Have you also noticed things changing in the Lake County market? If you're thinking of selling your place, or looking for a new one to move into, or even just interested in knowing how things are going on your street, read this to know exactly what's going on.
Here's the Snapshot for Your Market:
The Median list price this week in Lake County is $425,000. Market Action Index is 34 this week, only slightly higher than the previous 33 of last month. The available homes are hovering around 2,328.
So what does this really mean for whatever you're looking to do? Let's break it down.
We're still in a slight seller's market in Lake County. If you're listing a home, this means you've got a slight edge when it comes to negotiations. If you're hunting for a place, you may run into some competition, but the market is far from the frenzy it was at its height.
Prices are hovering at near market high point and have stayed there for the last few weeks; prices are either climbing at a slow pace or not falling. The limited inventory is giving sellers an advantage while enough homes are available to find one you'd love to live in.
These numbers show the state of today's market:
Median List Price: $425,000
Median price of a new listing: $459,000
Price per square foot: $212
Look at how new homes that come on the market are listing at a higher median than the current one. Sellers are taking the chance to list homes at higher price points to see if any buyers take the bait. Whether or not anyone does really comes down to the particular house, the condition, and presentation.
These numbers tell a story whether you're looking to sell or buy:
Average Days on Market: 127 days
Median Days on Market: 77 days
The gap between average and median shows us that while well-priced homes are only taking around 11 weeks to sell, over-priced homes are dragging the average up, sitting for far longer. If you're thinking of selling, these numbers are key for you to consider.
The Truth About Price Reductions
Take a minute to absorb this number: 50% of homes currently listed have had their prices cut. This is a significant percentage of homes that are struggling to sell.
If you're listing your home, this is important. Over-pricing your house doesn't increase the amount you'll sell it for; it will only lead to the home sitting for longer and ultimately a price cut. Work with an agent and the market's data to come up with a supported listing price that matches today's values, not those of last spring.
If you're looking to buy, this number is good news for you! You should be closely looking at homes that have been on the market for a while; this is often where you'll have some negotiating room, especially with homes that have already seen a price reduction.
The Lake County Market Breakdown by Sector
Lake County has 4 markets that are performing a bit differently:
Luxury homes (over $750,000): These bigger homes on larger lots are taking the longest to sell; it will typically take them around 88 days to sell. You can take your time when searching in this price range.
Upper-mid homes ($479,000): these homes are moving a bit faster, with typical median selling times of 87 days.
Lower-mid homes ($375,000): this price point is where homes are moving quite a bit faster, often taking 80 days.
Entry-level homes ($290,000): these homes are seeing the most action! Be prepared to move fast when you find something you like in this segment.
What This Means for Your Game Plan
If you're buying:
Right now the market is in a favorable position for you, though it will require thoughtful planning. Sellers do have a slight advantage, but it's not at the height it was. You'll also see a good chunk of price-reduced homes, so patience can be valuable here. Just be sure you're ready to make an offer on the perfect, well-priced home when you find it, because those move relatively quickly at 77 days.
If you're selling:
Pricing will be your key. You want to avoid becoming one of the 50% of homes that have already had price cuts. The data shows that homes priced correctly from the start sell in 77 days, while those over-priced sit on the market for at least 119 days and then sell for less than they would have if they'd been priced correctly from the beginning.
Trust your agent and the market data. Look at comparable sales that happened recently, not last summer. Price smart from the start and you'll win in the end.
What To Look for Going Forward
The Market Action Index is the one indicator you should be watching closely. If it continues to climb into the high 30s, seller power will strengthen. If it stays flat at 34, the summer should see us in a stable, balanced market. In either scenario, well-priced, well-presented homes will find buyers.
For up-to-date market information and details on the Lake County real estate market, visit www.maimone1.com.
