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Lake Sinclair real estate, how did 2016 start? what's the market doing?

Finally am getting much closer to getting caught up on my market reports. I have now pulled and mulled over and analyzed the data for January 2016 and have a sneaking suspicion that it might have been the rain keeping people from looking since lately we're super busy. But here's how the year started...

The number of sales wasn't much to write home about. We only beat 2011 and tied with 2012. Both those were declining value and way too much inventory and mega amounts of foreclosures in my market. It's an election year and that could keep second home buyers out of the market.  The fear factor weighs on people's minds.  But I've already peaked at the February data and we're getting there. But with just 7 waterfront sales we were off to a slow start to 2016.

Price however was just a little over December and up over January 2015. But as you can see looking at 5 years of data the roller coaster of prices going up a little and down a little before we see any real recovery is what we've had since the end of the decline in 2013. The average sales price was $225,429 and the median sales price was $230,000. At at the current rate of sales that put us back at more than 2 years of inventory which certainly isn't going to help price. The more homes on the market to choose from the more it's a buyers market. The average sold to list was 88% meaning that sellers on average discounted 12% of their list prices. The high was 97% and the low just 61% of list price. (Yes so sellers get desperate)

Days on the market was back up a little with an average of 180 days. The high was 281 (well down from some sales in the past year) and the low was 29 (so nothing went flying off the shelf in December or January). 

I'd be happy to email you monthly market reports if you are "watching" the market to determine if  you are in the market to buy or sell.  You can call me with your email address to get added to my monthly newsletter that includes our market reports. It also includes some neat other things as well.  You can also email me with "please send me market reports" in the subject line to tammy@lake-sinclair.com 

If you are searching for property on Lake Sinclair... start with Lane Realty

 

 

 

 

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Tammy Lankford, Broker/Owner

 

Broker License # 169695  Lane Realty License # H-11420

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Comment balloon 9 commentsTammy Lankford, • March 12 2016 01:36PM
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