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A SPECIAL SECTION DEVOTED TO
LIVING ON LAKE LANIER
Lake is up and
so are home sales
By
Bev Knight
 The
statistics for first quarter Lake Lanier home sales are in, and
there are many encouraging signs. Even though it was a cold, dreary
season, lake home sales are up 30 percent over the same period in
2009. As always, Gainesville and Cumming are the most popular cities
for buyers, but we saw a resurgence in sales for Dawsonville this
quarter from only one in 2009 to six in 2010.
From January through March of this year, there was
very little activity in luxury home sales. The highest price home
sold for $650,000. The average sales price also dropped from
$424,000 in 2009 to $364,000 in 2010. That is not a surprise since
there were no higher-priced homes sold. One of the most encouraging
statistics was the number of days on market for homes that sold in
the first quarter. Last year, it was 123; but in Q1 of 2010, that
number dropped to 108. Not only does this reflect an improvement in
the market, but it also shows that sellers are pricing their homes
more competitively to start.
Subjectively, we are seeing a lot more competition on
the most aggressively-priced lake homes. Homes that have been on the
market for more than a year are starting to move. As spring gets
into full bloom, there is likely to be an increase in higher-priced
home sales. We are already getting those calls. As the interest
rates rise, buyers seem to be a little more action-oriented and
reasonable with their expectations. Buyers who have been unable to
pull the trigger have missed out on some of the best deals in
years. They are learning those lessons and acting more decisively.
The top of the lake market was September of 2007.
Most lake agents agree that the bottom was October of 2009. The
accompanying table shows some of the important first quarter trends
during that period.
Looking forward, the Lanier real estate market is
likely to continue its recovery. Spring and summer are always the
selling season for lake homes, and early signs indicate that this
will be one of the best seasons in several years. The lake is up,
the rates are still low (at least for the time being), prices are
very competitive, and there is plenty of inventory to choose from.
If youve been waiting to buy a lake home, now is the time.
Bev Knight is a Lake Lanier specialist with Keller
Williams, Lanier Partners. For more trends and statistics, you can
visit her blog at
www.lanierrealestateblog.com. All statistics were generated
through the FMLS.
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