We recently completed an appraisal on a home in the Lake Forest Subdivision on the east side of Owensboro. Some of the numbers we found were surprising, so we thought we’d share them here with you.
Over the last five years, for the entire subdivision, market values are down slightly (2.6%) ; total number of sales (not including condos) is down 20%; and not surprisingly, days on market has decreased 30% from 103 days to 72 days (median).
We saw the number of sales in Lake Forest peak in 2015 (41), and since then, the number of annual sales has gradually decreased. *Note: these numbers are year-to-date from September of each year.
It’s not all bad news, though. Especially for those in the $350,000 – $450,000 price range. This is the fastest growing price range in Lake Forest! From 2016-2018, this price range of homes has increased almost 7%. *Note: to be considered in our study, we needed at least five sales from each price range, each year. This is still substantially lower than what most statisticians prefer (myself included), but I needed to set my floor more reasonably in order to get some data to measure.
Conversely, the $200,000 – $350,000 homes have actually dropped 10.26% over the last three years. If you’re in this lower price range of homes, you need to keep this in mind when pricing your home for sale.
These are just a few of the interesting numbers we see as appraisers coming out of Lake Forest. If you live in Lake Forest, and would like to discuss your home’s current market value, give us a call. When you choose to have an appraiser help you with the valuation of your home, you are choosing the only independent, unbiased, and objective voice in real estate. Call us today!