Kelley’s Market Trends: Residential Lot Sizes

The most active segment of the market is for homes on lots that are smaller than three acres with no water frontage

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 1,811 residential sales in the last 12 months, 42 percent were on lots that were smaller than a half an acre. At this time there are 1,134 residential listings and only 22 percent are on similar sized lots. With 756 sales on small lots and a current inventory of 244 listing, this means that there is currently around four months of inventory for non-waterfront homes on small lots. These homes on small lots had a median price of $239,000, which is 10.3 percent higher than what is was in 2015 and 11.5 percent lower than the overall median of $270,000 for the first seven months of this year.

Moving onto homes on five- to 10-acre tracts, we find that they account for 7 percent of the sales and 9 percent of the current listings. With 131 sales in the last 12 months and 106 current listings, this tells us that there is currently 10 months inventory of homes on five to ten acres. These homes had a median sales price in the last year of $389,900, which is 11.1 percent higher than what it was is 2016.

Waterfront homes accounted for 5 percent of the sales in the 12 months, but make up 15 percent of the current listings, with 22 months of current inventory that is on the market. In the last 12 months, these homes had a median sales price of $700,000, compared to $610,000 in 2016.

The most active segment of the market are for homes on lots that are smaller than three acres, with no water frontage. These homes account for 80 percent of the sales, which is the same as it was a year ago. These homes currently have six months of inventory.  These homes had a median sales price of $250,000 over the last 12 months, compared to $226,750 in 2016.

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