January Storms have lasting impact on Albany real estate market

Updated: Apr. 14, 2017 at 10:20 PM EDT
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Source WALB
Source WALB
Source WALB
Source WALB
Source WALB
Source WALB

ALBANY, GA (WALB) - The January storms had a major impact on Albany's real estate market.  There are many less homes available for sale, driving up the price.

"There is just something about being on the water,"said Tony Powell.
Powell currently has two lake front homes for sale now in the Hidden Lakes community, during a real sellers market in Albany.  And he believes he will quickly sell them for a good price.
Powell said "It's just a good coincidence . It was just a situation where both houses came up available for sale."

There is a real housing availability shortage today in the Dougherty and Lee County market.   Hundreds of homes in Albany and Dougherty County were badly damaged or destroyed during the January Storms.  Dozens of displaced families had to scramble for a place to live.
Coldwell Banker Walden & Kirkland  Realtor Patsy Martin said "Rentals are at an all time scarcity right now."

Many homes that would be for sale have been leased.  The number of single family homes listed for sell are down 33% compared to last year, and the average price for homes is up thousands of dollars.

Many homes for sale when the storms hit were snapped up.
Martin said "Many investors have taken advantage of this market. And are buying low priced homes. Fixing them up, renting them out to the need that's so prevalent right now due to the storms."

Martin says the housing market was not impacted this dramatically even during the 1994 flood.  New listings are down nearly 20% as the spring home buying period gets underway.  And the supply and demand is pushing the cost of homes dramatically higher.

So for Powell, with two very nice ready to be moved in homes for sale, he is confident to sell them both soon.
Powell said "I do. I feel like it's a good time to be selling a house."

And realtors agree. The first quarter of the Dougherty and Lee County real estate shows just how dramatic an impact the January storms continue to have on the community.

Realtors say there is still a real shortage of single family homes available for rent, and the demand seems to be increasing daily. So more people with homes for sale are deciding to lease them.

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