Lakewood Real Estate Update
July 4th is just around the corner, which means the year is nearly half over! 2013 was a strong year for Lakewood real estate. Let's take a look at how 2014 is shaping up with nearly 6 months in the books.
As of June 18th, there are 109 Single Family Homes on the market "for sale". The average home for sale is about 2,000 square feet, priced at $86 per square foot, and has been on the market for an average of 92 days. The average List Price is $193,300 and the Median List Price is $129,800.
At that time a total of 89 homes were "under contract". These homes averaged $90 per square foot and have been on the market for only 71 days. The average List Price at time of contract was $171,200 with the Median List Price pushing over $296,000. Before you get excited it is important to note that these prices are being driven up by the new construction at Clifton Pointe as well as a few lake front sales.
Since January 1st, there have been 171 closed "sales". The sales are much in line with the active inventory. The sales averaged $85 per square foot and had been on the market for 93 days. The average List Price at time of contract was $164,500. The Average Sale Price was $159,800 (97% of List Price) and the Median Sale Price was $125,000. This is a modest 2.5% gain over all of 2013 where the Median Sale Price was $122,000.
Let's take a closer look at the "Solds" so far this year.
Of the 171 sales recorded as of June 18th, 9.9% were $59,900 or under. This is down compared to 2013 where this price range comprised 15% of the sales.
Sales between $60,000 and $99,900 comprised 20% of the market, identical to all sales in 2013.
Sales between $100,000 and $199,900 are up 3% over 2013, totaling $53% of sales year to date. Of note, 50% of the sales in this price range are between $120,000 - $140,000, the "sweet spot" for first time buyers.
Sales between $200,000 - $399,900 are down over last year, dropping form 11% of the market sales to 9%. More on this in a minute.
High-end sales are up modestly over last year. Of the 171 sales, 4.7% are between $400,000 - $599,900 and 2.3% are for all sales over $600,000. These numbers combined are up 3% over all of 2013.
So what is the outlook for the remainder of 2014? In order to (partially) answer this question let's take a look at the active inventory.
The 109 active homes "For Sale" (as of June 18th) mirror the above percentages fairly closely. Depressed inventory has dropped, representing only 5.5% of the available homes. About 21% of homes for sale are between $60- $99,900, mirroring sales in this range Year To Date.
Homes for sale between $100,000 - $199,900 only make up 45% of the available inventory, yet this price range is responsible for 53% of the sales. And if we look at the next range, sales between $200,000 - $399,900 were down 2% over 2013 yet the inventory represents 18% of the total homes for sale. One issue at hand is that first time buyers are having difficulty finding quality move-in ready homes under $200,000 which in turn is slowing down sales between $200,00 - $399,900. Another issues that is beginning to rear it's ugly head is the reluctant home owner who is sitting on a sweetheart interest rate and is not sure they want to sell their first time buyer home and move up, paying a higher interest rate in the process.
The news could be worse. We've had 171 sales, and the median sales price is up over 2013. Lakewood is on track to have another solid year. Increasing quality inventory between $100,000 - $199,900 could make the difference between a good year and a great year. If you are on the fence do your homework. Follow market activity at www.HomeValuesInLakewood.Info. Call your realtor and ask for a "Highest Price Analysis". Who knows, you may just find out that it is the best time for you to sell your home!
Chris Bergin is a licensed real estate agent wit Prudential Lucien Realty in Lakewood and can be reached at Chris@ChrisBergin.com.