We frequently hear potential sellers comment that they want to wait until the market recovers before listing their homes. We then move into a discussion were we share that in our observation home prices for sold homes have held up well, especially considering we are a second home market.
The chart below depicts how home prices per square foot have changed since 2006 across the various price points at Cedar Creek Lake.
Some notes regarding the trends:
· A very small number of homes in the millions have sold. Those with best lots are selling,
· Homes in the 700-900s are seeing an 8% decline in price per square foot
· $500-600,000s are maintaining value
· The 400s price per square foot has dropped about 9%
· $300s homes are showing growing value as the open water homes sell and others are sitting
· Lake home prices are based on more than size of the home. Water frontage and view are quite important, as well as condition and boathouse.
Brought to you by Neal Mansfield and Katie Veach, 214-837-8985, Excite Realty, Gun Barrel City, TX.
Please visit our website to learn more about Cedar Creek Lake Real Estate that includes the communities of Eustace, Gun Barrel City, Kemp, Mabank, Malakoff, Seven Points, Tool and Trinidad Texas.
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