State of Real Estate
2015 Mid Year Report
We’re a little more than halfway through the year 2015 and there is much to be celebrated in the local housing and overall real estate market. As of the end of July, home sales for the past 12 months totaled 468 units. The previous 12 month period showed home sales at 403 units. This represents an increase of 65 units or 16.13%. Dollar sales for homes totaled $73,010,314 for the past months. The previous 12 months showed dollar sales at $61,226,938. This represents an increase of $11,783,376 or 19.25%. Home sales represent 83% of the total real estate market (dollars) in our area.
Waterfront home sales make up a large portion of the market. For the past 12 months, there were 68 waterfront homes sold. The previous 12 months there were 71 waterfront homes sold. The average selling price for a waterfront home during the past 12 months was $263,412. The average selling price the previous 12 months was $261,912. Waterfront total sales of $17,912,000 make up about 25% of the total dollar volume.
Lot and land sales were down during this period. There were 118 lot or land sales during the past 12 months compared to 155 the previous period. This is a decrease of 23%. Dollar sales for lots and land totaled $10,773,896 compared to $14,043,469 in the previous period. This decrease in dollars was also 23%.
In the commercial market, there were 21 properties sold during the past 12 months compared to 19 the previous 12 months. Commercial dollars totaled $4,612,050 this period.
Combined, all areas of real estate totaled 607 units sold the past 12 months vs 577 the previous 12 months for a 5.2% increase. Total dollars were $88,396,260 the past 12 months vs $77,832,107 for the previous 12 months or a 13.57% increase.
Inventory levels remain high. Currently there are 590 homes listed for sale. The average list price is $241,029. The average day on the market is 245. The total dollar value of all listed homes is $142,207,219. Of the 590 homes, 177 are waterfront. The average list price for waterfront homes is $382,182. The average days on the market for waterfront homes is currently 299. Waterfront homes currently listed total $67,646,297.
For buyers, this represents a great opportunity to find a good house at a reasonable price. Nearly 10 years ago in 2006, the average selling price for a waterfront home was about $469,000 and there were about 30 available. For sellers, you can increase the odds that your house will stand out above the competition by following some simple advice; 1) make sure you home is priced correctly. Most buyers will need a loan to by your home. A lender will require an appraisal. The appraisal will establish a value based upon similar sold properties in the market. A real estate agent can advise you and make sure that your home is correctly priced. 2) make sure that your house is clean and uncluttered.
3) Have a home inspection performed to uncover any needed repair items. A bad home inspection report can kill a home sale.
These 3 suggestions are probably the most important things that a seller can do to improve the odds that your home will sell and sell quickly.
Tom Atkins is Broker In Charge and GM for the Rich Company. He may be contacted at 252-943-1169 or firstname.lastname@example.org your paragraph here.