The land market can be a tricky beast to wrap your mind around. Since land isn't most owners primary focus the property gets set to the back until you receive the new years tax bill. You open your bill and wonder that the land is worth. Will values increase or are values declining? Should I sell now or hold onto the land? Its something most of us wonder and worry about.
So lets get you some data to help you with your investment. Clarus Market Metrics and the High Desert Association of Realtors gathered the data for the San Bernardino County, specifically the high desert region and provided the information in this market update.
The land market took a large hit when the housing market crashed back in 2007, but lets see whats been happening over the last 3 years. The data in the first quarter of 2015 showed 112 sales. The first quarter of 2018 showed 257 sales, that's a 129% increase in sales over 3 years. If we focus on the last 24 months we continue to see a steady increase of 33% from May 2018 over May of 2017.
That being said, the land market, as a whole, is moving more so now than in 2015. But the increase in sold properties has also brought with it an 11% increase in new listings over the past year and a 4% decrease in average days on the market for those listings. The the average days on the market is still 148 days, but the decrease in days on market is what land owners want to see.
As we all know price plays a huge part of a properties time on the market. There are pools of buyers in the market and they appear to be shopping in certain price ranges. The data shows that the highest number of properties sold over the last 12 months are priced between $10,000 -$15,000.
That's a good place to start, but if we expand the range a little more we can see more of the market and where specifically the sales are coming from. The data for sold properties in the last 12 months, under $53,000 shows that some of the price ranges are doing very well:
- ($1,000-$3,000) 14 properties sold in the last year, 3 properties are currently listed.
- ($5,000-$7,000) 42 properties sold in the last year, 39 properties are currently listed.
- ($31,000-$33,000) 20 properties sold in the last year, 16 properties are currently listed.
Those price ranges historically have a good chance at selling, which also means that some price ranges are flooded by listings:
- ($9,000-$11,000) 34 properties sold in the last year, 109 properties are currently listed.
- ($19,000-$21,000) 31 properties sold in the last year, 98 properties are currently listed.
- ($39,000-$41,000) 40 properties sold in the last year, 91 properties are currently listed.
- ($49,000-$51,000) 28 properties sold in the last year, 105 properties are currently listed.
Its a promising outlook for our area, for the property owners and land values. Each property is different and the area it is within is a sub-market within the county data. Some areas of our High Desert are doing better than others, for more market specific information give us a call. Let us give you a free market evaluation and let you know whats happening in your area.
Land for Sale in Helendale, CA - Kristen L. Maley (Realtor, Land Pricing Strategist at LandCore Realty). LandCore Realty provides cutting edge technology and marketing to its clients. I specialize in helping land owners and those looking to invest in land in Oro Grande, Adelanto, Victorville, Hesperia, Apple Valley, Lucerne Valley, Barstow, Helendale, Yucca Valley, Joshua Tree, Twentynine Palms and surrounding areas. (760) 952-2345