Recently we reviewed information regarding Lake Barkley waterfront lot sales. You may recall the data did not paint a rosey picture for the current market on waterfront lots. This article will consider the statistics from the Western Kentucky Regional MLS about sales of waterfront homes on Lake Barkley. Only single family homes, advertised as waterfront, located in Trigg, Lyon or Livingston counties will be counted. Additionally, we will be comparing only sales that closed between January 1 and August 31 of each year. See the following table for the figures.
|$ per sqft.||$125||$124||$115||$116||$122||$115|
|Average Sale $||$321,150||$317,614||$304,500||$319,680||$272,410||$283,363|
|Median Sale $||$305,000||$295,000||$315,000||$270,000||$255,000||$274,000|
So what can we deduce from the data above? Obviouly, unit sales are up and up substantially. It certainly appears that the market for waterfront homes is stronger than it has been for years. Often these sales are a reflection of the number of retirees who are coming to the lake. Those buyers have been scarce in recent years as confidence in retirement plans made many years ago have wavered.
Dollars ($) per square foot sold reduces all sales to a single figure. Regardless of the size of the home or it's amenities the entire sale is reduced to sale price divided by square footage. This figure is not particularly good for determing the value of an individual home but does track market value trends pretty well. The data in our table shows us that market value for waterfront homes has continued to increase over the last 6 years.
Average Sale Price and Average Median Price are a function of the number of units sold and the smaller that number the greater likelyhood that the figures are misleading. Again, these figures are best used to define trends in the market.
Finally, Average Days on Market for units sold is where we would like to see low numbers. Clearly, waterfront homes that sell are generally spending less time on the market than they have in previous years.
So there you have it. For this specialty type of home, the market appears to be consistantly improving. There is no doubt that location, pricing and presentation are still keys to successful sales but it certainly appears that the market as a whole is improving.
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