Saturday, March 31, 2012

Lake Wedowee At A Glance - Real Estate Market Update

The real estate market on Lake Wedowee is definitely on the road to recovery. As I have stated before real estate values have decreased and we are experiencing our share of foreclosures and distress sales. But on the plus side, this is what is bringing the buyers back to our market. We are now more affordable to more people looking for lake property. The other good news, sellers who are pricing accordingly to the current market conditions are also getting more showings and legitimate offers.

Another change that will have an influence on the local market is several local real estate companies joining the Birmingham Multiple Listing Service "MLS". The Birmingham MLS covers a large area of North and Central Alabama. There are already several agents in neighboring counties, that belong to this MLS, listing and selling in Randolph and Clay Counties. Those of us joining from this area feel we will get more exposure for our listings and better tools to help our buyers and sellers by becoming members of a formal MLS.

Compiling monthly sold statistics has always been challenging for this market because the primary listing service used in this market does not make it mandatory to report the sold price or the sold date when a listing has been sold. This listing site also allows expired listings to stay active on their website and allows more than one agent to post the same property on the site and this causes much confusion for agents and consumers. These actions are not allowed on a formal MLS such as the Birmingham MLS.

With all that said, I will only be reporting on the sales I can document. I encourage any of the local companies to send me their documented sold data so it can be used for future issues of the market update. At this time, I am happy to report REMAX Lakefront's sold data from January 1st, 2012 through Feb 29, 2012. Total of 10 closed transactions, includes closed sales in Randolph and Clay Counties by REMAX Lakefront

Total of five closed lake house transactions, with a high sale of $662,500 and a low of $152,500, two of the closed lake house transactions were foreclosed properties.

Total of two closed lake lot transactions, price of $60,000, foreclosed property.

The hot market is still under $250,000 but we expect to start seeing a slight increase in values this year.

The consumer side of the Birmingham MLS can be found at www.LiveInAlabama.com.


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