Friday, July 31, 2009

Oconee (West) County Homes Sales and Market Trends

As hard as I try, the homes that I see selling in the Athens area are not the $300,000 McMansions or even the cottages decked out in all the refinements of life, but all too often homes that sell are for the most part homes that are priced below $200,000.

In Oconee this seems to be slightly different due to the building up of the county during years of economic boom. There is not that much new for less than $200,000 and many buyers I work with still seems to gravitate toward new(er) homes.

For example, let's pick on West Oconee for a moment, based upon the year ending July '09, we saw 57 percent of all home sales over $200,000. Now if you bumped your price point to $250,000+, these home sales accounted for 38 percent of homes sold, and $300,000+ accounted for 26 percent of homes sold in the West end of the county.

How does this compare to the same time frame through July '08? A year ago sales at $200,000+ accounted for 68 percent of all homes sold in West Oconee. At $300,000+ we saw 36 percent of all homes sold in West Oconee.

Average sales figures are down. We see a reduction of the numbers of homes sold by 55 percent over the same period a year ago. This means of course that average Days on Market are up considerably (256 from 219).

If you break down Days on Market and price range of homes sold you find the following;

$200,000 230 DOM
$250,000 193 DOM
$300,000 356 DOM
$400,000 393 DOM
$500,000 530 DOM

What was the easiest sale in West Oconee in the past year? A four bedroom home priced between $250,000-$299,900 sold in "just" 193 days. The hardest sale would be a three bedroom home priced between $300,000-$399,900. None sold.

All in all, if you are a home seller, have patience because "if priced right" your home will sell. It is just a matter of when.

1 comment:

  1. It is just so tempting to abandon the real estate business (at least temporarily) right now. However I’ll look into your ideas. Thanks

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