At last there is good news for Lake Oconee Real Estate! Most of us have anxiously read the news during the economic downturn looking for the sign that the home sale market has bottomed out, and is starting to improve. For months there were improving markets in other parts of the country such as Florida, Texas, and Arizona. But we all know that real estate is regional, and local, so we in Georgia waited for the sales and prices in our state to improve. Finally, last week the GEORGIA ASSOCIATION OF REALTORS® announced that home sales in our state are improving! Below is a summary of their report. For the entire report, click the link above.
Georgia Association of REALTORS® June 2012
We’re halfway through 2012, and what a year it’s been. Residential real estate has finally taken some meaningful strides toward recovery, and they’ve all been self-powered without divine (or governmental) intervention. Yes, there have been some head fakes in the past, but there’s real reason to believe that market turnaround awaits us. Beyond home prices, key metrics to watch include Days
on Market, Percent of List Price Received and Months Supply of Inventory.
New Listings in the state of Georgia decreased 16.4 percent to 11,623.
Pending Sales were up 21.8 percent .
Inventory levels shrank 31.5 percent
Prices moved higher.The Median Sales Price increased 4.5 percent to $114,900.
Days on Market was down 15.3 percent to 81 days.
This optimism is reflected in many other news outlets and market watchers:
Zillow Five Years After the Bubble Burst, Home Values Have Reached a Bottom
After five long years of a housing recession, U.S. home values have reached a bottom, according to Zillow’s second quarter Real Estate Market Reports, which were released today.
U.S. home values logged their first annual increase since 2007, rising 0.2 percent over the past year. Nearly one-third of metros covered by the Zillow reports showed annual increases in home values.
The Wall Street Journal Is the Real-Estate Rebound for Real ?
For investors, “home” is no longer a four-letter word.
The real-estate sector, for the first time in years, is serving as a beacon of relative strength in an otherwise weak economy. Standard & Poor’s on Tuesday reported that home prices in its S&P/Case-Shiller 20-city index rose 0.9% in May from the prior month, after adjusting for seasonal trends, and have risen 2.6% since bottoming in January. Some of the world’s smartest investors, including Warren Buffett, are taking notice, placing big bets on a continued recovery in the housing market.
U.S. News & World Report Home Prices Rise 2.2 Percent in May
Bringing to an end a painfully long streak of declines, home prices rose for the second straight month in May with no cities posting new lows, according to Standard & Poor’s Case-Shiller home price indexes. Average home prices increased 2.2 percent in May over April numbers, according to the report released Tuesday, cementing the notion that the housing market is slowly healing. Prices in April rose 1.3 percent, after falling for seven consecutive months.
On a personal note, we here at RE/MAX at Lake Oconee have been busy with local people coming back into the market, and outside calls from people who are ready to buy in the lake area before prices start to rise. Come on down and see what our beautiful Lake Oconee is like in the summer season, and tour some homes that could be in your future.
For more information about Homes for Sale in Harbor Club, or any other Lake Oconee Homes, call Suzie (706-347-1115) or Jim (706-453-6253) Through our Multiple Listing Service, we have the key to any home for sale.
RE/MAX Lake Oconee Agents Realty 706-454-7777