Home sales are booming
Consistently, when talking to people in our beautiful city, the questions I am most frequently asked are about statistics and market conditions. What is selling? Is the market good or bad? What is happening in my neighborhood? So, let’s talk about the Market.
The real estate market in Hood County is amazing. Who would have ever guessed that after the first shelter in place order to control the spread of COVID-19 that real estate sales in Granbury would improve? Trust me when I say, we were as surprised as anyone when closings were up 20% in the second quarter of this year AFTER the LOCK DOWN…and judging from the first two months of the third quarter, Hood County is on track to close 45% more transactions in the third quarter than the 1st quarter prior to COVID-19.
Waterfront properties are selling in days with competitive offers, and the price per square foot is going up daily. In today’s market, the average sales price for a house on Lake Granbury is $465,000 with an average price per square foot of $193, but honestly it is not unusual to see prices in excess of $250 per square foot for main-body waterfront.
New construction in Granbury is on fire. Homes are selling in every size and price range with an average sales price of $275,591 and an average price per square foot of $143. Compared to this time last year new home sales are up 10% in Hood County.
Let’s look at my neighborhood. For those of you who don’t know me personally, mine was one of the very first homes built in Bentwater. I have an aerial in my office showing my lonely little home in the huge expanse of Bentwater long before it matured into the exceptional development it is today.
As of this writing, there are only four houses for sale in all of Bentwater, the average price for a non-waterfront home is up 7%, the average price for a waterfront home is up 22% from last year, $648,000 vs $830,000.
But, the most amazing difference is the days on market…waterfront homes in Bentwater last year saw an average of 99 days on market, that same time period in 2020 the number is TWO. No that is not a typo - 2 days on market!
The obvious appeal of Granbury, the massive exodus of people from the city to outlying rural communities, interest rates in the low 2 percentiles, historically low inventories, and our amazing Lake Granbury have all combined to drive our real estate market to all-time highs.
I love to tell people that “Life is Better on Lake Granbury” but truth be told, Life is better ANYWHERE in Granbury and the thriving real estate market in our growing city is a testament to that statement. Call me to schedule a free market analysis. It’s time to sell!
“Statistics for this article were obtained from the North Texas Real Estate Information System (NTREIS) and are deemed reliable but not guaranteed.”
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