2017 brought a lot in the way of market recovery for owners values and sellers. Buyers, while some great deals are out there, bargains seem to be a thing of the past with the stable market taking over. With right at 6 months of inventory actively on the market we've clearly shifted from a buyers market to a stable market. So buyers are not finding themselves in bidding wars, but they are finding that hesitation leaves them wishing they had made an offer.
20 homes on water closed in December bringing the total for 2017 to 327. That is a 35% increase over 2016. As the end of the year graph shows not since February has any month posted a greater number of homes selling that month over 2017 and as you can see that pink line far out shines other years some months. We saw a clearing of years of a too high amount of inventory and being stuck in a buyers market.
The average price of waterfront homes on Lake Sinclair was also up 17% over the year. For nearly a decade it had been down around $200,000 and ended the year down from November, but still over $300,000 at $300,493. Buyers are now paying an average of $150/ sq ft. for waterfront homes. The high sales price for December was $660,000 and the low was $110,000.
Buyers might not want to wait to get into the house of their dreams and sellers who have been holding out for prices to improve might want to give us a call to see what their house would bring in today's market.
For the days on the market that smaller pink line on that graph is a good thing. It's taking only an average of 115 days for a home to sell in today's market. That's way down from December of 2013 when the average was over 400. And again, that means buyers who find a home they like can't hesitate, because at this point he who hesitates has no lake house.
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Tammy Lankford, Broker/Owner
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