Well there is bad news and other bad news, but it's not the worst news.
The market has slowed down. We were down to 24 sales for the month of August.
So even though it was down a good bit from last month, we're still well above the same time for August of 2014. It's really just a typical seasonal drop off. When kids head back to school and folks stop coming to see friends on the weekend we slow down a bit. We still get buyers who are looking for a permanent home on Lake Sinclair, but we tend to have a few less weekend home seekers until right after Christmas.
Ah the days on the market. Ugh. I guess at some eventual point we will stop seeing HUGE number of homes that have been on the market since the Beetles invaded America. Seriously in August a waterfront condo closed that had been on the market for 1784 days. Zero price reductions. Yes, I did type 1784 days. Not kidding. There were two with over 900 days and another with over 400 days. So the average of 293 seems pretty good in light of that. The low DOM was 11. Guess it was priced right and marketed well. Hopefully we'll see that number get back into a normal range in the next year or so.
And then we had price...
Yes it dropped over last month. The drop was however very slight for an average sales price on waterfront homes of $225,833. Site built homes had an average price per sq. ft of $144 while manufactured homes average price per sq. ft. of $90. The average price was also down from the same month last year. You can look at the chart and tell that what I predicted when it was clear that 2012 was the bottom that our climb back up was going to be a roller coaster with ups and downs and a slow steady rise. I expect little bumps for the next six months as well. I think we'll get a price boost late winter and early spring. (I will remind you I said this when it happens too).
You lake house on Lake Sinclair can sell in the fall and winter months. Last December we had 20 closings. We're expecting sunshine and a high of 88 on Saturday, that means we'll have lake traffic. There is currently 5 waterfront pending contracts and one more short sale that should be close to an answer (I know how long the buyers have been waiting) and I also sent an offer I am SURE will be accepted on a water front listing today. (will close in October). Call us, we can help you too.
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Tammy Lankford, Broker/Owner
Broker License # 169695 Lane Realty License # H-11420
Call me today for all your Lake Sinclair real estate needs.
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