Well the numbers are a little off on price in our market this month. But in a close evaluation of the properties sold there is a great explanation for the lower priced "homes" that sold on the lake. The five lowest priced sales in July were all singlewide manufactured homes in varying states of deterioration. In speaking to the selling agent on four of those the buyers have plans to build and were buying the "lot" and placed no value on the house. So the good news is that we'll be seeing some new construction around the lake area which has been missing for a while now. Historically when a lot of contract building starts to occur some spec building on the lake will begin. Those five sales were between $115,000 and $145,000. The average sales price on lake front homes including these was $254,509. Without those homes the average would jump to more than $277,000.
Also good news is the number sold. For July it was 38. That means that June was a great month for writing contracts. Most of the July closings were June contracts. Some might have been near the end of May and others very early July. With school starting back I do expect to begin to see the number of buyers slightly decline. And we also have very thin inventory with just 4.6 months supply currently as well. It was the best July closing month in the 7 years on the chart and as far back as my record keeping to 2008.
In more good news was the days on the market. We've swung to the sellers market and homes are not lingering on the market now. The average DOM was 77 and the median was 33. That means that good priced (with supporting comps) should sell rather quickly unless they need a lot of work and/or updating.
For buyers that means that if you are looking for a home in this thin inventory you need to hire an agent that has a search that will notify you IMMEDIATELY when something in your price range hits the market. And yes Lane Realty offers that option on the saved search when you give us your email address. We never sell or share your information and you can opt out of the emails anytime you want. Check it out at HomesForSaleOnLakeSinclair.com
If you want to get our market reports monthly just send us an email with "market report" in the subject and we'll add you to our list. Or you can see them monthly if you visit our Facebook page LaneRealtyonLakeSinclair
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