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2016 Year End Market Report

April 14th, 2017

For the year ending 2016 , the McCall market experienced a slight increase ( 7%) in single family properties sold over 2015  , but a significant increase in vacant lots sold , up 40% from 2015 !  As pre-built inventories remain tight , buyers are turning towards building with the purchase of land/lots .

Building cost continue to increase due to material increases and a tight labor market. Spec level construction is in the $200-$250 per square foot , and custom construction ( timber frame , post and beam , cold roof ) is in the $300-350 plus range per square foot.

Here’s a complete re-cap of 2016

MarketOverview2016

McCall Residential 3rd Qtr. Market Report 2016

October 21st, 2016

There were 58 closings of single family residential properties for the ” Summer Selling Season “  period of July , Aug , Sept 2016 in and around McCall . The results were almost identical with 1 year ago ( 2015 ) results of 60 closings.

The market for built product ( re-sale ) has continued to be active as prices rise across the whole pricing spectrum of inventory.  It seems the same amount of buyers are chasing fewer properties , as inventories continue to remain shallow .  The current 3rd Qtr. 2016 inventory of 138 single family homes listed for sale is almost exactly as same period in 2015 inventory for sale of 139.

How’s affordability?  There are currently 30 homes for sale under $300,000 vs 45 in same period in 2015 ( 35% decrease this year )

An important market trend was the total of 50 vacant lot sales for the 3rd Qtr. 2016  vs 32 in 2015 and 30 in 2014 in the same period  ( 56% increase ) . Vacant lots sold under $100,000 more than doubled in 3rd Qtr. 2016 vs same period in 2015 (  35 vs 14 )

These market conditions can also create a lag as buyers adjust to a new value proposition , and a change in strategy to the  building option.

Links to Reports

mccall-residential-3rd-quarter-2016-report

landandlots3rdqtr2016

 

 

McCall Market Report 1st Quarter 2016

April 11th, 2016

The first quarter of 2016 saw 28 closings of single family properties versus 26 for the same period in 2015 . This is the least active quarter of the year and is reflective of the usual shallow inventory during winter months.

Land and lot sales continue to strengthen and balance with single family re-sales  . The first Qtr. saw 19 closings versus 12 the year before in the same period for a 37% increase , with 11 sales between $50,000 – and $150,000. There are some high quality building lots on the market , and buyers are continuing the recent trend of interest.

McCall Residential 1st Quarter 2016 Report

LandandLots1stQtr2016

 

 

McCall Real Estate 2015 Year End Market Report

January 11th, 2016

MarketOverview2015

McCall 3rd Qtr 2015 Market Report

October 8th, 2015

The just concluded ” 2015 summer selling season ” was active for single family residential with 60 closings in the July-Aug-Sept period vs 54 closings for the same period 1 year earlier ( 2014 ) for a 11% increase ( not including lakefront ) . Prices continued to move up for single and multi-family as inventories remained fairly shallow coupled with steady buyer interest.  49 ( 82% ) of the 60 total closings for the qtr were under $400,000.

The Condo/Townhome market was consistent over the year with 15 closings in the 3rd qtr of 2015 ,  vs 17 for the same period in 2014 . ( not including lakefront )

Lots and land sales continued steady as has been the last 8 qtrs.  For the period ( July  Aug  Sept 2015 ) there were 32 closings of vacant lot/land properties in and around McCall  vs  40 for the same period in 2014 , a 20% decrease in 2015 , but still very active numbers compared to some years past.  Most notable is of the 32 closings , 7 were over $200,000 , vs only 1 the previous year/same period.

McCall Residential 3rd Quarter 2015 Report

LandandLots3rdQtr2015

 

McCall 2nd Qtr. 2015 Market Report

July 2nd, 2015

For the months of April , May , June of 2015 there were 21 closings of single family residential in and around McCall , compared to 32 the previous year in the same period for a 35% decrease.

Single Family Home Inventory Levels – As of July 1 , 2015 there are 156 homes on the market , compared to 166 the previous year . Inventories have remained tight against previous historical levels of 200 – 250 homes on the market before ” Summer ” selling season.

Single Family Increasing Prices – Rising pricing levels continue as sellers sense increasing interest and shallow competition . Buyers are hesitating with the new ” value proposition ” on many properties which narrows down further the available options in any particular price range.

Land and lots – Increasing sales of vacant lots and land has continued in response to shallower built product available. There were 33 closings in the 2nd Qtr. of 2015 vs. 26 the previous year same period . Both these totals are up over 100% from recent previous years . With 7 of the 33 in the 100k-200k range were seeing better lots sell for new construction .

Condo / Townhome – Continue to be active . With inventories in 30-40 units level and 14 sold for the quarter , the buyer interest level to % sell thru is good . Prices increased over 25% from 2013 to 2014 , and are leveling off in 2015 . Developers have responded in the last 2 years with new construction options .

McCall Residential 2nd Quarter 2015 Report

 

 

McCall 1st Qtr 2015 Market Report

April 9th, 2015

The winter ( 1st quarter ) of 2015 stayed true to form as the market was typically ” sleepy ” . Inventories remain tight ( 107 single family properties for sale , 39 condominiums )  , and was generally void of better properties with appealing features and locations as sellers wait for spring/summer . There were 26 closings vs. 27 in the same period the previous year ( 2014 ) .

The affordability gap widened in the first quarter  of 2015 as we currently only have 5 properties priced under $ 200,000 vs. 17 in the same period last year at this time. Sellers are raising there initial listing prices to reflect the shallow inventory and sold price increased ( comparatives ) from 2014.

It’s still too early to draw any conclusions for the ” summer selling season ” until we see how the inventories build  and sellers position their properties in the next 90 days .

Land and lots sold in the 1st Qtr. of 2015 totaled 12 , consistent with winter conditions making it very difficult to judge raw land under snow .

McCall Residential 1st Quarter 2015 Report

LandandLots1stQtr2015

McCall 2014 Year End Market Report

January 6th, 2015

The McCall Real Estate Market for 2014 can be summarized as “returned to what many perceive as normal ” !   What’s normal ?

Tight and shallow selection of built inventory for sale –  especially under $300,000.  With the largest pool of buyers, 62% of all sales are under $300,000  and average only 25-40 properties listed, with only 15-20 of those in-town  and only 7-10 of those priced to  market.   Shows how patient you must be to find the right property under $300,000.

Majority of new buyers preferred a location to be near town and the lake –   This has created some very good values “out of town” on larger acreages, and created a shortage of supply and rising market prices for  ” in-town ” condo’s and townhomes –  where we have seen 25-30% price increases in 2014.

More normal balance of  lot sales and planned new construction –  With the current “shallow” inventory of built properties or resales, we have seen a pick-up in lot sales, build to suit and finished spec construction.  Notable is the doubling of lot sales in the $100,000 to $200,000 range in 2014 over 2013, as buyers are purchasing higher quality and priced building lots – buyers are no longer  entirely motivated by discounted distressed subdivision lots.  Builders who purchased those discounted lots during the previous downturn are building spec homes to fill the void of inventory depth.

Sellers of properties featuring quality construction and scarce locations experienced increasing market prices –  For the year 2014 there were 18 closings of properties over $500,000 (not including lakefront) . Of the 18 sales, seven, or  39%,  sold between $225-$300 per square foot.   Per square foot comparisons require greater detail, but this is a rising trend and a big recovery from the previous near term as many discounted/distressed luxury custom homes flooded the market and were selling 50 cents on the dollar.

Year End McCall Real Estate Market Report 2014

MarketOverview2014

 

 

McCall 3rd Quarter 2014 Market Report

October 1st, 2014

For the period July, August and September (3rd Qtr ) 2014 , the McCall Real Estate Market had 48 closings ( sold ) of single family homes compared to 60 closings for the same period a year ago , a 20% decrease.

Tight inventories of re-sale homes remained throughout the summer with increasing prices (10%-12% annual) , as demand and interest remained strong .

Entry level new construction ” build to suit ” starts have increased , bringing more balance to available product in the under $350,000 price point .

There has been strong demand for available condo’s and townhomes near the lake , as available choices are limited .

There were 31 closings of vacant land/lots for the 3rd Qtr. compared to 39 for the same period in the previous year , for a 25% decrease . Although the number of closings decreased there was a increase in higher valued lots sold , with 6 over 100,000 vs 3 the previous year .

McCall Residential 3rd Quarter 2014 Report

McCall Residential 3rd Quarter 2014 Report LandandLots3rdQtr2014

 

 

Will Vacation Home Sales Trend Continue in 2014 ?

April 22nd, 2014

U.S. vacation-home sales jumped in 2013, making up the biggest market share in seven years, as the surging stock market gave affluent Americans a confidence boost.

Vacation properties accounted for 13 percent of all sales, the highest level since 2006, when the share was 14 percent, the National Association of Realtors reported today. The portion of investment sales, excluding purchases by institutional investors, fell to 20 percent from 24 percent in 2012 as prices rose and the supply of foreclosures dwindled.

“Growth in the equity markets has greatly benefited high-net-worth households, thereby providing the wherewithal and confidence to purchase recreational property,” Lawrence Yun, the Realtors group’s chief economist, said in a statement.

Vacation-home sales rose 30 percent last year to 717,000, while investment-home sales fell 8.5 percent to about 1.1 million transactions, the Realtors group said.

Sales of seasonal properties are down about a third from the 2006 peak of 1.07 million.

About 38 percent of vacation-home buyers paid with cash in 2013, compared with 46 percent of investment buyers, according to the report. Distressed homes, including foreclosures, accounted for 42 percent of purchases by recreational buyers and 47 percent by investors.

The typical vacation-home buyer was 43 years old with a household income of $85,600, and the property was a median distance of 180 miles (290 kilometers) from the primary residence, the Realtors group said. About 41 percent of seasonal properties purchased last year were in the South, followed by 28 percent in the West, 18 percent in the Northeast and 14 percent in the Midwest.

The U.S. has 8 million vacation homes and 43.7 million investment units, compared with 74.7 million owner-occupied units, according to an analysis of Census Bureau data by the Realtors group.

The McCall market experienced similar growth .  Overall growth numbers were similar at 30% annual but was realized in 2012 . In 2013 the market maintained the increase from 2011-2012 , but was flat from 2012-2013 . We continue to see strong buyer demand ,  tight shallow inventories of properties ,  and 10-15 % price appreciation in 2014 over 2013.  We would project a steady trend in increased new construction .

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