I have the news on Lake Lanier Listings and Sales (of existing homes on Lake Lanier) for the first half of 2008.
These are based upon FMLS stats for homes that were coded as being Lake Lanier or Lakefront property with at least a single slip boat dock or permit for a single slip dock in place. Figures will not be exact, but they are a good representation of activity on Lake Lanier.
1. There are 368 CURRENT Listings with an Average Listing Price of $829,000.2. There are 12 pending properties with an Average Listing Price of $803,000, with average Days on Market at 102.
2. From 1/1/08-6/30/08 there have been 104 properties out of the 368 placed on the market with an average list price of $870,000.
3. 1/1/07-6/30/07 Listed properties averaged $721,000 Total Listed in this time period = 16
4. 7/1/07-12/31/07 Listed properties averaged $976,000 Total Listed in this time period= 41
5. 1/1/08 to 6/30/08 there have been 18 sales with 5 pending sales. The average sales price is $526,000 with average Days on Market at 109 (Low of $239,000 to a high of $800,000). The average list to sales price ratio was 8%
Please Note: There are many homes that have been on the market much longer than this. The days on the market number is skewed if the home was listed for many months and then relisted after the first listing expired, with a new FMLS number and date. The days on market is only calculated from the last time the home was placed on the market with a new listing number and date.
Many homes fall into this situation, so in reality days on market is likely much higher. **This has been our experience when appraising lake property and checking to see how many times the home was listed with new dates and FMLS numbers.
6. 1/1/07-6/30/07 there were 30 sales. The average sales price of $623,000 with average Days on Market at 90 (low of 219,000 to a high of $1,384,605). The average list to sales price ratio was 5%
In 2007, there were 333 homes that had expired listings with average list price of $741,000. Many have been relisted and currently back on the market
In 2008 first half, there have been 52 expired listings. Average list price of $860,500. Again many have been relisted.
Days on market not available as an average, but most listings are for a period of 90-120 days to start and many have been relisted as a new listing after it expires, so the days on market can be significantly higher, than they appear to be on the current listing.
What does all of this mean?
The bad news is there are loads of listings for more competition between properties and the amount of sales has dropped from same period last year to this year by 40%, with an average of 19 more days on the market.
The average sales price dropped by 15.5% from the first half of 2007.Also, the average list to sales price ratio has increased by 3%. Sellers are accepting lower offers off the list price than they have in the past.
The good news is that from the 1/1/07-6/20/07 period to the same period this year 1/1/08-6/30/8 the average listing price has gone up from $721,000 to $870,000. The average of all the listings is $829,000. So unless prices continue to drop or there are no buyers in this price range and higher, the average sales price from this point forward will be considerably higher than the first half of 2008.
**The pending sales average list price seems to confirm this premise**
Also for buyers there is NO better time than NOW to buy Lake Lanier property. Never again will there be such a selection of homes with highly motivated sellers. The prices have dropped overall however, based upon the stats provided here, this will not be the case much longer.
So get out there and check the inventory and start thinking about purchasing your lake home. Because once the water starts to return and it WILL...Always has.... always will....it is our opinion that prices will rise quickly and if that occurs you will lose out on getting some great deals on this Lake.
Now more than ever you need an Appraisal on any Lake Lanier home you are thinking of buying or selling. You need current, real values. So call today for your Lake Lanier Home Appraisal. We specialize in this kind of property and you need this experience, especially now or it could be a real disaster! http://www.marytappraisals.com/
We hope this information was helpful, please comment if you so desire.Have a safe summer and remember.....Be Safe on the Lake!