July 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 July 2018:

  • Decrease in sales (25 sales in 2018)
  • Increase of 24% in Ave. Sale $
  • Similar Days on Market
  • No difference in % list to sale price

Sales Activity July 2019:

  • 6  sales under 599K
  • 1  sale 500k-599k
  • 2  sales 600k-699k
  • 1  sale 700k-799k
  • 2  sales 800k-899k
  • 0  sales 900k-999k
  • 2  sales 1m-1.499M
  • 1  sale 1.5m +

Take away: Contributing to the higher average sale price were the fewer sales in 2019, with the majority of those sales over 500K. The 10 additional sales in 2018 which were under 500k, pulled the overall average sale price down. 3 of the 4 sales over 1M were on Lake of Bays, with the 4th on Lake Vernon. Remaining sales were scattered throughout the area.  We are starting to see properties that were listed in the spring, reduce their prices. July is typically a slower month for waterfront, this year is no different. We shall see what August brings!

The lowest sale price was $250,000 with the highest at $1,950,000 (on Lake of Bays)

 

 

RESIDENTIAL REAL ESTATE SALES ACTIVITY OFF-WATER:

 

Compared to July 2018:

  • Increase in sales (29 in 2018)
  • Increase of 16% in Ave. Sale $
  • Slight increase in Days on Market (32 in 2018)
  • Same % Sale/List price

Sales Activity July 2019:

• 8 sales under 299k
• 2 sales 300k-349k
• 7 sales 350k-399k
• 4 sales 400k-449k
• 5 sales 450k-499k
• 11 sales 500k-599k
• 2 sales 600k-799k
• 0 sales 800k-999k
• 2 sales over 1m

Take away: Driving July’s higher average sale price were the number of sales over 500K compared to 2018. Even just a few years ago, home sales over $500,000 were few and far between. That has since changed, and not showing any signs of slowing down.

Lowest sale price was $143,000 with the highest at $1,200,000

 

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