The numbers for the housing market for homes in Locust Grove are here! I did a little extra math this month for some categories, so we would have a true comparison to last month. Why? There are three waterfront homes in Lake of the Woods on the market this month. These homes greatly change the average list price for homes in Locust Grove when you look at the category as a whole (as you can tell in the chart). Let’s dig a little deeper.
Averages for active homes in Locust Grove on the market
In March, there were twenty eight homes on the market in Locust Grove. This is a decrease from thirty three last month. The trend of homes taking longer to sell continues as the homes in Locust Grove in March are spending an average of one hundred thirty seven days on the market. This is an eight day increase from February.
What about that huge increase in listing price?
The most notable change is that the average listing price for homes in Locust Grove increased to $541,154. With the increasing days on the market, this increase from last month ($470,436) made me do a double take. With a little more research, I discovered that there are three waterfront homes in Lake of the Woods that are new to the market. These million dollar plus homes are the driving factor in the price increase. If you take the homes out of the running and calculate a new average price, then it is $455,156. This is just over a 15,000 dollar decrease in price.
Since there were no active waterfront homes on the market in February, I find that taking them out of the picture gives a fairer comparison of market activity for homes in Locust Grove. However, since they are part of the market, I did include it on the chart.
Averages for pending homes in Locust Grove
The number of homes in Locust Grove under contract stayed relatively the same in March (thirty seven) as February (thirty nine). The days on the market decrease from forty two in February to thirty nine in March. The average price for pending homes in Locust Grove saw a slight increase from $412,185 to $418,197.
These numbers indicate to me that there are still buyers out there looking for homes in Locust Grove. Since inventory is lower, the buyer may take a little longer to find the home that fits their needs.
Averages for sold homes in Locust Grove
The number of homes that sold in March increased to twenty nine. The days on the market for these sold homes in Locust Grove saw a slight decrease from thirty four in February to thirty in March. There was also a slight decrease in price from $385,371 (February) to $382,583.
The information from sold homes in Locust Grove for March shows us that sellers are willing to decrease listing prices or provide buyers with closing cost subsidies in order to get a home sold. It may also reflect the fact that Realtors® and sellers are better at adjusting their initial listing prices to meet the current state of the market.
