Columbia home sales soar in May!
Statistics show 72% increase over last year!
Despite the growing summer heat, home sales are going strong in Lake City.
According to a monthly real estate report from the Lake City Board of Realtors, sales were up sharply in May. The report data covers all single-family homes in Columbia County for May and compares figures to those from the previous May. Dan Gherna of LCBR was pleased with the report. “It was a good month, sales are up, pending sales are up,” he said. Realtors closed on 55 sales in May, a 71.9 percent increase over the 32 closed sales recorded in May 2014. Twenty-five of those sales were paid with cash, a 47.1 percent increase over the 17 cash sales recorded last year. “We’re a little surprised we had so many cash sales in May,” Gherna said.
New pending sales rose as well, with 62 home listings changing from “active” (available for sale) to “pending” for May. This is a 47.6 increase over the 42 pending sales that were recorded in May 2014. New listings decreased in May, with 62. A decrease in listings is usually a good indicator of a more balanced market, and May had a 20.5 percent decrease from the 78 recorded in 2014.
The median sale price of a home here rose to $122,000 last month, a 30.3 percent increase over the $93,630 recorded in May 2014. For May, the average sale price of a home on the market was $132,549, a 17.8 percent increase over the $112,565 sale price from last year. Median days on the market decreased by 25.3 percent last month, falling from 83 in May of 2014 to 62 in May 2015. In addition, sellers got closer to their asking price last month than in 2014, 94 percent to 91 percent. Pending inventory rose by 30.4 percent this year, with 103 in May 2015, as opposed to the 79 recorded in May of last year. Inventory with active listings decreased, however, with 373 listings in 2015, a 9.9 percent drop from the 414 listings in last year’s data. May’s supply of inventory dropped to 8.4 percent, a 21.1 percent decrease from the 10.7 percent that was recorded in 2014.
Source: Lake City Reporter