Here are the long awaited Lake Lanier Sales Stats for the First Half of 2010.
We will compare these numbers against the same period last year as well as to the last half of 2009.
OVERALL THE NEWS IS VERY GOOD. CAN'T WAIT TO SEE THE NUMBERS FOR 2ND HALF OF 2010. THEY WILL REALLY TELL THE STORY ON LAKE LANIER, SINCE THIS IS THE FIRST SEASON WE HAVE BEEN AT FULL POOL WITH NO MORE DOCK PERMITS, SINCE THE "GREAT DEPRESSION" STARTED ON THIS LAKE IN 2007.
Please keep in mind that these numbers are taken from FMLS search of only those homes that are listed as Lakefront with Boat Docks or Permits in place and do not include Platform or Community Dock Home Sales.
Number of Sales first half of 2010 = 29
($195,000 - $713,900)
a 94% increase from this time last year.....WOW!
Average sales price = $421,671
Average Days on Market = 146
** Please note these numbers are actually higher, in many cases much higher because many listings are relisted and the counter starts over again.
Foreclosure Sales = 13 or 44.8%... OUCH!
Average List Price to Sales Price Ratio = 87% This is UP 4% from last year at this time, so that is GOOD news. Down just 1 % from Last Half of 2009.
Number of Sales Last Half of 2009 = 32
($165,600 - $2,000,000)
Average Sales Price: $532,253 ( over $100,000 higher than first half of 2010)
Average Days On Market = 181
** Please note these numbers are actually higher, in many cases much higher because many listings are relisted and the counter starts over again.
Number of Foreclosures = 7 or 21.8% ( 50% + Decline from First Half of 2010)
Average List to Sales Price Ratio = 88%
Number of Sale first half of 2009 = 15
($240,000- $1,200,000)
Average Sale Price: $490,681
Average Days on Market = 179
** Please note these numbers are actually higher, in many cases much higher because many listings are relisted and the counter starts over again.
** Take Away that one high sale over 1 million and the stats are as follows:
Average Sales Price = $440,015 (Similar to First Half 2010, lower than Last Half of 2009) ** WE may be able to expect an even higher Average Sales Price for Second Half of 2010....See below.
Average D.O.M = 96
Foreclosure Sales = 7 or 46% were Bank/Lender Sales, slightly more than 2010.
Average List Price to Sales Price Ratio: 83%.
LISTINGS:
There are currently 487 Lake Lanier Homes Listed in FMLS with individual boat dock permits, which range from low of $205,000 to High of $14,500,000. The high end listing is a home that has been on and off the market for years. The next highest listing price was $4,995,000.
The Average Listing Price is $785,000. A good bit higher than the average Sale Price. If we applied an 85% list to sales price average, the average Anticipated Sales Price going forward would be in the mid $600,000 Range. However, this number assumes the Average Listing Price does not drop considerably.
There are 27 listings Noted as Foreclosures, Corporate or Lender Owned, which is only 5.5%. This is a HUGE drop from the actual number of sales involving Foreclosures. This is a very good indicator that we are purging the system of Lake Lanier Foreclosures! Very good NEWS!
** Additional Information: There were 59 Listings Withdrawn & Expired in first quarter of 2010. Of that number 5% or 3 were listed as Foreclosures. Average Listing Price for Expired and Withdrawn Listings was $772,000.
There are 22 Pending Sales of which 9 are listed as foreclosures, which is 41%. Closer to the percentage of sales that were foreclosures. This is roughly the same number of pendings as in the first half of 2009.
Supply and Demand working in Lake Lanier's favor! The fewer the Foreclosures out there, the higher the prices are likely to go on Lake Lanier.
Mary Thompson's Viewpoint/Summary:
These Lake Lanier Stats are fantastic news overall! It is not great news for those Lake Lanier homes priced in the upper tiers, since the average sales price is under $500,000. But it is good news for the anticipated values in the future. Far less supply, far fewer foreclosures...all good indicators for rising prices.
We are still a far cry from the Peak Years in 2005-2006, but we are certainly heading in the right direction!
Sellers are pocketing a little more at closing since the list to sales price percentages have risen and it appears days on market are declining, also good news.
If you are a Seller, Buyer or Realtor on Lake Lanier, spread the news!
Lake Lanier Sellers: you may be in for a BETTER year in 2010.
Lake Lanier Buyers: You better get out there and start buying Lake Lanier as Far Fewer Deals will exist going forward.
Lake Lanier Realtors: Sales will be up and the really bad news that you have had to break to your sellers may be ending this year!
Showing posts with label lake lanier sales stats. Show all posts
Showing posts with label lake lanier sales stats. Show all posts
Friday, August 20, 2010
Saturday, February 21, 2009
2008 Lake Lanier sales statistics reveals great news.
I have the news on Lake Lanier Listings and Sales for the second half of 2008. These are based upon FMLS stats for homes that were coded as being Lakefront or Lakeview properties with at least a single slip boat dock in place. Figures will not be exact, but they are a good representation of activity on Lake Lanier.
I have the news on Lake Lanier Listings and Sales for the second half of 2008. These are based upon FMLS stats for homes that were coded as being Lakefront or Lakeview properties with at least a single slip boat dock in place. Figures will not be exact, but they are a good representation of activity on Lake Lanier.
Listings:
1. There are 394 CURRENT Listings with an Average Listing Price of $722,000. This is a 13% decline in average list price since first half of 2008. The number of listings was 368 so about a 7% increase in number of listings.2.
There are 11 pending properties with an Average List Price of $447,300. There were 12 pending sales first half of 2008 but average was much higher at $870,00. This number is really not as significant as this number is much smaller and you cannot control which homes happen to go under contract at a given time.3.
Out of the 394 listings, 181 properties were listed from 7/1/08-12/31/08 with an average list price of $895,000. This is up just slightly from the fist half of 2008 of $870,000.
Sales:
1. There have been 31 closed sales. The average sales price is $671,000 with the average Days on Market at 107 (Listing prices range from $152,500 to a high of $2,350,000). The average list to sales price ratio was 6.7%. The average sales price is 22% higher than the first half of 2008! Days on market was essentially the same (109 first half of 2008). This sales price average brings us closer to the average sales price we saw in the first half of 2007 at $623,000. So great news here!
** In the second half of 2007 there were 72 closed sales with an average sales price of $681,000. Average list to sales price ratio was 9.4% and average days on market was 117. So we are not far off other than number of sales from these figures.
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.
Expired and Withdrawn Listings:
In 2008, there were 531 homes that had expired listings with average list price of $847,000. Average Days on Market was 145. Again this number may be skewed. Many have been relisted and currently back on the market. The number of expired listings is 38% higher compared to the first half of 2008. The average list price is 13% higher.
There were 127 withdrawn listings in all of 2008. Average list price was $1,086,000. Many of these were relisted.
What does all of this mean?
The bad news is there are loads of listings for more competition between properties and the number of sales is less than the same time last year. The GOOD news, there were more sales in the second half of 2008 than the first half of 2008 and the average sale price is 22% higher bringing us closer to sale averages of the first half of 2007! Fantastic News!
Also, the average list to sales price ratio has decreased by 1.3%.Other than the over abundance of Lake Lanier Listings, if the average list price stays stable, then it would stand to reason that our average sales price for the first half of 2009 will increase. It did the second half of 2008 so we expect that trend to continue.
**What appears to be happening here is that people are reducing their listing prices and there is a narrowing between the average listing price and the average sales price. The home sellers are getting realistic on the current market of their lake homes and the buyers are starting to increase in numbers, exactly what we need to start turning this market around!
The average sales price was only slightly lower than this same period last year.
Also the other great news is that the lake is just over 14.0 feet below full pool which is 4 feet higher than it was this time last year.....
With all the doom and gloom in the news about the real estate market, we have something to celebrate here! It may not feel that way to many lake home owners trying to sell, who have had to reduce their prices to remain competitive, but we are heading back in the right direction and that is a good thing as Martha Stewart would say.
Enjoy the good news and I will be back with you in the summer for the first half of 2009 Lake Lanier Sales Stats. In the meantime subscribe to my blog and you can stay abreast of the Lake Lanier News on a regular basis.
I have the news on Lake Lanier Listings and Sales for the second half of 2008. These are based upon FMLS stats for homes that were coded as being Lakefront or Lakeview properties with at least a single slip boat dock in place. Figures will not be exact, but they are a good representation of activity on Lake Lanier.
Listings:
1. There are 394 CURRENT Listings with an Average Listing Price of $722,000. This is a 13% decline in average list price since first half of 2008. The number of listings was 368 so about a 7% increase in number of listings.2.
There are 11 pending properties with an Average List Price of $447,300. There were 12 pending sales first half of 2008 but average was much higher at $870,00. This number is really not as significant as this number is much smaller and you cannot control which homes happen to go under contract at a given time.3.
Out of the 394 listings, 181 properties were listed from 7/1/08-12/31/08 with an average list price of $895,000. This is up just slightly from the fist half of 2008 of $870,000.
Sales:
1. There have been 31 closed sales. The average sales price is $671,000 with the average Days on Market at 107 (Listing prices range from $152,500 to a high of $2,350,000). The average list to sales price ratio was 6.7%. The average sales price is 22% higher than the first half of 2008! Days on market was essentially the same (109 first half of 2008). This sales price average brings us closer to the average sales price we saw in the first half of 2007 at $623,000. So great news here!
** In the second half of 2007 there were 72 closed sales with an average sales price of $681,000. Average list to sales price ratio was 9.4% and average days on market was 117. So we are not far off other than number of sales from these figures.
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.
Expired and Withdrawn Listings:
In 2008, there were 531 homes that had expired listings with average list price of $847,000. Average Days on Market was 145. Again this number may be skewed. Many have been relisted and currently back on the market. The number of expired listings is 38% higher compared to the first half of 2008. The average list price is 13% higher.
There were 127 withdrawn listings in all of 2008. Average list price was $1,086,000. Many of these were relisted.
What does all of this mean?
The bad news is there are loads of listings for more competition between properties and the number of sales is less than the same time last year. The GOOD news, there were more sales in the second half of 2008 than the first half of 2008 and the average sale price is 22% higher bringing us closer to sale averages of the first half of 2007! Fantastic News!
Also, the average list to sales price ratio has decreased by 1.3%.Other than the over abundance of Lake Lanier Listings, if the average list price stays stable, then it would stand to reason that our average sales price for the first half of 2009 will increase. It did the second half of 2008 so we expect that trend to continue.
**What appears to be happening here is that people are reducing their listing prices and there is a narrowing between the average listing price and the average sales price. The home sellers are getting realistic on the current market of their lake homes and the buyers are starting to increase in numbers, exactly what we need to start turning this market around!
The average sales price was only slightly lower than this same period last year.
Also the other great news is that the lake is just over 14.0 feet below full pool which is 4 feet higher than it was this time last year.....
With all the doom and gloom in the news about the real estate market, we have something to celebrate here! It may not feel that way to many lake home owners trying to sell, who have had to reduce their prices to remain competitive, but we are heading back in the right direction and that is a good thing as Martha Stewart would say.
Enjoy the good news and I will be back with you in the summer for the first half of 2009 Lake Lanier Sales Stats. In the meantime subscribe to my blog and you can stay abreast of the Lake Lanier News on a regular basis.
Subscribe to:
Posts (Atom)
