HOOVER, AL / ACCESSWIRE / June 2, 2022 / Potential buyers searching for lake homes or lots are starting to find more options. However, those selections will likely come with higher price tags.
The new Summer 2022 Lake Market Report revealed lake home and lot listings were $35.23 billion, as of May 15, within the 34 states covered by Lake Homes Realty. This inventory total increased by $9 billion since the spring report in February. The quarterly report is generated by Lake Homes Realty, the nation's largest lake-focused brokerage and pulls data from 130 MLS areas. For a complete listing of available homes and lots, visit www.lakehomes.com.
Glenn S. Phillips, CEO and Chief Economic Analyst at Lake Homes Realty, sees multiple reasons for increases in inventory and listing prices. "For the first time in a long time, we've seen inventory levels stop shrinking and, in some markets, increase," said Phillips. "During the pandemic, many sellers retreated from the market," he said. "The seller retreat was driven by health and economic concerns and the remote work/home lifestyle available at most lakes," said Phillips. "The lake home seller retreat will be a slow shift as more overly optimistic sellers ask prices that may not attract any buyers. This shift will adjust as more reasonable pricing as the market adjusts to reality." Phillips anticipates the 2022 real estate market will be up 5 to 10% with buyer demand remaining strong, but not as red-hot as in 2020 and 2021.
Phillips predicts changes in interest rates will not be a significant issue for lake real estate in 2022. "Lake home buyers often pay cash, particularly if it is a second home, so mortgage availability has little impact," said Phillips. "I encourage lake homeowners to view their property with an investment mindset. The peak market will not last forever, and we will only see the peak after we have passed it."
1 Lake Lot or 2 Million Cups of Starbucks Coffee
Lake home and lot listings in Washington State increased from $2.23 billion in the spring report to $3.6 billion in the new supper report. Puget Sound and Lake Washington were in the top three largest lake markets within the 34 states within Lake Homes Realty's footprint. The views and proximity to Seattle make lots along Lake Washington to be among the highest in the country. The average lake lot listing (less than 10 acres) on Lake Washington in Washington is $6.176 million. This average price is just for the lake lot and does not include a home. That is equivalent to 2.093 million Starbucks tall caffe lattes ($2.95 each).
Whitefish Lake in Montana has the most expensive average per home in the report, averaging more than $6 million each. Lake Washington is next with an average home of $3.9 million. Between Michigan and Illinois, Lake Michigan has the most listing with 2,514 listings for lake homes and lots as of May 15, 2022.
Billion Dollar States
Eleven states have more than $1 billion in lake home and lot listings, according to the 2022 Summer Lake Real Estate Market Report. They include: Texas - $4.3 billion (up from $3.9); Florida - $3.9 billion (up from $1.85); Washington - $3.6 billion (up from 2.23); North Carolina - $2.38 billion (up from $1.96); Michigan - $2 billion (up from 1.46); Georgia - $1.94 billion (up from $1.55); Tennessee - $1.85 billion (up from $1.46); Illinois - $1.78 billion (up from $1.52); South Carolina - $1.39 billion (up from $1.19); Minnesota - $1.34 billion (up from $1.19); Alabama - $1.2 billion (up from $934 million).
Copies of the Spring 2022 Lake Real Estate Market Report are now available to the media to download for free at www.lakehomes.com/report. Additional insights, national states, and industry trends from CEO Glenn S. Phillips are included in the report.
MEDIA CONTACT: Bill Lang, Public Relations Director - [email protected]; 205.218.3561. Interviews are available with CEO Glenn S. Phillips, plus lake real estate agents and customers from across the country.
SOURCE: Lake Homes Realty