Well it's a variety actually. There is so so news, good news and bad news. Let's start with the bad news.
For the third straight month price has fallen again as an average. The September average for a waterfront home sale was $218,689. The good news is that some smaller homes sold because the average price per square foot was up to $161. from $130 the previous month. So while prices remain pretty flat, we are making a little headway in other areas that will eventually lead to some price increases which I expect to see next spring.
The days on market is slightly down from the previous month, but still high at an average of 209. The low days on the market were 33 for September, while the high was 1204. I think that inventory will have to get back to a 6 month status to see these numbers drop back below 90 where a stable market would be.
And now for the GREAT news. Another 21 homes on Lake Sinclair closed in the month of September. That's higher than the same month for the past three years. We have 269 homes currently on the market and that puts inventory at a 12.8 month supply. Lots of inventory is a great thing for buyers and not so much for those wanting to sell. Prices are being held in place by so much inventory on the market.
The best news is that in all of 2014 we had 177 home sales on Lake Sinclair and to date in 2015 we have already had 208. We still have a full quarter to go.
Would you like to get the Lake Sinclair market report emailed to you monthly? I'd be happy to do that if you'll just send me an email that says "send market report" in the subject line to email@example.com
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Tammy Lankford, Broker/Owner
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