Semi-Annual Real Estate Market Spotlight: Huntsville/Lake of Bays AreaHow's the real estate market?
Half way through the year and the markets for both the residential off-water and on-water have shown an increase in average sale price and close to 100% sale to list price ratios.
6% increase in average sale price ; increase in unit sales; slightly higher days on market; and a slightly lower sale to list ratio.
• 27 sales under 299K
• 31 sales 300K – 349K
• 27 sales 350K – 399K
• 34 sales 400K – 499K
• 21 sales 500K – 599K
• 16 sales 600K – 799K
• 2 sales 800K – 1M
The residential real estate market remains a very active one. One of the main drivers of our active market are Buyers coming from the city looking to relocate. We don’t anticipate the demand for residential to slow down anytime soon.
14% increase in average sale price; decrease in number of units sold; slightly more days on market; and sale to list price remained the same.
• 15 sales under 499K
• 12 sales 500K – 699K
• 9 sales 700K – 799K
• 9 sales 800K – 999K
• 5 sales 1M – 1.999M
• 8 sales 2M – 2.999M
• 1 sale over 3M
Fewer waterfront sales compared to 2018 is most likely the result of a slower start to the spring market due the flooding and weather conditions. New inventory continues to enter the market and properties listed since the spring are seeing some price adjustments. Heading into August we are expecting sales to continue as inventory starts to meet the demand.
The take away:
For both the residential and the waterfront real estate markets we are seeing more inventory hit the market, and therefore anticipate the market will start to balance its self out. “Balancing out” does not mean slowing down.
Unlike residential, we are starting to see prices reduce on waterfront properties that have not sold since the spring. Waterfront remains a luxury purchase, so prospective buyers are willing to “wait it out” for the right cottage at the right price.
Residential however, it a very competitive market and days on market are less, especially for homes prices under $500,000.