Past 12 months lake home sales at Lake Oconee

During the past 12 months, even in a very challenging market for primarily second homes, sales have not completely dried up.

For lakefront single family homes with private lake frontage:
71 sales @ 95% of asking price; hi@$4,000K, lo@$262K, median@$689K
There are nine homes pending from $3,605K to $399K, median@$549K

For off-lake single family homes, including golf communities:
97 sales @ 93% of asking price; hi@$1,570, lo@$55K, median@$315K
There are 15 homes pending from $1,195K to $70K, median@$199K

Time on market is almost meaningless, as is the percentage of asking price. Reason: if the ask price dropped from $600K to $500K before it went under contract, and it sold for $475K, that's 95% of the reduced price, but 79% of the original price. Before making an offer, buyers need to know the pricing and listing history of the specific property. That's part of what a competent agent can do.

Lake Oconee real estate pricing in a buyer's market

While the Lake Oconee real estate market is edging back slowly, it is still a buyer's market. In a buyer's market, listing too high can poison the market for that particular property. Subsequent price reductions are often too little, too late. Buyers and their agents may not return to the property until the price hits a point of desperation. The owner may get lucky...it happens...but more likely after the initial rush of interest the property may languish on the market for months. One home, not my listing, sold after two+ years at well under $500K after starting at well over $700K. When initially listed that home should have sold fairly quickly in the low $600's...two years later, the market had changed, offers had been turned down, and the sellers had become open to almost any offer.