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Tracking Sales in Lamar County

Lamar Sales Trends

Everyday we hear on the nightly news that homes prices are up and that sales are up 25% from a year ago.  I wish this were true here in Lamar County.  I have been tracking sales since January 2000 (when I first started in real estate).  The above chart shows the history of single family home sales in Lamar County.

This data comes from homes sold by real estate agents listed with Geogia MLS.  This is not data from the tax records, because when I started that data from county sales was not readily available.

In Lamar County, we peaked in 2006.  Specifically our highest monthly sales were May 2006.  We benefitted from 3 things.  Interest rates had dropped.  From an earlier blog you can see that 9.75 on a $100,000 loan, the payment is with interest and principle for 30 years is $859.12, but at 6.5% the same loan is $632.07.

  1. Many people realized they could sell their current home and buy a bigger house for the same payment.
  2. When interest rates dropped, more people could afford to buy a home.
  3. Lamar County had buyers working in McDonough but willing to drive to get into the country while gas prices were low.

When gas prices went up and home prices dropped, our sales dropped dramatically.  Even though interest rates are unbelieveably low, our sales have not gone up.  People are upside down on their mortgage and cannot sell to buy a bigger home.  Buyers are not willing to drive as far due to the price of gas.

In Lamar County this year our home sales are on track to be our lowest number of sales since 2010

 

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