Tags: Business News, Community & Outreach
April 01, 2014It won't come as a surprise to you that the Lake Lanier market is a different market than the rest.
Housing inventory is, and has been, very low for some time now.
That isn't the case on Lake Lanier. The lake is a little more sensitive to seasonality than the rest of the market.
Also, geographically, the lake is a much smaller part of the housing market, so it should be looked at differently.
For home sales specifically on Lanier, the absorption rate (the rate at which the market will consume current inventory) is four times higher than the rest of the county.
Currently, at the time of this article, there are 108 homes for sale in Forsyth County with a boat dock on Lake Lanier.
Over the past 12 months, there have been 101 sales of similar homes – which equates to 12.8 months of lake inventory compared to 3.4 months of inventory for non-lake homes throughout the rest of Forsyth County.
Currently, only 7 percent of lake inventory is listed under $300,000, but nearly 17 percent of all sales fall into that price range.
At the opposite end of the spectrum, 30 percent of listed inventory is priced over $700,000, but only 10 percent of sales fall into that price range.
So there is still significant downward pressure on luxury lake home sales while buyers are – as usual – snapping up bargains at the lower end.
The main reasons affecting lake sales are the very slow recovery of the second home market and buyers' fear that the low water issues during the drought in 2007 and 2008 will occur again. Water depth at the dock is paramount.
Bob Strader is a local realtor with the NORTH Group of Keller Williams Realty. More information can be found on his blogs liveincumming.com or liveinalpharetta.com, or email him at firstname.lastname@example.org.
Bob Strader is a local realtor with the NORTH Group of Keller Williams Realty. Visit his blogs liveincumming.com or liveinalpharetta.com or email him: email@example.com.