How is 2023 shaping up in the Lake Oconee area?
Local demand and price trends have continued upward in early 2023 – echoing trends we saw throughout 2022. The most in demand homes continue to be lakefront – followed closely by the “starter home” segment. For the most part the lakefront buyer has not been discouraged by interest rate fluctuations while first time buyers are quite sensitive to rates. Despite fluctuating interest rates and uncertainty in the economy and equities markets, the average price of a home in the six county area continued to rise in 10 2023, heavily influenced by historically low home inventory levels and continued aggressive buyer demand. Units sold decreased again – due to lack of inventory. We continue to see Greene County demand and pricing trends higher than Putnam, with Putnam still offering thus more value on a per dollar basis.
Buyers continue to watch the market very closely for new home listings while Sellers are watching average sale prices very closely as they prepare to list a home for sale. Mortgage rate fluctuations and inventory shortages continue to present challenges for buyers and opportunities for sellers. Bottom line – watch the market daily for new or reduced inventory and if you’re buying with a lender, be sure to shop around for rates and fees – and have your pre-qual ready to go!
A few KEY STATS for the six county LAKE OCONEE MARKET AREA for 2023 YEAR TO DATE:
NUMBER OF HOMES SOLD – Decreased by 14%
AVERAGE SALES PRICE- Increased 13% to $778,949.00
AVERAGE DAYS ON MARKET (DOM) – Increased 1% to 95 Days
ALL STATISTICS ARE FOR JAN – March OF 2023 AS COMPARED TO SAME PERIOD 2022.
Greene County Update
Increased demand coupled with tight AVAILABLE inventory pushed units sold down and AVERAGE PRICE up. Buyers still prefer “MOVE-IN READY” newer homes, lakefront and gated communities. “Fixer-Uppers” are gaining in popularity if they have lake frontage!
HOMES SOLD decreased 5% with AVERAGE DAYS ON MARKET increasing to 111 days
AVERAGE SALE PRICE for ALL SINGLE FAMILY homes increased 10% to $1,118,621
For LAKEFRONT HOMES with a private dock the AVERAGE SALE PRICE DECREASED SLIGHTLY 4% TO $1,742,718
Special Note: Highest Greene County home sale price in 2023 YTD is $3,998,000.
Putnam County Update
Single family home sales saw similar trends as in Putnam County with buyers prioritizing newer or updated homes and always a preference for on-water property.
A few key PUTNAM COUNTY stats on SINGLE FAMILY HOME SALES:
• HOMES SOLD decreased 19% with MEDIAN DAYS ON MARKET dropping to 88 DAYS
• MEDIAN SALE PRICE for ALL SF homes decreased 2% to $659,401
• For lakefront homes with a private dock the MEDIAN SALE PRICE INCREASED 12% to $804,438
Special Note: Highest home sale price in 3Q was $3,500,000, lakefront in Reynolds Great Waters
Special Note: Highest home sale price in 2023 YTD is $2,550,000 for a home in Sebastian Cove/Eatonton
*All data obtained from LCBR MLS. Data is deemed reliable but not guaranteed.