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Expired and Withdrawn Listings: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.
www.marytappraisals.com
Saturday, February 21, 2009
Friday, January 23, 2009
Lake Lanier is rising
3 foot rise since December we are now at 15.0 below full pool so we are going in the right direction! Hopefully we will not see the days of the record low last year when we were 20.0 feet below full pool.
Sales are still slow, refinances are strong, but not so much for jumbo loans. It will take some time before we rebound here on Lake Lanier, so hang tight if you can because if we can get to the 1064 water level and the dock permits are all issued, values will start their way back up.
Looks like the end of this year before things really stablize. If we get more rain and the water looks great this summer, buyers will come out and start looking again.
Will be putting together the 2008 year in review on lake lanier in the next few weeks, so stay tuned.
In the meantime if you need a current value of your Lake Lanier home, contact us today.
www.marytappraisals.com
Sales are still slow, refinances are strong, but not so much for jumbo loans. It will take some time before we rebound here on Lake Lanier, so hang tight if you can because if we can get to the 1064 water level and the dock permits are all issued, values will start their way back up.
Looks like the end of this year before things really stablize. If we get more rain and the water looks great this summer, buyers will come out and start looking again.
Will be putting together the 2008 year in review on lake lanier in the next few weeks, so stay tuned.
In the meantime if you need a current value of your Lake Lanier home, contact us today.
www.marytappraisals.com
Wednesday, October 29, 2008
Lake Lanier 1071 coalition being formed to Fight the Lake Lanier Water Battle
1071 Coalition Formed to Fight Lake Lanier Drought Issues and Water Releases down south.
October 29th, 2008 10:51 AM
Check out the news release about the new coalition to fight back and save Lake Lanier from further low water issues, water flow down south, etc.
http://www.1071coalition.org/press_2008-10-28.html
As we all know Lake Lanier is a HUGE financial engine and we need to fight to save Lake Lanier from continued drought impact.
The media has been part of the problem as I have talked to many people who think there is little to no water left in Lake Lanier....Far from the truth. However, that being said, we need to be proactive and this group has formed for this very reason. They want to take action now to make things happen instead of waiting for others to do something about this issue. The 3 State water wars has been going on for almost 20 years, it is about time!
This is FANTASTIC news. Finally we are getting together to fight hard for this lake with some pretty heavy hitters on the Board of Directors.
Some of you may have read that Obama sides with Florida and Alabama on the water release issue. This is a real problem as he clearly has no clue about Lake Lanier, if this story is indeed true.
Check out this link to the 1071 coalition site, become a member and while you are at it, I have requested to be on the Board of Directors. Somehow they do NOT have a Lake Lanier Appraiser on their Board. One of their initiatives is to show the impact of the Lake Lanier Drought on property values and economy, so who better to give them this information....right?
I have already requested to be added to the Board of Directors but feel free to contact them to ask them to add me to the Board. I am a strong advocate for Lake Lanier and anyone who has followed my blogs and business, knows this to be true.
Thanks for stopping by and spread the good word around and also send this link to everyone you know today!
Thursday, October 2, 2008
Lake Lanier Sales
We have 80 lake homes that are sold or pending since 1/1/08. Wide range of prices from a low of $215,000 to over 2 million (all with boat docks in place).
Of these 80, there are 47 that have closed or have pended since May, 2008. It is not earth shattering, but lake sales are happening and they are happening NOW. During this same period last year, there were 98 homes that sold, just about 2 times more homes last year than this year.
There are 404 Lake Lanier home listings with individual boat docks, from a low of $214,000 to a high of $7,500,000.
Remember when there were NO homes to be found in the $200,000 range and very few in the $300,000 range. Well there are plenty now. The water may be low, but the prices will not be this low forever.
The average listing price of all the listings is over $800,000 so that has not changed much since my last post on the Lake Lanier Stats.
We have loads of inventory for buyers to decide upon. So get out there now to get the best possible deal you are likely to get on this Lake. Prices MAY go lower, but do not count on that. You must decide what is most important for you....Location, water depth, style of house, etc. Then narrow your search to include those things that are most important to you.....
Once you decide on your dream home....then let us appraise it for you BEFORE you sign on the dotted line to see if your investment is a good one. Then you are good to go....
I know there is so much indecision in the market, in the industry as a whole, in the economy with the bail out underway, elections just around the corner, stock market volatility, but if you find what you are looking for, don't take that chance of losing it forever. Sometimes in life you just have to go for the gusto!
Have a great week everyone and remember to stop and smell the "roses" along the way! Enjoy yourself and be safe on the Lake!
Of these 80, there are 47 that have closed or have pended since May, 2008. It is not earth shattering, but lake sales are happening and they are happening NOW. During this same period last year, there were 98 homes that sold, just about 2 times more homes last year than this year.
There are 404 Lake Lanier home listings with individual boat docks, from a low of $214,000 to a high of $7,500,000.
Remember when there were NO homes to be found in the $200,000 range and very few in the $300,000 range. Well there are plenty now. The water may be low, but the prices will not be this low forever.
The average listing price of all the listings is over $800,000 so that has not changed much since my last post on the Lake Lanier Stats.
We have loads of inventory for buyers to decide upon. So get out there now to get the best possible deal you are likely to get on this Lake. Prices MAY go lower, but do not count on that. You must decide what is most important for you....Location, water depth, style of house, etc. Then narrow your search to include those things that are most important to you.....
Once you decide on your dream home....then let us appraise it for you BEFORE you sign on the dotted line to see if your investment is a good one. Then you are good to go....
I know there is so much indecision in the market, in the industry as a whole, in the economy with the bail out underway, elections just around the corner, stock market volatility, but if you find what you are looking for, don't take that chance of losing it forever. Sometimes in life you just have to go for the gusto!
Have a great week everyone and remember to stop and smell the "roses" along the way! Enjoy yourself and be safe on the Lake!
Tuesday, July 15, 2008
2008 Lake Lanier Sales Statistics-First Half 2008
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.
General Stats:
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.
3. 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.
Listings:
1. 1/1/07-6/30/07 Listed properties averaged $721,000 Total Listed in this time period = 16
2. 7/1/07-12/31/07 Listed properties averaged $976,000 Total Listed in this time period= 41
Sales:
1. 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.
2. 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%
Expired Listings:
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! 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!
General Stats:
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.
3. 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.
Listings:
1. 1/1/07-6/30/07 Listed properties averaged $721,000 Total Listed in this time period = 16
2. 7/1/07-12/31/07 Listed properties averaged $976,000 Total Listed in this time period= 41
Sales:
1. 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.
2. 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%
Expired Listings:
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! 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!
Thursday, July 10, 2008
Lake Lanier Sales Activity First Half of 2008
So sorry for the delay in bringing you this information, it has been a crazy month. Our daughter Julie is getting married next week and we have been busy getting ready for the big day as well as our other work obligations. At least we are staying somewhat busy.
I will have those numbers for you by the weekend, so hang tight, come on back and see where we are in the Lake Lanier Market.
Take care, have a great week!
I will have those numbers for you by the weekend, so hang tight, come on back and see where we are in the Lake Lanier Market.
Take care, have a great week!
Wednesday, June 4, 2008
Lake Lanier Water News`
Great news yesterday, the Corps has agreed to release less water from Lake Lanier. The mussels down south can do with less water to survive and GOD knows we need it more than the mussels!
So now we need to PRAY for more rain....90's all this week, will mean alot of evaporation from the lake, so we need the rain and soon.
In the next week I will be putting together some numbers for the 1st 5 months of sales and pending sales on LakeLanier, so stay tuned.
www.marytappraisals.com
www.lakelanierappraiser.blogspot.com
We are seeing more activity just in the last few weeks with appraisals for those looking at lake homes and those wanting to put their homes up for sale.
So now we need to PRAY for more rain....90's all this week, will mean alot of evaporation from the lake, so we need the rain and soon.
In the next week I will be putting together some numbers for the 1st 5 months of sales and pending sales on LakeLanier, so stay tuned.
www.marytappraisals.com
www.lakelanierappraiser.blogspot.com
We are seeing more activity just in the last few weeks with appraisals for those looking at lake homes and those wanting to put their homes up for sale.
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