Well we broke another record. Just by one more Lake Sinclair home sale than last month, but hey it's still a new record (for the 6 years I've been keeping tabs on this data). And while it's just one sale more than last month the great news is it's more than double of July 2014. Yes, I can now say that finally the Lake Sinclair market appears to be in a slight recovery. We're down to 9.52 months of inventory. Our high in the time I have been keeping the data was 37 so we're making wonderful strides in the right direction.
But don't get too excited sellers. Price is going to take a lot longer to recover. We had a lot of inventory to get through before we were not in a buyer's market. That's beginning to happen, but I believe we can expect some slow climbing on price and some bumps in the road because this was the first month that a single foreclosure did not pop up in the data. Those sales will continue to be comps until there are less of them and we've seen 6 months without one. And I know there is at least one more we can expect in my own neighborhood. I drove by while their things were being placed out on the lawn. I anticipate some ups and some slight downs in average price for another year or so with a slow progression upward year over year.
And ah, Days on the Market. Well the number is up to 170. There was one home on market for 1222 days. Guess he just waited for the price to catch up to what he wanted to sell for and for inventory to be down a bit. Another was on the market for 973 days. If you eliminated those from the average it would bring it down to 102. So I'd say we're getting closer to a stable market there too. Now the over $400,000 market still has a longer days on market average than those homes under $400,000.
If you are searching for property on Lake Sinclair... start with Lane Realty and you won't be sorry.
706-485-9668 us on facebook
(Click on Lane Realty Logo for web site)
Tammy Lankford, Broker/Owner
Broker License # 169695 Lane Realty License # H-11420
Call me today for all your Lake Sinclair real estate needs.
We always have water at lake sinclair Lake Sinclair stays full even during droughts. Click to read why and how.
For readers who are not members of ActiveRain feel free to also add your comments or you can click on the EMAIL me link to the right of this blog and email me. Thanks for reading.
All content belongs to me unless otherwise stated. Do not use without permission. Logos and photographs may also be copyright registered. Please do not use without my express written permission.