Lake Sinclair market report- April 2017

I'm behind on my market reports.  Having my daughter's wedding in May and then getting the flu... well I'm not here to make excuses just to catch you up on the data.

April closings slowed down a bit on Lake Sinclair homes from March, but still out performed every April for the past 5 years. 22 homes closed on Lake Sinclair in April and an active inventory of 208 homes making it just over 9 months of inventory. Buyers are no longer going to get seller to negotiate as much.  Let's take a look at price.

We saw a fairly good price jump for the 4th month of 2017 to an average of $288,000.  The median price also rose to $225,000. The highest selling price was $800,000 and the lowest selling price was $115,000.  The average sold to list price was 93%.  Buyers have been getting better deals, but as inventory tightens this will no longer be a buyer's market and sellers won't be as likely to negotiate because we're starting to see multiple offers.  One of my new listings in April that is now pending had 6 offers very quickly.  Are we reaching the pre-downturn average prices? No and it's my opinion that many people who purchased in 2006 through 2012 are still upside down and will either have to take a loss or hold on to their home until prices recover with some additional low inventory and time.

The average days on the market are slightly down to 122. Again this is moving us to a more stable market.  One listing that sold in April had been on the market for 663 days.  However there was also one that had a 1 day on the market.  In the market today over priced homes will still linger, but priced right homes will move within in the 90 day range in my opinion.

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Comment balloon 1 commentTammy Lankford, • June 07 2017 07:37PM
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