HOOVER, AL / ACCESSWIRE / December 8, 2022 / With colder weather and holiday planning, the winter season is typically slower for lake real estate. This winter appears to be a bit busier than last winter. A new lake real estate report has been released showing the number of lake home and lot listings on LakeHomes.com in winter 2022/23 are up 7.71% over the same report last winter.
The new Winter 2022-23 Lake Real Estate Market Report from Lake Homes Realty revealed 78,921 lake homes and lots were listed for sale totaling $39.576 billion. This amount was determined by data collected on November 15, 2022 from 30 of the 34 states covered by Lake Homes Realty. The quarterly report is generated by Lake Homes Realty, the nation's largest lake-focused real estate brokerage, and pulls data from more than 140 MLS areas. For a complete listing of available homes and lots, visit www.lakehomes.com.
Lake home and lots listings fluctuate by season. Here are the total listings of lake homes and lots from the past five lake real estate market reports: Winter 2022/23 - 78,921; Fall 2022 - 87,073; Summer 2022 - 74,115; Spring 2022 - 59,849; and Winter 2021 - 73,265.
Among the states highlighted in the Winter 2022-23 report, Iowa was the smallest with 110 lake home and lot listings statewide for a total of $83 million. In contrast, Texas was the largest with 12,897 lake home and lot listings totaling right under $7 billion.
Thirteen states currently have more than $1 billion in lake home and lot listings for sale:
- Texas - $6,999,452,513 for 12,897 listings
- Florida - $4,494,925,961 for 8,759 listings
- Washington - $3,695,982,682 for 3,685 listings
- North Carolina - $2,423,034,005 for 4,905 listings
- Tennessee - $2,234,271,820 for 5,900 listings
- Minnesota - $2,211,262,109 for 4,216 listings
- Michigan - $2,056,420,805 for 3,629 listings
- Georgia - $1,994,595,812 for 4,254 listings
- Illinois - $1,448,836,307 for 2,397 listings
- South Carolina - $1,374,796,994 for 3,302 listings
- Alabama - $1,232,440,809 for 3,301 listings
- Missouri - $1,022,451451,744 for 3,421 listings
- New York - $1,011,932,487 for 1,679 listings
"Most real estate brokerages serve the masses and many of their markets are under duress, particularly due to low home inventory and higher mortgage rates impacting primary residence home buyers," said Glenn S. Phillips, CEO and Leading Economic Analyst for Lake Homes Realty. "Here's the surprise: lake real estate markets, for the most part, work very differently and, at least in the near term, will benefit from a modest recession," said Phillips.
How is that possible? Here are a few of Phillips' thoughts based on the unique data at Lake Homes Realty from across the country plus feedback from its licensed agents at hundreds of lakes. Please note that while we have access to better lake real estate market data than any company in the country, there are many variables that can change quickly.
Lake Real Estate Insights from Glenn S. Phillips, CEO and Lead Economic Analyst with Lake Homes Realty
1. While it varies by lake market, total 2022 market activity finish similarly to 2021 due to the continued limited inventory of lake properties for sale. There are plenty of willing and able buyers, even with recession concerns. Limited inventory remains the number one choke point on transactions for lake real estate.
2. I expect 2023 transaction numbers to exceed 2022 by 10% to 15% provided the trend continues of increasing inventories of lake property for sale.
3. Increases in mortgage interest rates are not a meaningful issue for lake real estate (other than influencing general real estate market perception). Lake home buyers often pay cash (particularly if a second home), so mortgage availability and rates have little-to-no impact.
4. 2022 has seen an increase in land and lot sales at lakes where such property is available. Buyers for lake property are, for the most part, incredibly patient in waiting for their dream home. Despite the willingness to often look for their dream lake home for years (not just months), some buyers have accepted the reality of ongoing limited choices of existing lake homes. Because of this, some buyers are now buying lots and building their true dream lake home, even if supply chain issues mean it may take longer than in past years.
Lake Home Searching Data Highlights
The new lake market reports highlight a variety of data categories by state and overall. For example, Chicago residents are the top searchers for lake properties in Indiana, Iowa, Kentucky, Michigan, Minnesota, Mississippi, Missouri, Nebraska, and Tennessee. New York City residents lead the searches in Connecticut, Georgia, Massachusetts, New Hampshire, Pennsylvania, and Vermont.
For lake home luxury, head to Lake Down, Florida, or Lake Washington, Washington where the average lake home price tops $4 million. The average lake home prices in Whitefish Lake, Montana, Lake Butler, Florida, and Flathead Lake, Montana all top $3 million. Puget Sound, Washington has the most listings with 1,266 followed by Lake Michigan's 1,249 in Illinois.
Copies of the Winter 2022-23 Lake Real Estate Market Report are now available to download free at www.lakehomes.com/report. Lake real estate statistics nationally and by state, industry trends, and insights from CEO Glenn S. Phillips also are included in the report.
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MEDIA CONTACT: Bill Lang, Public Relations Director - [email protected]; 205.218.3561. Interviews are available with Glenn S. Phillips, CEO and Lead Economic Analyst, and lake real estate agents and customers. A spreadsheet with quarterly comparisons is attached. Images and B-Roll are available. Direct links to the current and past three reports are below.
DIRECT LINKS FOR MEDIA TO WINTER, FALL, SUMMER, AND SPRING LAKE REAL ESTATE MARKET REPORTS
Winter 2022-23 Report Link
https://www.lakehomes.com/info/wp-content/uploads/2022/11/Lake-Real-Estate-Market-Report-Chapter-1-Winter-2022-2023-Lake-Homes-Realty-LakeHomes-com.pdf
Fall 2022 Report Link
https://www.lakehomes.com/info/wp-content/uploads/2022/11/Lake-Real-Estate-Market-Report-Chapter-1-Winter-2022-2023-Lake-Homes-Realty-LakeHomes-com.pdf
Summer 2022 Report Link
https://www.lakehomes.com/info/wp-content/uploads/2022/09/Fixed-Lake-Real-Estate-Market-Report-Chapter-1-Summer-2022-Lake-Homes-Realty-LakeHomes-com.pdf
Spring 2022 Report Link
https://www.lakehomes.com/info/wp-content/uploads/2022/03/Revised-Lake-Real-Estare-Market-Report-Chapter-1-Spring-2022-Lake-Homes-Realty-Lake-Homes.pdf.com_.pdf
SOURCE: Lake Homes Realty