This morning I read a post about how the first half of this year looked compared to the first half of last year. I say we should wait about another 30 days to figure that out. 22 more days for it to actually BE mid year and then about a week for so for some agents to actually enter the sales data into the MLS system.
But I wanted to share with you what the data from May 2015 (you know the 5th month) looks like and of course my opinions for direction and trends.
First there were 22 closed water front homes in May, which is fabulous. It's the second highest number of closings in the past 5.5 years and only misses making it a tie with the number one spot by ONE. In the first 5 months of 2014 there were 54 closing and this year in the first 5 months we've had 78 closings. That's 145% of last year's total. That puts us down to 15 months worth of inventory. Still clearly a buyers market with that much inventory, but certainly moving in the direction of a stable market. Most markets say 6 months is stable, but around 8 has always been a stable market at Lake Sinclair. Why? well because in the upper end of price ... the luxury market of $500k and over there will always be more inventory than buyers on Lake Sinclair.
Price? Well we're down a little. $235, 995 was the average price in the month of May for ALL homes sold on Lake Sinclair. The lowest sales price was just $80,000. And that property was a fixer on a lease lot. The most expensive property thatsold in May had a price $440,000. With inventory creeping closer to stable, perhaps by the end of summer we will see some price gains. We did actually have one seller raise their price based on our last CMA.
Days on the market? Way down from 5 year highs to just 113. 90 is a very stable number in our market. The high days on the market for May was 756 and the low was 7. Perhaps if the price every gets back up a little more the folks who have refused to budge on price and have been on the market for ages and ages will get out of here and we won't see the high triple digits and four digit days on the market anymore.