Kelley’s Market Trends: Residential Market Based on Lot Sizes

Most active segment of the market is for homes on lots smaller than three acres

By Jim Kelley

This week’s graph shows the distribution of current listings and the last 12 months of sales by lot size. Of the 1,648 residential sales in the last 12 months, 41 percent were on lots that were smaller than a half  acre. At this time there are 1,285 residential listings and only 24 percent are on similar-sized lots.   With 681 sales on small lots and a current inventory of 310 listings, this means that there is currently around five months of inventory for non-waterfront homes on small lots. These homes on small lots had a median price of $219,750, which is 1.4 percent higher than what it was in 2015 and 12.9 percent lower than the overall median of $252,000 for the first seven months of this year.

Moving on to homes on five to 10-acre tracts, we find that they account for 6 percent of the sales and 8 percent of the current listings.  With 100 sales in the last 12 months and 100 current listings, this tells us that there is currently 12 months inventory of homes on five to 10-acre tracts.  These homes had a median sales price in the last year of $341,625, which is 3 percent higher than what it was in 2015.

Waterfront homes accounted for 4 percent of the sales in the 12 months, but make up 15 percent of the current listings, with 32 months of current inventory that is on the market.  In the last 12 months, these homes had a median sales price of $610,000, compared to $575,000 in 2015

The most active segment of the market is for homes on lots that are smaller than three acres, with no water frontage.  These homes account for 80 percent of the sales, compared to 75 percent in 2015. These homes currently have seven months of inventory.  These homes had a median sales price of $226,750 in the 12 months, compared to $220,000 in 2015. 

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