There's an interesting trend occurring right now. Homes are acreage are being snapped up at a really fast pace. On average, since the first of the year, homes on ten acres or more have been going under contract within 40 days of the date they first appear in the MLS. Orange County properties are selling at the fastest pace.
Take a look at the chart.
Its an interesting trend with homes on land selling faster than homes on a normal lot. On average, most homes are taking about 130 days -roughly 4 months- to sell in the current market. Compare that to less than two months for homes that have at least ten acres of property.
These homes aren't in the entry level price range either. The average price of listings that have sold and closed since 11/08 is $245,000. The average price of those currently under contract is $175,788. The average price of homes with ten or more acres under contract in Orange Co. is over $250,000.
It sure seems like people are placing a priority on owning some land right now. Personally, I have several clients looking for a home with ten or more acres. They all have over $200,000 to spend but there's not much out there to buy. Especially, if you want to buy in Orange County.
If you have a home with some land to sell, call me we need to talk. Especially, if its in Orange County!
Not to say there isn't anything out there. There are currently thirty-four listings - with a home and at least ten acres. Six of them are in Fannett. Six of them are in Tyler County. Tyler is a little too far for most of us to commute. So where are the others? There are three in Buna. Three in Jasper. Those are on the outskirts of a 45 minute commute to most of the big employers. Kountze, Lumberton, Beaumont only have one listing a piece. In Beaumont and Lumberton the asking prices are over half a million dollars. And let's not forget there are always some unrealistic sellers out there. I know of one home that's been on the market over a year at the same price in Orange County. It would sell if the sellers would just get a little more realistic about their home. Alas, they must not be that serious about selling the property. When everything else is selling in under forty days and your home has been on the market over a year doesn't that tell you something. There I've said my peace.
Other statistics worth noting:
- All sellers expect one received 93% or more of their asking price
- Half of the sellers received 97% or more of their asking price
- Conventional financing was the most often used type of financing
- There were two cash sales with a median price of $267,500
- The most expensive property currently for sale $1,675,000
- The least expensive was for $35,000. It was in Fred.
If you are thinking of buying a home on some land, you aren't the only one. These days homes on land are being grabbed up. With the average property staying on the market for less than two months before going under contract, its an interesting trend. Homes with land are selling quick.