Inventory Rising, but We're Keeping the Candle Burning

After stating the following past 6-month figures for our resort community area here is Georgia, you may wonder how the news is not "All Bad".

Single family lakefront homes: Active listings...244 Sold past 6 months...23 A 5 year-inventory

Lakefront lots: Active listings...167 Sold past 6 months... 7 An 11-year inventory

Golf on-course / interior lots Active listings...365 Sold past 6 months...10 An 18-year supply

So..."aside from that, Mrs. Lincoln, how was the play?"....Not all bad?...You gotta be kidding!

First, it's amazing that anything is selling. In spite abysmal jobless rates and a general wariness, 23 families decided there has never been a better time to buy a home, so they spent between $200K and $2M on something they thought would bring happiness and pleasure to them and their families. In spite of dire warnings of a double-dip recession, 17 families decided to buy a lake lot or a golf community lot to build a home sometime in the future.

Two of those sales were mine. One is a lake lot with a great view, in a very nice, upscale community near the Ritz-Carlton. The buyer got it for about two thirds the price paid for the lot right beside it 5 years ago. The other is one of the nicest homes I've seen anywhere here at the lake. The owwners were ready to sell (not desperate, but definitely ready), and they had overbuilt for the lot. My clients got a home that will serve their fairly young family wonderfully for the next 10 years, and will be a great place to call their permanent home after that.

Neither party "stole" their property. Both got absolutely great buys on an investment in lifestyle. So...Buyers are definitely in the drivers' seat, and more sellers are adjusting their goals to a more realistic expactation. A little common sense, some faith in the future, (and, hopefully, some good advice from their buyer's agent) kept the candle burning at Lake Oconee.