priced to sell. The Lake Oconee and Lake Sinclair areas are close to Atlanta, the lakes are full of water, and this area offers great golf and fishing.

We are now offering Preferred Pricing of 4% commission for all Lake Homes and 6% commission on Lake Lots. This will help Sellers list their property at the most competitive price and save thousands of dollars in commissions. We want property owners to be competitive and protect their equity during the current market. Call me for details - Tom Schlesser 706 347 0795.



Note: The Lake Oconee and the Lake Sinclair Markets and MLS information overlap so there is some duplication of properties and information. We make every effort to be as accurate as possible, but cannot guarantee exact results. This information is for the discussion of Real Estate trends and is not intended to be a final compilation. Every individual transaction is unique to the parties involved and may not be representative of these summaries of transactions shown in the MLS systems. Call with questions or to discuss individual observations - Tom Schlesser 706 347 0795



Copyright 2008 Tom Schlesser All rights reserved