One of the most common questions I’m getting asked recently is, “How are the Lake Lanier Home Sales?” Sometimes it’s a buyer considering purchasing a lake home and other times it’s a client considering selling their home on Lake Lanier. Here’s what I’ve found.
We’ve had one of the most active markets for Lake Lanier Home Sales since at least 2006. Year to Date there have been 250 sales on Lake Lanier. (I’m only including homes with at least a dock permit). The number of sales for a full year has ranged from 95 to 208 over the past 6 years. One of the key factors has been the water level. We have been right around full pool since April. By contrast, we didn’t get anywhere near full pool for any part of last year. The highest the lake got was about 1066 feet, with full pool being 1071. Obviously lake homes show much better when the dock is in water, rather than sitting on mud.
The sweet spot for sales price has been between $300K – $600K, with approximately 60% of the homes selling in this range. The luxury end of the market (homes priced at 1 Million Dollars or more) is easily the slowest segment of the market. There have only been 4 sales in the luxury market and there are currently 41 homes for sale. That equates to a 10 year inventory!
What about home values? The average sales price for Lake Lanier Home Sales dropped from $634,000 in 2007 to $430,000 in 2010 (about a 32% drop). It increased to $460,000 in 2011 and increased again last year to $483,000. The average this year has dropped back to $460,000. This is due partly to homeowners being a little more anxious to sell their lake home when the water levels came back to full pool.
Perhaps the most important factor to remember is that buying a home on Lake Lanier is really a lifestyle choice. When you live on the lake, everyday stresses seem to disappear once you return home. It’s like being on vacation all year round. If you have children, it’s incredibly family friendly and all your kid’s friends want to come to your house!
Call me today if you have any questions about Lake Lanier Home Sales.
Tim Hopkins
678-341-7403
