Lake Providence by Del Webb 2013 Market Report
The numbers are in and the market continues to be strong in the Lake Providence neighborhood.
There were 163 home sales in 2012 and 160 in 2013. That's down 2% which can hardly be counted.
In 2012 the Average Sales Price for a home was $252,640. The average square footage of those homes was 1919sqft. In 2013 the Average Sales Price increased to $290,812 with the square footage increasing only to 1954sqft.
The Average Sales Price increased 15% but the size increase was a modest 2%.
Looking at the details of the sales for each year showed that only 2 homes sold for over $400,000 in 2012. Both homes were on Antebellum and had over 5100sqft each.
Knowing this street, we know that they were just over 2500sqft homes with full fiished walk out basements. These are the largest homes in the neighborhood.
Lake Providence was started in 2007 in Mount Juliet Tennessee. Both of these homes were built in 2007, which makes them some of the earliest homes in the neighborhood.
In 2013, there were 9 homes sold over $400,000 with an average size of 2700sqft. This is part of the 15% increase in average sales price for the neighborhood.
Lake Providence by Del Webb has consistantly dominated with new home sales. As the homeowners have been there, the number of resales has begun to increase.
In 2012 there were 23 resales, of the 163 sales. That's just 14% of the market. In 2013 there were 56 resales or 33% of the 160 sales. Thats an increase of 256%.