August Market Spotlight: Huntsville & Lake of Bays

Data is collected from The Lakelands Real Estate Board for single-family residences, both on and off water in the Huntsville and Lake of Bays area.

 

WATERFRONT REAL ESTATE SALES ACTIVITY:

Compared to August 2018:

  • Slight increase in sales (25 vs 21 sales in 2018)
  • Decrease of 6% in Ave. Sale $
  • Slightly fewer days on market
  • 3% increase in list to sale price

Sales Activity August 2019:

  •  8 sales under 499K
  •  2 sales 500k-599k
  •  4 sales 600k-699k
  •  2 sales 700k-799k
  •  2 sales 800k-899k
  •  0 sales 900k-999k
  •  5 sales 1m-1.999M
  •  0 sales 2m – 2.999M
  •  1 sale 3M -3.999M
  •  1 sale 4M+

Take away: Compared to July we experienced higher sales (+10), more new listings with more days on market.  What we experienced in August were properties that had been listed since the spring, reduce their prices spurring more sales activity.  We also experienced a surge of buyers who are attracted to new inventory or new prices. August historically represents, and this past August was no different, the start of an active fall market in cottage country.

Lowest sale price: $231,000

Highest sale price: $4,700,000 (on Lake of Bays)

 

RESIDENTIAL REAL ESTATE SALES ACTIVITY OFF-WATER:

 

Compared to August 2018:

  • Slight decrease in sales (30 vs 32 in 2018)
  • Increase of 22% in Ave. Sale $
  • Slight increase in Days on Market (49 vs 40 in 2018)
  • Same % Sale/List price

Sales Activity August 2019:

• 16 sales under 349k
• 1 sale 350k-399k
• 5 sales 400k-449k
• 1 sale 450k-499k
• 6 sales 500k-599k
• 0 sales 600k-799k
• 0 sales 800k-999k
• 1 sale over 1m

Take away: We are seeing more inventory hit the market which is starting to meet demand. Homes in the price range of $500k-$599K represented the highest number of sales followed by the $400-$449K. Slow in August were home sales over $600k, where there was in fact only 1 sale.  The fall market has picked up and we are anticipating an active fall market where the market should start to balance out as long as inventory levels continue to meet demand.

Lowest sale price: $135,000

Highest sale price at $1,180,000

 

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If you are interested in a specific market area, please do not hesitate to reach out and contact me.

 

Kim