Let's take a look at the Apple Valley Lake lot real estate market report. Currently there are 6 sales pending in the market overall, leaving 4 listings still for sale. The resulting pending ratio is 60.0% (6 divided by 10). So you might be asking yourself, that's great... but what exactly does it mean? I'm glad you asked! The pending ratio indicates the supply & demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply.
Taking a closer look, we notice that the $5K - $7K price range has a relatively higher number of contracts pending sale. We also notice that the $5K - $7K price range has a relatively higher inventory of properties for sale at 3 listings. The median list price (or asking price) for all properties in this market is $6,375.
A total of 54 contracts have closed in the last 6 months with a median sold price of $6,850. Breaking it down, we notice that the $5K - $7K price range contains the highest number of sold listings. Alternatively, only 1 listing has failed to sell in that same period of time.
Looking at the chart, you might be wondering why average days on market (DOM) is important. This is a useful measurement because it can help us to determine whether we are in a buyer's market (indicated by high DOM), or a seller's market (indicated by low DOM). Active listings (properties for sale) have been on the market for a median time of 103 days.
Analysis of sold properties for the last six months reveals a median sold price of $6,850 and 18 days on market. Apple Valley Lake Lots in the $20K - $22K price range have sold quickest over the last six months.
The recent history of Apple Valley Lake lot sales can be seen in the two charts below. The median sold price for the last 30 days was $6,600 with a DOM of 21 days.
Since the recent DOM is greater than the median DOM for the last 6 months, it is a negative indicator for demand. It is always important to realize that real estate markets can fluctuate due to many factors, including shifting interest rates, the economy, or seasonal changes.
Ratios are simple ways to express the difference between two values such as list price and sold price. In our case, we typically use the list-to-sale ratio to determine the percentage of the final list price that the buyer ultimately paid. It is a very common method to help buyers decide how much to offer on a property.
Analysis of the absorption rate indicates an inventory of 0.4 months based on the last 6 months of sales. This estimate is often used to determine how long it would take to sell off the current inventory of properties if all conditions remained the same. It is significant to mention that this estimate does not take into consideration any additional Apple Valley Lake lots that will come onto the market in the future.
If you are in the market to buy or sell a lot at the Apple Valley Lake, give us a call at 740-397-7800. The Sam Miller Team of REMAX Stars Realty 740-397-7800 AppleValleyOhio.com
