2022 End of Year

HAPPY HOLIDAYS! We hope this 2022 market update finds you and your family in good health and spirit! As always at this time of year, we want to stop and give thanks for living in the greatest country on earth and for the sacrifices of our military personnel who make that possible. God bless them and their families this holiday season

 

A special shout out to our wonderful clients who we now consider friends. Thanks to your business, we were able to donate a portion of our commissions to our company charity (BRITTNEY CARES) throughout 2022. Our charity focuses on helping local people and charities with much needed cash in their time of need. In addition to helping several local individuals who experienced heart breaking tragedy, Brittney Cares donated to the Pete Nance Boys and Girls Club, Greene County Humane Society, St. Marys Hospital, Sheppards Spinal Hospital, Wake for Warriors, Atlas scholarship fund, and we were able to provide some cheer and gifts to the 648th Maneuver Enhancement Brigade of the Georgia Army National Guard that were stationed in the middle east. Hearing the stories of these folks and organizations warmed our hearts and was truly a highlight of our year!

 

The lake area continued to grow and expand in 2022. Several new business opened and several more announced they are coming soon. The golf course communities continued to thrive and expand. Construction and building continued at a high level. The year was filled with lots of exciting events including a national championship for the nearby Georgia Bulldog football team. With all this positive energy, we were not immune from problems other parts of the country saw including rising prices/costs, a shortage of workers and an increase in traffic volume. All in all, 2022 was an exciting and busy year for what continues to be one of the fastest growing and best places in the country to live!

 

The Lake are real estate market, like the overall US economy, had mixed results in 2022. As we discussed in previous newsletters, COVID accelerated several demographic and market trends that were already in place: a shift to working at home as opposed to going to an office, people wanting to escape the city and all the associated problems, a shift to warmer climates and people choosing where the want to live based on lifestyle. On the positive side, all of these trends were still in place in 2022 and continued to lead buyers to our market throughout the year. On the negative side, the overall economy struggled in 2022 with rising inflation, rising interest rates and a stagnant stock market. In our real estate market, home sales were down 15-20%, there continued to be a shortage of existing homes available and lot sales were down 30%. However, home prices continued to increase in 2022 with the average home price going up 16% to $725,000. The net result (declining sales and an increase in price) was an overall 7% drop in the total volume of real estate sales in 2022 ($936,686,227 as of 12/13/2022).

 

Of course, the big question is what is coming in 2023! There is nothing to indicate that the positive trends that have caused our market to go up will diminish in the short term. As a result, we think our market will continue to be attractive to buyers and keep demand up. What will happen with inflation, interest rates and the overall economy is anybody’s guess.

 

 

Here is a snap-shot of the 2021/2022 Lake Oconee real estate market (AS OF 12/13/2022):

 

As always, please contact us with any questions or if we can help in any way. WE LOVE TO TALK REAL ESTATE and follow the golden rule: treat our clients like we would want to be treated!

 

Best wishes and be safe

 

Kim and Lin Logan Real Estate