Tuesday, July 21, 2009

Watkinsville, Oconee County, GA Real Estate Market and Trends

Oconee Statistics YTD 2009
(153 listings)
List Price$64,900$1,550,000$303,434$259,900$46,425,378
Selling Price$51,750$1,502,208$279,949$237,000$42,832,217
Price/SqFt ($)$0.00$201.14$64.50$75.51--
Days on Market291170218155--

Oconee Statistics YTD 2008
(218 listings)
List Price$64,900$1,150,000$339,877$299,900$74,093,276
Selling Price$66,000$1,000,000$323,342$285,000$70,488,655
Price/SqFt ($)$0.00$189.10$47.38$0.00--
Days on Market11511224170.5--

Well the correction we were all waiting for has now gone through a Town near you. Officially speaking, Oconee County, GA has not been hit nearly as hard as many other areas of the nation.
For example, according to Trulia, in Watkinsville only 4.9 percent of homes on the market for sale are "distressed," meaning foreclosure resales, short sales, etc... In Gainesville, Macon, and Atlanta for example these rates climb to more than 40 percent.

Oconee Foreclosure Sales Statistics 2009
(24 listings)
List Price$64,900$444,900$205,725$189,200$4,937,400
Selling Price$65,900$375,000$185,898$175,000$4,461,559
Price/SqFt ($)$0.00$124.74$56.59$72.00--
Days on Market3175815291--

What you will note is that the myth that runs rampant regarding Oconee homes selling at steep discounts is a myth. For example, the high was a home listed at $444,900 and closed at $375,000. The median and average selling prices however were only $175,000 and $185,898 respectively. This tells me that most homes in Oconee are selling at a high percentage of List Price and most foreclosure resales, if you can find one in our market, don't exactly sell at a steep discount. Compare Price/SqFt dollars to justify this point.

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