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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Comment balloon 10 commentsTammy Lankford, • July 23 2018 08:47PM

Comments

Hi Tammy Lankford, this is a great market report for Lake Sinclair. My market is very similar but not a week passes by where I don't receive calls from potential buyers looking for homes priced around $150,000. 

Posted by Beth Atalay, Cam Realty of Clermont FL (Cam Realty and Property Management) 22 days ago

I always enjoy your market reports about the wonderful Lake Sinclair area Tammy.

Posted by Paul S. Henderson, REALTOR®,CRS,, Tacoma Washington Agent/Broker & Market Authority! (RE/MAX Professionals.) 22 days ago

Good morning Tammy. This is interesting and informative as well. Nice job.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) 21 days ago

$100K doesn't buy much of anything in our market either, seems that people still hope to get a 2000 square foot home, with granite countertops and a pool, etc. for that price though, haha.

Posted by Brian England, MBA, GRI, REALTOR® Real Estate in East Valley AZ (Arizona Focus Realty) 21 days ago

Tammi hard for me to fathom what you get in Lake Sinclair, I am so amazed, I hope the buyers are just as much amazed and reach out to you for representation, Endre

Posted by Endre Barath, Jr., Realtor - Los Angeles Home Sales 310.486.1002 (Berkshire Hathaway HomeServices) 20 days ago

Endre Barath, Jr. no doubt it's a different world.  When I visit my inlaws I look around and can't fathom the prices of things on the market.  Much much lower cost of living in our respective markets.  But the silly thing that remains the same in buyers with unrealistic expectations about what they can buy for their budget.

Posted by Tammy Lankford,, Broker GA Lake Sinclair/Eatonton/Milledgeville (Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668) 19 days ago

What a wonderful report, Tammy. I'm so happy to see that your market is doing so well this year. You're certainly the expert in the Lake Sinclair market - and the one I'd hire if looking to buy or sell in the area!

Posted by Debe Maxwell, CRS, Charlotte Homes for Sale - Charlotte Neighborhoods (www.AtHomesCharlotte.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310) 16 days ago

Any comparison of modular/ mobile/trailers vs stick built/ site built homes? What would the sf $ be and does it compare to former years?

Posted by John parson 15 days ago

A lot of research went into these reports - terrific job explaining and showing how your market has changed Tammy.  We still have buyers asking for $100K cabins- if they want running water too, that ship has sailed

Posted by Mary Douglas, REALTOR, Red Feather Lakes, Colorado (United Country Ponderosa Realty, Red Feather Lakes, Colorado) 14 days ago

You ARE the Lake Sinclair expert. Anyone considering selling should contact you to get the home sold for top dollar.

Posted by Pat Starnes-Front Gate Realty, 601-991-2900 Office; 601-278-4513 Cell (Front Gate Real Estate) 12 days ago

Participate