I have a few clients looking for foreclosures on Lake Lanier so I’ve pulled together some statistics you might find interesting - I did. I took a look at homes for sale on Lake Lanier, by County, and broke that data down by distressed and non-distressed sales. Take a look at the following charts:
| Homes available and sold on Lake Lanier, by County | ||||||
| NOT DISTRESSED | ||||||
| Active | Avg. List Price | Total Sold 2009 | Avg. List Price | Avg. Sales Price | Avg. LP / SP | |
| Dawson | 50 | $722,579 | 5 | $397,240 | $371,000 | 93.4% |
| Forsyth | 107 | $925,853 | 31 | $697,948 | $598,004 | 85.7% |
| Hall | 195 | $876,632 | 49 | $704,457 | $629,982 | 89.4% |
| Gwinnett | 10 | $875,289 | 3 | $558,266 | $483,300 | 86.6% |
| Totals/Avgs: | 362 | $850,088 | 88 | $589,478 | $520,572 | 88.8% |
| Homes available and sold on Lake Lanier, by County | ||||||
| DISTRESSED | ||||||
| Active | Avg. List Price | Total Sold 2009 | Avg. List Price | Avg. Sales Price | Avg. LP / SP | |
| Dawson | 7 | $496,528 | 0 | $0 | $0 | 0.0% |
| Forsyth | 4 | $540,358 | 10 | $515,740 | $436,063 | 84.6% |
| Hall | 6 | $412,283 | 16 | $540,606 | $475,393 | 87.9% |
| Gwinnett | 0 | $0 | 0 | $0 | $0 | 0.0% |
| Totals/Avgs: | 17 | $483,056 | 26 | $528,173 | $455,728 | 86.2% |
The first thing that pops out at me is the low percentage of distressed properties available. Across all counties there are only 5% of all listings that are in a bank-owned or short sale position. However, note that of the properties that have sold last year, 30% were distressed. No surprise there, as most buyers are looking for deals. Another data point of interest is that the average List Price / Sales Price for distressed properties is the same as Non-Distressed.
The next thing that I noticed is the months of supply for Lake Lanier foreclosures. With 26 sold last year and 17 available right now, that is 7.8 months of supply. However, if you look at the two counties where they are mostly being sold, Forsyth and Hall, it’s only 4.6 months of supply. That is essentially a buyers market, for that limited scope.
So, what does all this mean? That the overall number of Lake Lanier foreclosures are limited and you will compete for them. If you have questions about finding the right lake property or negotiating on a foreclosure, contact us: info [at] thenorthgroup [dot] com
