First, we’ll compare Lake of the Pines sales for 2011 with last year, 2010, then we’ll take a closer look at this year.
2010 70 total sales
2011 78 total sales
(Note that there are 11 pending sales as of this post with about 3 weeks left in 2011 . There is no way to tell how many, if any, will close before the end of the year.)
2010 $1,140,000 highest price home sold
2011 $915,000 highest price home sold
2010 $120,000 lowest price home sold
2011 $73,000 lowest price home sold
(Note that the $73,000 home sale for 2011 is an an aberation, the “property” being a beaten down shell of a manufactured home. The lowest legitimate price for 2011 was the same as the previous year, $120,000.)
2010 $274,000 median home price
2011 $226,000 median home price
2010 $330,616 average home price
2011 $287,088 average home price
2010 $163.30 average price per square foot
2011 $136.56 average price per square foot
2010 99 average days on the market
2011 111 average days on the market
Summary. The number of home sales at Lake of the Pines rose just a bit from 2010 to 2011 (70 to 78). Median sales price declined this year, a loss of $50,000 in equity per home, about 19% ($226,000/$274,000) for the community. Typically, median sale price gives a more accurate picture than average sale price. Price per square foot declined from $163.30 to $136.56, again about 19% ($137/$163). It took the agents about 12 days longer to sell the 2011 homes (114-99).
A closer look at 2011, comparing lake front homes with those not on the lake itself.
Lakefront 10 sales, 1 pending sale
Not-lakefront 68 sales, 8 pending sales
Lakefront $915,000 high price
Not-lakefront $589,500 high price
Lakefront $400,000 low price
Lakefront $637,500 median sale price
Not-lakefront $202,500 median sale price
Lakefront $619,000 average sale price
Not-lakefront $238,445 average sale price
Lakefront $213.49 price per square foot
Not-lakefront $125.86 price per squasre foot
Lakefront 170 average days on the market
Not-lakefront 106 average days on the market
This data includes conventional sales, foreclosures, and short sales all jumbled together In past years I would separate conventional sales from moved closer to the “norm” for the market. For conventional home sales, you should assume that your property will be compared to distressed properties unless your property is demonstrably superior in quality, condition, and location.
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