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Highland Lakes Real Estate Market Report and Outlook 2012
The lakefront bargain shoppers were out in force during 2011. Fifty five more lakefront homes sold this past year than in 2010, an increase of 40%. However, all other price indicators (sales price, price per square foot – median and averages) were down. Buyers and sellers are more realistic. Sellers have accepted the reality of the market, and on the other hand buyers have stopped believing that extremely low offers will eventually be accepted. Last year ended with a 15 month supply of waterfront homes on the market.
All price indicators for off water properties were fairly flat year over year, up or down 2% or less. The total housing supply has improved with an inventory of 16.2 months (total market) as opposed to the 21.7 month supply we saw last year. Those who are misinformed and try to time the market, rather than address immediate housing needs, can lose valuable opportunities.
The median sale price of lakefront homes was down 3.8%, while the median sale price per square foot was down 8.6%.
2011 saw two important events for the Highland Lakes Area.
At last, construction commenced of the long awaited regional medical center on November 18. Completion of the first phase, the Clinic, is slated for completion during the first quarter of next year.
Fluor was awarded the contract for the replacement of the Ferguson Power Plant. Initial site preparation should be underway by the mid-February. On March 1sth, Fluor will host a Vender Forum at the Marble Falls Lakeside Pavilion. Anyone interested in attending the vendor forums can register for free online at www.lcra.org/fergusonreplacement or call Al Beavers at 1-800-776-5272, Ext. 3287. A JOB FAIR will also be held in the near future.
These projects should have a very positive effect on the local economy both short and long term. With the new medical center on the horizon our area only becomes more attractive to the increasing retirement population.
2012 will more than likely remain a buyer’s market at least through the first quarter. If interest rates remain low, and positive economic news continues, I anticipate a reduction in inventory and an increase in demand during the last half of the year.
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