Bear Lake Reserve March Market Update
March 6, 2023 | Stephanie Buss
Bear Lake March Market Update
This is Joey Laughridge with the monthly Bear Lake Reserve Market Report, now being posted on the Team Billy Harris blog! If you’re interested in receiving this in your inbox, please contact us.
To view the full report, please click on the YouTube video above.
There is nothing alarming here that I’m seeing. Year over year, we had 1 sale compared to 2 sales this time last year. This is largely due to the fact that we have very little inventory. There are currently 2 homes on the market compared to 5 homes this time last year, and one is about to go Under Contract so really there is only one house for sale in Bear Lake at this time.
The good news is, there is very little competition. So if you’re considering listing your home or trying to figure out a good time to list, NOW is the time. You will get a lot of eyes on your property. There are a lot of cash buyers out there that are ready to go, and they are keeping a sharp eye on this community for the right property to pop up.
Average days on market is based on a home that closed last week: 208 Grandview Drive. Great location, great home, and it sold for $535,000. Congratulations to both the sellers and buyer of this home.
As for home sites, there are 13 available right now. There have been 0 sales this year, which is fairly low for Bear Lake. Since competition is high, you will get a lot of views if you list land, but you can expect to be on the market for at least a year. That is pretty standard across the region.
The cost to build right now is very expensive compared to what homes are going for right now. As you can see from the graph, a new home is very expensive right now. The average is $290 per square foot. That is up 22.4 percent from this time last year. But, it is still a good value compared to building a new home. A lot of people don’t want to wait. They want to enjoy the amenities that Bear Lake Reserve has to offer sooner than later.
On top of that, the average closing price is 93 percent of the asking price, which is about what you can expect. That number can go up or down, really depending on the original asking price, which affects days on the market and ultimately what it sells for. If you get the pricing right, you’re still going to attract a lot of buyers. We are not seeing the multiple-offer situations that we were seeing in the past two years, but there is still a lot of activity out there. The expectation is, your home will sell fairly quickly for a really good price if you price it appropriately based on the data that is in front of you.
I appreciate your time, and please watch the video for more details on the Bear Lake Reserve is in front of you. If you have any questions I would love to talk to you.
Real Estate Broker
Here is some specific data in relation to property sales in Connestee Falls.