March 2016 Lake Sinclair market data- price it low enough and it will sell

I'm starting a little out of my typical order this month.  Showing a pattern. The DOM is where I'm starting and it's way down. Still making it a buyers market, but still way down.

We had the lowest days on the market in the past 6 years.  WHY?  Well because we had an influx of cheap listings.  A couple were foreclosures, some were on kayak only water and others had many needed repairs. 125 was the average days on the market with a median of just 46 days.  The lowest priced 6 listings only took a combined 79 days on the market, 2 at 6 days, one at 11, one at 16 and one at 40. 

Now on to the other news... how many sold in March?

13 was the number of Lake Sinclair residential sales in March. This was a slight increase over last month, but way down from 2015.  Election year blues? Maybe. Rain in February keeping buyers from looking? Maybe. Likely a combination of the two. That puts us currently with a massive inventory of a 22 months supply at the current rate of sales.  That's clearly in the buyer's market.  It means there is a huge supply for buyers to choose from out there right now.

And now for the other news... price... and it was really low.  The second lowest in years of my collecting and analyzing the data.

The last time the average price was in the range of the $159,182 it was this month was December of 2013 when we had experienced zero recovery from the housing crash and still had more than three years of inventory. Now why the low low price...  

  • Little River view- dock and seawall falling in lake and sold in "as is" condition $70,000
  • Franklin Road- the remarks say "Lake Sinclair", but well, that's actually river front property. Boatable to the lake, but not ON Lake Sinclair in my opinion $85,000
  • Dennis Station- older small singlewide on a lease lot, but it was on great water in usable condition $95,000
  • Thomas Drive- on the market for years reduced over and over until the list price was $99,000.- residential access lease and in need of both updating and repairs $80,000
  • Lou Lane- 1974 singlewide on postage stamp sized lot $135,372

That drives the average and median ($152,000) price down.  

I'd be happy to email you monthly market reports if you are "watching" the market to determine if  you are in the market to buy or sell.  You can call me with your email address to get added to my monthly newsletter that includes our market reports. It also includes some neat other things as well.  You can also email me with "please send me market reports" in the subject line to tammy@lake-sinclair.com 

If you are searching for property on Lake Sinclair... start with Lane Realty

Lake Sinclair is a beautiful place to live and has affordable weekend get-a-way places.  But don't be fooled by these numbers that you can find a nice stick built home on good water with a great view and double boathouse for cheap. It's not out there. When things on the water here are cheap there is always a really good reason for it. Call our office to schedule an appoint with an agent who will work hard for you as a buyer to find you the best house for the best price to fit your needs and budget. But no one in our office can get you a nice house for the prices of the duds that sold this past month. Call us at 706-485-9668 and an agent will answer or call you back.

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Tammy Lankford, Broker/Owner

 

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Comment balloon 8 commentsTammy Lankford, • April 28 2016 10:54AM

Comments

Hi Tammyu,always enjoy viewing stats and charts on other communities.

Posted by Ronald DiLalla, No. Orange Cty Real Estate (Century 21 Discovery DRE 01813824) over 2 years ago

Tammy,

 Looks like this is the time to buy in Lake Sinclair if you have the right realtor to guide you! Have a great day!

Posted by Yolanda Cordova-Gilbert over 2 years ago

Families on the move will appreciate your local real estate market reports.

Posted by Roy Kelley, Roy and Dolores Kelley Photographs (Realty Group Referrals) over 2 years ago

Enjoyed reading your market report, Tammy...really!  Interesting to see other areas market. Our market can be a buyers or seller's market. Depending on what one is looking for. We have listings that have been on the market for years, and we have listings that come on the market and under contract in a day or week.

Posted by Rebecca Gaujot, Realtor®, Lewisburg WV, the go to agent for all real estate (Vision Quest Realty, Martha Hilton, Broker) over 2 years ago

Home buyers and sellers in the area will appreciate this information.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 2 years ago

I always enjoy the insight from other areas market reports as well.  Thanks for stopping by to those of you who read my take on our market. Real estate is local for sure.  Our market is vastly different from even Atlanta and the suburbs around there and I can't imagine trying to bring an agent to this market without access to the data.  I see buyers over pay each time that happens.

Posted by Tammy Lankford,, Broker GA Lake Sinclair/Eatonton/Milledgeville (Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668) over 2 years ago

Awesome that the prices are strong and DOM are down. Buyers had better call you now and get started on the home buying process.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) over 2 years ago

Hello Tammy ...

Some great graphs and your post is full of some important information around your areas.

Posted by Robert Vegas Bob Swetz, Las Vegas Henderson Homes for Sale (Realty ONE Group) over 2 years ago

Participate