After 3 months in 2016, the Land and Acreage Market in Gillespie County is doing well. The lack of available inventory is hampering sales at least in some categories. Overall inventory is just north of 15 months (typically called a Buyer’s Market). But here is the squeeze……73% of the sales were under $250,000 but only 48% of the available inventory is priced under $250,000. I found about only 12 listings of raw land (land not in a formal subdivision) which were priced at $250,000 or less. For more details, see the outline below.
We monitor the market. We know what Sellers are asking, what buyers are willing to pay, the inventory levels, and how long it takes to sell. We like to know what price thresholds are significant and which price levels tend to make a Seller wait a long time. We keep up with the latest changes in the standard contract forms and the latest financing legislation. If you want to buy, sell, or lease real estate, this information might be useful to you and we are happy to share. Give us a call or stop by and we can talk about it.
ACTIVE LAND/ACG LISTINGS PRICED UNDER $250,000 100 (47.6%)
TOTAL NUMBER OF ACTIVE LAND/ACG LISTINGS 210
AVERAGE LAND/ACG LIST PRICE $642,809
AVERAGE LAND/ACG SALES PRICE $218,203
PERCENT OF SALES CLOSED UNDER $250,000 SALES PRICE 73 % (30/41)
PERCENT OF LISTINGS AVAILABLE UNDER $250,000 41% (86/210)
AVERAGE DAYS ON MARKET (“DOM”) of all land sold 433
AVERAGE RATE OF LAND/ACG LISTINGS SOLD / MO 13.67
INVENTORY LEVEL (ALL PRICE RANGES) 15.36 MOS
TOTAL NUMBER LAND LISTINGS SOLD 2016 YTD 3/31/16 41
AVERAGE SALES PRICE OF 41 SOLD LISTINGS $218,203
TOTAL NUMBER LAND LISTINGS SOLD 2015 YTD 3/31/15 47
AVERAGE SALES PRICE OF 47 SOLD LISTINGS $417,661
*Based on Central Hill Country MLS; all land listings in Gillespie County