2017 Year-End Review
2017 was a momentous year for Grandview Lake real estate with the approval of our siltation remediation project that will benefit our lake property values for years to come.
However, our 2017 market performance wasn’t quite as historic. While year-over-year sales across the state have increased by 10%, the Grandview Lake market continues to be an outlier. Only eight homes closed in 2017, as compared to twenty-three homes in 2016, resulting in a $10M dive in annual sales. This drop-off is the result of a very sharp reduction in resale inventory.
Buyer activity is strong, but they’re remaining very patient and vigilant in negotiations, often holding out for future opportunities. Buyers continue to prioritize the lot over the house. The average number of days on market for the currently active listings is over one year.
Conversely, new starts on the lake are up, with four homes breaking ground just in the last quarter of 2017 and more in the pipeline.
National economic indicators, real estate trends, and lending conditions remain extremely strong. If inventory loosens, or if buyers become more impatient, 2018 could be a great year for Grandview Lake sales.
If you’re thinking of selling, it’s a great time to stand out amongst the limited competition! I’d love to present you with a tailored marketing program and price analysis of your home. Have a wonderful year and see you on the water!
Lora Brumett, RE/MAX Ability Plus email@example.com