Local Market Trends, July 7th, 2010
Market conditions in Lake Oconee, Lake Sinclair and surrounding counties.

As of the beginning of July, 2010, in the Lake Oconee area MLS, numbers of sold properties are down slightly from last month. In June closed transactions totaled 40 compared to 42 in May, more than the average of about 36 properties sold per month this year. The Lake Sinclair MLS had 53 closed transactions in June compared to May sales of 54 properties. This is higher than last year's average of 42 per month. Investors continue to purchase bargain priced properties and are making offers on foreclosures, bank owned properties or "short sales". The more affordable homes in Lake communities are also selling better than in past months.

Century 21 Minchey Properties continues to lead all companies in the local MLS with the most transactions closed since January 1, 2010. The current market conditions still favor buyers due to the high number of properties available and low interest rates.

For Lake Oconee, 7 lake homes closed in June. There are 263 lake properties currently on the market same as last month.

In the Lake Oconee Market, average sold to list price for all properties sold year to date is 90%. Last month's higher than average sales is welcome news to many sellers and shows buyers have increased interest as we head into the Summer season.

There was a slight decrease in number of properties available for sale. The Lake Oconee MLS has $972,00,000 of properties for sale (2299 listings), a level slightly lower than most of 2009. We continue to see downward pressure on prices based on the last list price as motivated owners continue to reduce prices to attract buyers.

Century 21 Minchey Properties has closed 15 % of the transactions in the local Market with only sixteen agents.

The Lake Sinclair market is also showing an increase in sales and available properties. 418 lake homes are currently available, compared to 427 in April. Average sold to list price is 92%. 53 properties of all kinds closed in June 2010, down from 54 sold in May. It still remains a great buyer's market because of large numbers of properties for sale.

These trends make Middle Georgia more affordable and give buyers an opportunity to make the best deals while inventories remain high and interest rates are 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, and this area offers great golfing, boating and fishing.



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. Call with questions or to discuss individual observations - Tom Schlesser 706 347 0795



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