Sportsmans World Market Report 2023

NTREIS* MLS Systems
Sportsmans World
Possum Kingdom Lake
2022 to 2023 Comparison

In the intricate dance of the real estate market, where patterns shift like the seasons, the years 2022 and 2023 have painted a vivid tapestry of change, resilience, and adaptation. This period, marked by fluctuating dynamics across houses, condos combined with townhomes, and lots within Sportsman’s World, offers a fascinating glimpse into the heartbeat of the economy and the dreams of homeowners and investors alike. By delving into the specific data points,¬†Sportsmans World 2023 Year in Review will chart these movements, as we embark on a journey to decipher the nuanced language of the market, uncovering the forces that drive it and the signals that foretell its direction. This analysis not only aims to map the terrain of the current real estate landscape but also to illuminate the pathways that may lead us into the future.

Houses

  • Data Points for 2022:
    • Price per Square Foot: $331.52
    • Average Sales Price: $606,321.43
    • Median Sales Price: $565,000
    • Highest Sale List Price: $1,500,000
    • Number Sold: 14
    • Average Square Footage: 2085.29
  • Data Points for 2023:
    • Price per Square Foot: $366.03
    • Average Sales Price: $800,214.29
    • Median Sales Price: $600,000
    • Highest Sale List Price: $1,845,000
    • Number Sold: 7
    • Average Square Footage: 2076.57

The trend in houses shows an increasing price per square foot from 2022 to 2023, indicating a strong demand or a market shift towards more premium properties. Despite the significant rise in both average and median sales prices, the number of houses sold decreased, suggesting a potential market tightening or increased barriers for buyers. This could reflect a seller’s market, where demand exceeds supply, leading to higher prices and a more competitive environment for buyers.

Condos and Townhomes

  • Data Points for 2022:
    • Price per Square Foot: $460.46
    • Average Sales Price: $313,750
    • Median Sales Price: $332,500
    • Highest Sale List Price: $365,000
    • Number Sold: 4
    • Average Square Footage: 783.75
  • Data Points for 2023:
    • Price per Square Foot: $311.41
    • Average Sales Price: $483,125
    • Median Sales Price: $475,000
    • Highest Sale List Price: $600,000
    • Number Sold: 4
    • Average Square Footage: 1582.25

The condos and townhomes sector experienced a notable shift. We see a decrease in price per square foot in 2023 compared to 2022 but an increase in average sales price and median sales price. This suggests a move towards selling larger or more upscale units despite the lower per square foot cost. This indicates a consistent demand in this category for more spacious or premium living options.

Cliff line view down the cove.

Building Sites (Lots)

  • Data Points for 2022:
    • Average Sales Price: $210,807.69
    • Median Sales Price: $70,000
    • Highest Sale List Price: $1,000,000 (Hell’s Gate Point)
    • Number Sold: 13
    • Average Acreage: 2.69 acres
  • Data Points for 2023:
    • Average Sales Price: $177,680
    • Median Sales Price: $145,000
    • Highest Sale List Price: $375,000
    • Number Sold: 10
    • Average Acreage: 1.44 acres

The lot market segment displayed a decrease in both the average sales price and highest sale list price from 2022 to 2023. If we look at value per acre though, it does indicate an increase in value for 2023. While the average lot in 2022 sold for almost $33,000 more than lots in 2023, they were also just a little under twice the size. The average sales price could also be heavily skewed due to the large sale of the waterfront lot on Hells Gate Point. The increase in median sales price suggests steady demand in the middle market segment, with a trend towards more compact or affordable plots becoming apparent.

Active Market

Currently there are 11 homes, 1 condo, 1 townhome, and 16 lots listed on the market inside Sportsmans World. As can be expected, those numbers are changing almost daily. To see all the listings in Sportsman’s World, and learn more about the community, you can follow this link.

Synopsis

Looking back on all this data, we can see home values are on the rise while condos, townhomes, and lots dipped a little. We saw a very limited supply of homes come on the market in 2023. Many of the newly listed homes are in the high end/luxury price range, but there are still multiple options for homes in the interior or in some of the smaller coves. We can see that big view waterfront lots are becoming increasingly rare, with only a handful left undeveloped. In short, there are multiple options for property in Sportsmans World, but not as many as one might expect. Home values are continuing to rise and commanding premiums.

Conclusion

The real estate market’s complexity and fluidity are evident in the shifting trends observed across houses, condos combined with townhomes, and lots between 2022 and 2023. These changes underscore the market’s sensitivity to a range of factors, including economic conditions, buyer preferences, and societal shifts. For those navigating the real estate market, understanding these trends is not just about observing numbers but about grasping the stories they tell about consumer behavior, investment opportunities, and the broader economic landscape. As we look forward, this analysis serves as a reminder of the importance of staying informed and adaptable, whether one is buying, selling, or investing in real estate. The ability to interpret and react to these trends is crucial in making educated decisions in a market that remains one of the most significant indicators of economic health and personal wealth.

Article written by Matthew Renfro 

Photography by Matthew Renfro, FAA Licensed drone pilot.

*Data gathered exclusively from North Texas Real Estate Information Services (NTREIS) MLS System as of 2/2/2024