The most frequently asked question of a REALTOR is "How's the Market". While the answer depends upon what segment of the market is being reported, statistics for sales and compared to another time frame are the basis for most answers. Let's take a look at the stats for 2016 real estate sales in Trigg County compared to those same types of sale in 2015. All stats are from the Western Kentucky Regional MLS data base as of January 10, 2017.
First lets consider Single Family homes. This segment of the market contains a wide variety of homes, some on large tracks of land, some in town and some on waterfront lots, hence, the market value varies a great deal. Here are the statistics on some of the Single Family home groups.
Waterfront Single Family homes saw 34 units sold in 2016, while 39 sold in 2015. While the Median Sales price was up to $270.5K in 2016 from $255.0K in 2015, the Sold Dollars per square foot figure dropped to $118.82 in 2016 from $122.49 in 2015. Additionally, average Days on Market (DOM) increased to 219 days in 2016 from 192 in 2015. Summary - Unit sales down, $/sqft down and Median Sales Price up and DOM up.
How about Single Family Homes, not waterfront, but with a water view? 2016 saw 17 of those homes sell while 18 sold in 2015. Median Sales price was $96.25K down from $140.0K in 2015. Dollars per square foot in 2016 sales was $64.27 per sqft while it was $83.12 on 2015 sales. DOM for sold units averaged nearly 30 days longer in 2016 compared to 2015.
By now, everyone knows that most Buyers begin their search on the internet. An often searched category of single family home is one with at least 3 bedrooms, 2 baths and priced under $100K. Here are the stats on that type home that sold in Trigg County. During 2016, 21 of those units sold, that down from 23 in 2015. On the bright side the median sale price averaged $85.0K up from $75.0K in 2015. The average $/sqft was down in 2016 to $42.87/sqft from $45.49/sqft in 2015. DOM averaged 174, that figure down from 195 in 2015.
Lets consider just a few more categories of real estate before all the figures begin to run together. Manufactured home sales in Trigg county increase to 24 units sold in 2016, from 17 units sold in 2015. Average Medial Sale price rose to $42.25K from $35.4K in 2015. Dollars per square foot did drop in 2016 to $34.30/sqft from the 2015 figure of $38.94 per sqft. DOM took a big jump in 2016 to 212 days from 182 days in 2015.
The final category of real estate sale in Trigg County that we will compare is that of Waterfront Residential lots. This category saw the biggest percentage increase of all types of sales. In 2016, 11 waterfront building lots sold. In 2015, only 7 waterfront lots sold.
Is this an indicator that more new homes will be built along the lake? Is the waterfront lot market the next to speed up? Only time will tell. Market influences are numerous and can range from the political climate nationally to something as simple as the interest rate attached to new mortgages.
If you have questions, or would like a category of real estate sales explored, sign in and leave me a question. I will always try to find an answer. Wishing a Happy and Safe New Year to you all. charlie