Fewer Sales on Lake, But Home Values Stable

Lots of people consider that Lake Lanier Real Estate has taken a hit during 2007. With weak national housing market and low water levels locally, there seem to be a lot of homes sitting unsold. However, Arthur Prescott, a local realtor, has been crunching the numbers and the picture is actually more rosy than it seems. Since last year sales volume is down but prices are stable:  

 
• Quantity of sales down. January to July 2006 produced 157 lake home closings versus only 121 in the same time in 2007. That means there was roughly a 23% decrease in the number of closed sales.   
 
• Sale prices hold steady. During January to July 2006 the average sales price was $630,332 versus $639,891 for the 2007 period. That's about a 1.5% increase this year.