The year started off very slow with concerns about interest rates, impacts from the new tax law, and a general softness in luxury real estate around the country, but with uncertainties subsiding and a banner year on Wall St., home sales on Lake Burton rebounded with 25 of 38 total sales falling in the last half of the year. Year over year inventory has also begun to stabilize with 43 waterfront homes currently for sale, up slightly from 2018; this is a significant development since inventory has been dropping steadily for the last 5 years! Average days on the market also saw an increase up from 278 days in 2018 to 370 in 2019, in part due to 4 homes with each over 1000 days on the market finally selling. The median waterfront home price also climbed from $1.23MM to $1.39MM. Also interesting was a surge in purchases of teardowns signaling higher demand for new construction; the lowest teardown price went to 179 Wildflower at $568k, a 2BD/1BA fee simple with 2-stall boat house permit. The highest price on the lake in 2019 was $4.1MM for 2964 Meeting House Mountain Rd., a 5BD/6.2BA lease built in 2014 with killer sunset views. Interested in learning more about Lake Burton market conditions? Cell: 706-968-1870, Office: 706-212-0228.
