I'm a little late getting this post written for August. It's nearly time to write September's. But the good news is that the reason is we are really busy still. Currently have six contracts and five of them are on Lake Sinclair. However, let's take a look back at August.
We had 32 homes close on Lake Sinclair in August. That ties last year and is only one short of the 5 year high for the month. Things slowed down and there is certainly less inventory than in the past 5 years. That puts us at 4.25 months of inventory which is still a seller's market. I see a shift in the market, as summer comes to that's the normal thing around our market. We still see people moving to the area, but not the number of people we have looking for weekend places. That usually picks up in the winter after the holidays are over.
We saw the highest average price selling since this past April. $282,000 was the average price for homes on water on Lake Sinclair in August. They sold at an average of 96.7% of the list price. A couple that got into bidding wars brought that average up, but it means that as prices increase the demand is keeping that happening. The average price per square foot was $160. Now that doesn't mean that your home is worth $160.00 a sq. ft. But that's the average across the board ranging from under $100 per square foot to well over $200. To know what your home is likely to sell for we could do a market analysis and give you a range. We compare apples to apples, not oranges.
The average days on the market continues to be very low. While national statistics say 60 is a fair market time that has never held true in a market where we sell at least 50% of our homes to buyers who use them as second homes. People buying second homes have less urgency to buy and that has always made a difference in our market. 90 days is stable here and in August we saw it below that at 78.
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