NTREIS* MLS Systems
Gaines Bend Market Report:
2022 and 2023 Comparison
The real estate market in Gaines Bend at Possum Kingdom Lake has had some notable changes from 2022 to 2023, marked by shifts in sales prices, property ages, and market activity. This analysis provides a detailed comparison of these two years, focusing on homes and unimproved land (lots).
Residential (Houses)
2022 Overview:
- Average Price per Square Foot: $600.29
- Square Footage Average : 3,538
- Average Sales Price: $2,344,286
- Median Sales Price: $1,510,000
- Highest List Price for Property that Sold: $6,400,000 (Sold by Keith Hanssen and John Morris of PKRE)
- Average Age: 27 years
- Sales Count: 7 homes sold
2023 Overview:
- Average Price per Square Foot: $701.89
- Square Footage Average:3,939
- Average Sales Price: $2,948,125
- Median Sales Price: $2,175,000
- Highest List Price for Property that Sold: $9,250,000 (Sold by Keith Hanssen of PKRE)
- Average Age: 15 years, highlighting a market leaning towards newer properties.
- Sales Count: 8 homes sold, a slight increase from the previous year.
Key Insights
The home market in 2023 experienced a notable increase in sales prices and a shift towards newer properties, compared to 2022. Therefore, because the average age of the homes that sold were 12 years newer in 2023 than 2022, we can expect an increased value per square foot. While many Sellers would like to take the average value per square foot and apply it to their own house to find their total value, it is not always that simple. Age, condition, and location are major factors in determining market value.
Overall, the rise in average and median sales prices, along with the highest sale price, indicates a strong demand and increased market valuation for homes. The slight increase in sales count also suggests a steady market demand.
Rawhide Ridge and The Cliffs Marina separated by Neeley’s Slough
Lots (Unimproved Land) Market Analysis
2022 Overview:
- Average Sales Price: $256,714
- Median Sales Price: $192,500
- Highest Sale Price: $750,000
- Sales Count: 14 lots sold
2023 Overview:
- Average Sales Price: $260,083, a marginal increase.
- Median Sales Price: $130,000, a notable decrease.
- Highest Sale Price: $775,000, slightly higher than 2022.
- Sales Count: 6 lots sold, indicating a significant decrease.
Key Insights
The Gaines Bend market for lots showed mixed signals in 2023. While there was a slight increase in the average sales price, the median sales price decreased, and the number of lots sold dropped significantly. This could indicate a reduced demand or a shift in the types of lots being sold, possibly focusing on higher-value properties. There are multiple lots currently listed on the market, but the waterfront and dock-able lots are the ones that have been moving the most over the course of last year. It should also be noted that 2021-2022 were years of prolific lot sales across all of PK, selling 3X-5X more lots in those years than 2017-2020 and 2023.
Cliff line of Rawhide Ridge
Active Listings in 2023
There are currently 5 homes and 16 lots listed as active on the market. The higher number of active lot listings compared to homes highlights how limited the home inventory in Gaines Bend truly is. Below is a list of all 5 homes currently on the market
- 1003 Waxwing Cove – Gorgeous waterfront home currently under construction. Expected completion date of the end of 2024.
- 1007 Mesquite Ridge – Back on the market. Now staged with furniture. Rare cliff line home with a view of Hell’s Gate. Directly across the lake from the nearly virgin lands that make up Camp Grady Spruce, and BSA Camp Constantine.
- 1006 Possum Trail – Large back yard, patio and second floor balcony. On the gentle sloping shores of Gaines Bend East shoreline.
- 1025 Laredo St – 2017 home inside the interior of Gaines Bend Reserve. Being sold with an additional lot to protect your water view.
- 1003 Briar Circle – Affordable waterfront and dock-able property. Will need some updates, but the upside has a lot of potential.
You can see all the active Gaines Bend lots by using This link.
Currently, Matthew Renfro with Possum Kingdom Real Estate has the most active listings inside Gaines Bend of any single agent and Possum Kingdom Real Estate has the most listings of any brokerage.
Conclusion
The comparison in the latest market data from the NTREIS MLS System* between 2022 and 2023 in the real estate market reveals distinct trends for homes and lots. Homes have seen an increase in value and a preference for newer properties, while the lot market has experienced some fluctuations, with a decrease in median price and sales volume. These insights are crucial for understanding the evolving dynamics in the real estate market, assisting buyers, sellers, and investors in making well-informed decisions. The current state of active listings also provides a glimpse into the present market scenario, which is essential for gauging future trends.
Article written by Matthew Renfro.
*North Texas Real Estate Information Services