It feels like our summer season lasted a bit longer than usual this year. We had a wonderful month of closings right through October. With that said I'll get to the best news first.
We had 32 residential closings on Lake Sinclair in October. Sales prices ranged from $75,000 to $545,000 with an average of $117/ sq. ft. At the current rate of absorption we only have an 8 month supply. We have not been that close to a stable market in 6 years. Hopefully it will continue to move in that direction.
In the price department we're moving in the right direction. It's a very slow pace, but at least prices are going up. Of course if you are a buyer what this means is that you will want to buy soon, before prices and/or interest rates move too much. The average sales price for a Lake Sinclair residential property was $222,878 for October. Up more than $4,000. and $15.00/ sq. ft.
The days on the market were down. A stable market is about an average of 90 days on the market. The residential sales in October that closed had an average of 146 days on the market. As you tell from the chart that is way down from highs over the last few years. That's the 3rd lowest average we've had all year. Hopefully this too will continue to move in the right direction.
The good news for year to date is the number sold.
2104- 170 residential Lake Sinclair home sales January to December.
2015- 220 residential Lake Sinclair home sales from January to October.
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Tammy Lankford, Broker/Owner
Broker License # 169695 Lane Realty License # H-11420
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