August 2023
Despite a busy summer, the real estate market stalled in August. Closed Sales were down, with 40 closing in August 23 compared to the 5-year-average for the month of 53. New Pending Sales were also down, with 47 reported in August 23 compared to the average of 70. Active Listings remain lower than in years past, with 161 reported in August 23. Compared to August of 2022, Active Listings were flat, with 161 reported this year and last year. New Listings for the month were down, with 56 new homes in August 23 compared to the 5-year-average of 72 new homes in August. New Listings were also down 15% when compared to August 2022. Average Days on Market remains lower than the past few years, with homes selling in an average of 72 days in August 23. Overall, August saw a drop in statistics both compared to the 5-year-average and last year.
Year to Date – January-August
Looking at the year so far, we see slight variations from the same timeframe in 2022. Days on Market continues to be very low, with 54% of homes selling in 30 days or less. We are beginning to see more homes sell in the 31-120 day range and beyond. Dollar volume is down 7% from last year, while total homes sold is down 15%. This shows that prices have remained steady, and in some cases increased.
Looking at water-oriented homes, we see interesting trends for Lakefront and Lake Access Properties. So far in 2023, there have been 49 lakefront properties for sale. There have been 33 lakefront homes sold this year at an average sales price of $1,966,539, with a median days on market of 31 days. Comparing this to last year, there were 43 lakefront homes sold at an average price of $1,428,605 and a median days on market of 27 days. There have been several $2M+ sales this year which likely caused the jump in the average price. The average price for a lakefront townhome in 2023 so far is $496,250, compared to $478,278 in 2022.
With Lake Access properties, we’re seeing decreases in sold prices compared to 2022. So far this year, there have been 61 Lake Access properties sold. The average price for the 26 Lake Access homes in 2023 is $779,365, with an average days on market of 36 days. In 2022, there were 34 Lake Access homes sold at an average sales price of $863,450 and an average days on market of 35 days. As far as Lake Access lots, the average sales price so far in 2023 is $121,522, compared to $142,209 in 2022. While it’s not a significant drop, we are seeing prices for Lake Access properties coming down.
Buyers
The market is starting to shift, but it’s still considered a ‘seller’s market.’ The good news is that fall is a great time to buy. Many sellers will begin considering more sizable price reductions as their days on market continues to rise and they look to sell their home before the end of the year. Mortgage rates are not likely to change much, so it’s best not to wait too long and miss your opportunity to purchase the perfect property. The best advice we can give you is to talk to a lender who is familiar in our area – whether you’re purchasing a second home, an investment property, or a primary residence. They’ll be able to provide you with a pre-approval letter or amount that will give you more confidence when home shopping. It’s also a great time to view homes in the area, especially those that may be current vacation rentals, as their schedules are much more flexible in the fall season. When you’re ready to get started, make sure you choose a local and experienced agent – like the agents at Railey Realty! Our agents work and live in the area full time, that means they’ve got the experience and knowledge you can trust to best represent you. Whether it’s specific easements or loan types, you want to make sure your agent has the skills you need.
Sellers
With New Listings and Active Inventory down, it’s a great time to list your home. For the most part, prices have remained very steady, and buyers are still active in all sections of our area. Unique and well-priced homes are still garnering multiple offers and immediate attention. Listing your property on the MLS isn’t enough, though! With nearly 95% of buyers searching online prior to contacting an agent, your home’s digital presentation is more important than ever. A well-priced home can lose attention with poor photos and not detailed enough of a description. The agents at Railey Realty pride themselves and offering the best possible digital presentation for your home in addition to unbeatable marketing. More than 60% of homeowners choose Railey Realty to list their property! Another perk of working with a Railey Realty agent is that they’re part of the largest and highest producing network of agents in the area – that means your home or property will get direct attention from the area’s top agents!
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