July Real Estate Update

May sales stats have bolstered the year to date stats for the first five months of 2011. Overall lakefront home average sales price has increased 4% while the number of homes sold increased by 9%. Average price per square foot remained the same indicating that at least for now, prices are holding steady.
The largest growth in a specific segment that I am seeing is the luxury home market of Porto Cima and The Villages at Shawnee Bend. The number of lakefront homes sold in these communities has more than tripled over the same time frame last year, average sales price has increased 26% and the price per square foot has risen by 15%. The average days on the market has been reduced by about two and a half months. It will take monitoring over the next few months to determine if this is an anomaly or a true return for this section of the market. I personally believe we are seeing a return in consumer confidence.
The number of Horseshoe Bend (non Four Seasons) lakefront homes sold is down by one, the average sales price is up 5 ½ % and the price per square foot is down 12% so in this segment, the buyers are still spending and they are getting more house for their money.
Four Seasons lakefront home sales have increased by 29%, the days on the market decreased by two months and the average sales price has fallen by 16%. Upon closer review, this appears to be more due to smaller homes selling than to a decline in value.
Lakefront condo sales are up slightly in terms of units sold however the sales prices and price per square foot are down about 5% (which is still a 3% improvement over the first four months YTD combined sales).
In looking at a closer comparison of waterfront two bedroom units on Horseshoe Bend, the number of units sold have more than doubled over last year, the days on the market have decreased by over a month, average sales price has remained the same but average unit size is larger so again, in this segment buyers are getting more for their dollar.
Camden County reports via their website they issued 8 new residential building permits the first four months of the year. It did not indicate what that figure had been in 2010 for comparison. I believe the lack of permits goes hand in hand with the lack of vacant land sales the lake has been experiencing the past couple of years.
Most of the information I have compiled is based on data from the Board of Realtors MLS System from January 1 thru May 31 of both 2010 and 2011. This is intended as a general synopsis of the lake’s real estate market. If you would like detailed information on any specific market at the lake, please let me know.
For anyone interested in seeing what is available in the foreclosure market, please call or email, I’ll be happy to provide you with listing data on bank owned properties.
Karen and I are hosting the July 14th Business Journal Social at JB Hooks from 4 p.m. to 7 p.m. Stop by to visit and enjoy some great food and as always, great service and atmosphere.
Any questions? Contact C. Michael Elliott & Associates at 866.Your.Lake or cme@yourlake.com View thousands of lake area listings at www.YourLake.com. You can also log your opinions on Michael’s real estate blog, www.AsTheLakeChurns.com