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
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
Average Sale Price: $490,681
Average Days on Market = 179
** 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%.
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!
Thank you, we'll be in touch!