Richland Chambers Market Report for 2017
Waterfront Homes sales on Richland Chambers Lake are a great barometer for the general real estate market around the Lake. Richland Chambers Lake has been mostly full since May of 2015. The economy has improved dramatically over the last year and appears set to continue improving. These two factors have been and are the main drivers for our market.
The height of the Waterfront Home Market on Richland Chambers occurred in July of 2015 when there were 110 waterfront homes available. Since then 170 have sold. As of today, January 23, 2018, there are only 30 active waterfront home listings available to a prospective buyer!
The graphic below is a marketing piece that shows some interesting statistics and comparisons for waterfront home sales on RC for 2017 vs 2016.
Number of Waterfront homes sold per year
The Richland Chambers Real Estate Market has grown over the years
simply by virtue of a number new homes being built year after year around the Lake.
The number of waterfront homes sold per year around the lake is in an upward trend since 2005 and before.
Sold Price per Square Foot
Sold price per square foot is a good way to understand a homes value. This number varies from home to home based on the home's individual location, size of the lot and the amenities it has to offer. Waterfront homes have an added set of factors that contribute to their value hence their $PerSQFT. These include location on the lake, water depth, view, amount of shoreline, size & quality of boat house, and outdoor living just to name a few!
Also in any given year, there may have been a larger number of homes sold that brought a higher $PerSqFt price than in another year. This affect's that year's average. The opposite is also true, in a given year there may have been more lower $PerSqFT homes sell contributing to that particular year's average $PerSqFt.
Below is a comparison of the Yearly Average $PerSQFt of Sold Waterfront homes on Less than 3 acres* over a period of time on Richland Chambers. The chart shows the Average $PerSqFt per year since 2005. It also shows the high and low $PerSqFT sale for each year.
*The less than 3 acre criteria is included because homes with large acreage on the water will bring a much higher $PerSqFT than a comparable home on a typical residential lot. The 2017 Average $PerSqFT on the marketing piece above includes two large residential waterfront acreage properties sold in 2017.
Looking at Average $PerSqFt over a period of 12 years on Richland Chambers it stands out that our home values have remained relatively stable. We are currently on a two year upward slope.
2018 Richland Chambers Waterfront Market
While no one truly knows the future, the 2018 Waterfront Market on Richland Chambers is looking good. Simple economic forces like supply and demand are evident. There are only 30 active waterfront home listings on Richland Chambers as of the time of writing. Our demand for waterfront homes is very strong and shows no signs of slowing down. This pressure should cause individual waterfront home values to continue to rise and the demand for new homes to increase.
Speaking of building...I'll be updating this article in the next week to include data for Waterfront Lot sales and some other market insights too.
Thanks for reading!!