Lake Sinclair market report- No, you can't buy a house for $100,000

Literally for a decade our market was a heavy buyers market with lots of inventory and bargain basement prices, but you know what they say about hindsight being 20/20... well the bottom of the market was 2012 and it's in the rear view mirror folks.  For the next 4 years we rocked along at the bottom with little ups and slight downs, but no consistent growth in price and no significant loss of inventory. 2017 brought the first real "shift" in our market and we began to see things move off the market to under contract faster and inventory begin to thin and prices started to slowly creep in a steady upward pace.  But what has 2018 brought? Let's take a look.

We are in a similar market as far as numbers go to 2017.  It's not surprising that the numbers are down in the number of sales from this point last year because there is much less inventory.  Mid year last year we had about 10 months of inventory and now we have 4.6 months worth of inventory.  We've had a huge swing from buyers market to sellers market.

I believe we will continue to see approximately 30 closings per month on Lake Sinclair. 

As you can see the 2018 price is consistently higher than the average of past years.  To date in 2018 the average price has been $272,362 and we went years with most months being well below $250,000.  The average price per square foot is $150 and that is up from $120. If you have been waiting for a market correction to sell your place now is a good time to consider putting it on the market.  Now we're not at 2006-2008 prices, but we're creeping on up and way better than 2012- 2016 prices. 

Just look at some of those days on the market averages from the past. 2013-2015 saw highs of 200 to over 400 days on the market. June was just 100 days and one listing sold after 712 days.  The 2018 overall year to date average is 103 days.  That's a very strong indication of a stable market in itself, but the low inventory pushes it over to the sellers side.  

There are still some good buys out there that need a little TLC and/or updating a bit, but they are going and if something is priced right and updated we are seeing it go under contract in just a day or a week at most. The median days on the market for June was 39.

If you are thinking about selling your lake home now is a much better time than in years past. Lane Realty has a great marketing plan and not only participates in our local Lake Sinclair area MLS, but we are in Georgia MLS and that exposes your listing to hundreds of additional agents.  You get professional photos as well. Give us a call to see what the market indicates is where your house will sell today.

 

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Tammy Lankford, Broker/Owner

 

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Comment balloon 10 commentsTammy Lankford, • July 23 2018 08:47PM
Lake Sinclair market report- No, you can't buy a house for $100, 000
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Literally for a decade our market was a heavy buyers market with lots of inventory and bargain basement prices, but you know what they say about hindsight being 20/20… well the bottom of the market was 2012 and it's in the rear view mirror folks. … more