Reflecting on 15 years of Market data for Richland Chambers Lake Property, we have survived Market Melt Downs, droughts and recessions. We have thrived in a growing and budding community and have seen many changes in the Lake Area landscape. New businesses and developments are popping up here and there around the lake.
Three take aways stand out below:
• The Waterfront home market has been improving in recent years.
• The Waterfront lot market is on the same trend.
• Lake Area Inventories are falling and prices are rising.
There have been many changes but the one thing remains constant when looking at historical data, the market always rebounds. Interest rates are predicted to remain stable in 2020, the economy is booming and with that, the market will continue to improve this year.
Beginning in 2015, we began seeing improvement in the Lake Market coinciding with the increase in average lake levels. During that time, our average sales price around the lake increased from $387,500 to $503,681. The average price per square foot has increased by as much as 20 percent.
|This Chart is Waterfront Homes on Less than 5 Acres|
Inventories have declined in that time period which have caused prices to increase.
There are currently only 16 waterfront homes active Lakewide!
We should see new listings hit this Spring and that number will increase
as we go into the active season. This is the lowest amount of inventory we have seen in many years. Simple economics tell us that when supply is low and demand is high, prices increase. And demand is at an all time high!
The Absorption Rate, the number of homes flowing through he market in a given price range, are at a record low in the under 500k range indicating it is a Seller's Market.
What about Lake Lots?
Viewing the Richland Chambers Lake Lot market trends, they are consistent with the Lake home market trends. There are currently 145 waterfront lots on the market. There were 350+ waterfront lots for sale in Jan of 2015. As you can see, we have moved quite a bit of waterfront dirt in the last few years. The average sales price for a waterfront lot in 2015 was $52,587. In 2019, it was $76,899. The absorption rates are trending lower than in previous years but the inventories are adequate to prevent huge increases in lot values at the present.
The future of the lake lot market will depend on the influx of new listings and the number of future developments.
Overall, this is great news for our Lake Community. We are looking forward to an active Lake Market in 2020.
We want to help families make their waterfront dreams a reality as well as transitioning sellers to the next step for them. Most of our Sellers are folks who have either retired here or had second homes for a Lake escape. The average time at the lake is 10 to 12 years for a family before transitioning away from the lake to get closer to medical or family members. Our goal is to make that transition as easy as possible.
Give us a call at (903) 874-0001 if you have questions about the information here or if you are interested in buying or selling at Richland Chambers Lake. Have a great Spring!!
See you on the water!
See you on the water!