Lake Sinclair July 2015 market report- moving towards stable

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.

 

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Comment balloon 4 commentsTammy Lankford, • August 19 2015 12:27PM

Comments

Tammy,

Stable is a good word.  We were interviewing someone today, who showed us an estate that has been for sale for 10 years...that is a long time ...LOL A

Posted by Ron and Alexandra Seigel, Luxury Real Estate Branding and Marketing (Napa Consultants) over 2 years ago

Hi Tammy, Great Market Report for Lake Sinclair July 2015.  It is great that your market is up and I love the commentaries under your charts!

Posted by Christine OShea (RE/MAX Realty Select) over 2 years ago

Tammy this is a great market report for Lake Sinclair.  Your sales numbers are impressive from last year - wow - doubled. Home buyers and sellers in Lake Sinclair know to call the expert - you!

Posted by Anna Banana Kruchten CRS,CRB, Arizona's Top Banana of Real Estate! (Phoenix Property Shoppe) over 2 years ago

Your market is very robust Tammy. I nkow you are enjoying the welcome change and low interest rates.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) over 2 years ago

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