February started and ended with a bang! In the first two months, ten properties have closed, and nine properties are still scheduled to close. It appears more pending sales may be coming based on our current negotiations on three more lake properties. The warmer weather and the rising lakes have “jump started” the 2018 lake market season.
The economic indicators are still very positive throughout the business climate, and that is continuing to fuel buyer confidence. Rates are starting to inch up, but are still very attractive. Hopefully, the month of March will continue with mild weather and buyers will start looking to be on the lakes by Memorial Day.
Lake Burton
|
Lake Rabun
|
Seed Lake
|
|
2015 Sold
|
39
|
27
|
1
|
2016 Sold
|
40
|
25
|
2
|
2017 Sold
|
40
|
13
|
9
|
2018 Sold |
6
|
4
|
0
|
Pending Sale
|
7 |
1
|
1
|
Active | 70 |
26
|
7
|
Average Days on MKT
|
1229
|
1164
|
1614
|
2017 Median Sale Price |
$1,300,000
|
$810,000
|
$549,028
|
2018 Median Sale Price | $2,075,000 |
$846,000
|
Within the past month, several homes have gone under contract on Lake Burton. In 2017, five homes had sold by the end of February, compared to six for 2108. Of the seven pending sales, four have been on the market for over four years. The older inventory is being cleared out. Meanwhile, we are seeing multiple offers on newer listings with some going under contract very quickly.
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