Here is a quick look at lots and land sales in Trigg County from January 1, 2014 through June 30, 2014. All data is from the Western Kentucky Regional MLS database. This report is a summary of all land sales, recorded in the MLS, regardles of size or function. The 2014 figures are compared to sales figures from the same time period in 2013. In the first half of 2014 there were 18 sales of lots or land in Trigg County. There were exactly the same number of sales in 2013. Broken down by function, in 2014 there were 4 waterfront lots, 4 waterfview lots, 6 lake area lots and 4 parcels described as 'other or private lake' sold. In 2013 there were 6 waterfront lots, 1 waterview lot, 7 lake area lots and 4 'other' parcels sold. All in all, not much difference in the sales by function.
But selling prices tells a different story. In 2014 the highest priced parcel sold was a 1 acre waterfront parcel at $62,500. The next lower sale by price was a 15 acre parcel at $45,500. In 2013 there were 5 sales at $99,000 or above. The highest priced parcel was a 48 acre parcel at $200,000 followed by a 50 acre parcel for $170,000. The highest priced 2013 waterfront lot was 2 acres at $187,500 followed in price by another waterfront lot which sold for $175,000. In fact, comparing sale prices for both years, the average sale price per acre in 2014 was $23,293.00 per acre while 2013 sales averaged $43,511.00 per acre. The only real bright spot on 2014 sales is that the average Sold Days on Market was 228 days while that figure was 367 days in 2013.
It is important to remember we are dealing with the figures fir only 18 sales so percentage changes would be misleading. What we can gather is that unit sales remain the same - that reflects market demand. Higher priced units sold in 2013. Market value per acre was much higher in 2013.
For sellers of land in Trigg County, there has not been a time when setting the correct listing price has been more important. There is not a strong market for lots and land, particularly high priced lots and land.
Lake Barkley Realty staff would appreciate the opportunity to provide you a no-obligation comparitive market analysis on any property you are interested in putting on the market.