Market Reports • August 29, 2024

The Cliffs Market Report – 4th Quarter 2023

by Matthew Renfro

NTREIS* MLS Systems
The Cliffs Resort
Possum Kingdom Lake
Market Report 4th Quarter
2022 and 2023 Comparison

By Matthew Renfro

And like that, 2023 is over and 2024 has started. The home market as a whole has seen a rise in value, lot sales in The Cliffs have dropped pretty significantly, and the condo market rides on steadily. Let’s break down some of the trends and patterns seen in the 2023 Cliffs at Possum Kingdom real Estate Market. We will wrap up with a quick overview of the active market. So let’s get started.

4th Quarter Comparison

Lots

In the 4th quarter of 2023, the lot sales witnessed a slight decrease in transactions compared to 2022, with 9 sales versus 10. However, there was a significant drop in the average sales price, from $26,900 in 2022 to $10,222 in 2023. This change, along with an increase in average lot size from 0.23 to 0.26 acres, suggests a shift toward larger but less expensive lots.

Houses

The housing market saw an increase in sales in the 4th quarter of 2023, with 5 sales compared to just 1 in 2022. The average sales price rose from $999,000 to $1,142,000, accompanied by an increase in the average price per square foot from $254.41 to $339.85, indicating a substantial appreciation in house values. The average age of homes sold in 4th quarter 2023 and 2022 was approximately 18 years old at the time of sale.

Condos

Condo sales remained consistent with one sale in each 4th quarter of 2022 and 2023. However, there was a stark increase in the average sales price, from $5,000 to $465,000, and in the price per square foot from $209.84 to $281.84, highlighting a significant shift in the condo market’s value.

Annual Comparison

Lots

In 2023, the real estate market for lots saw a decrease in the number of transactions compared to 2022, with 36 sales in 2023 against 85 in 2022. However, the average sales price showed a notable increase, rising from about $22,345 in 2022 to approximately $63,237 in 2023. This significant rise in average price, coupled with a slight increase in average lot size from 0.23 acres in 2022 to 0.26 acres in 2023, suggests a market shift towards larger and more valuable lots.

Houses

The housing market in 2023 witnessed a slight decrease in the total number of sales, with 16 properties sold compared to 17 in 2022. Despite the decrease in sales volume, the average sales price saw a substantial increase, moving from roughly $721,360 in 2022 to about $955,534 in 2023. This increase was accompanied by a notable rise in the average price per square foot, escalating from $254.41 in 2022 to $339.85 in 2023. These figures indicate a significant appreciation in house values over the year. In 2022, the average age of houses sold was approximately 14.76 years versus in 2023, this average age increased to about 16.19 years.

Condos

The condo market in 2023 experienced an increase in both sales volume and value. The number of sales went up to 6 from 4 in 2022. The average sales price also grew considerably, from approximately $311,667 in 2022 to $495,417 in 2023. This growth was mirrored in the average price per square foot, which rose from around $209.84 in 2022 to $281.84 in 2023. These trends demonstrate a robust growth in the condo market, highlighting both an increased demand and a rise in property values.

Additional Insights

Market Dynamics: The overall market dynamics indicate a shift towards higher-value properties in both houses and condos. This trend could be driven by various factors, including changes in buyer preferences, market conditions, or the types of properties being sold.
Lot Market Trends: The lot market showed a unique trend with an increase in average lot size but a decrease in average price, suggesting a potential oversupply of lots.
Property Size Trends: For houses, the increase in average square footage alongside the rise in sales price in 2023 suggests a market inclination towards larger, more luxurious homes. This trend was not as pronounced in the condo market, where the number of sales and average prices increased, but the change in average square footage was less significant.
Condo Market Resilience: The condo market showed resilience with consistent sales and a notable increase in value, indicating a sustained or growing interest in this type of property.

Current Real Estate Market Overview

Active House Listings

The current housing market features a diverse range of properties with the price of active house listings varying significantly. You can find the lowest-priced house listed at $559,000, while the highest-priced reaches up to $999,000. This wide spectrum in pricing indicates a market that caters to a broad range of buyer preferences and budgets. The average price per square foot for these houses is approximately $270.10.

Active Lot Listings

Turning to the active lot listings, the market here also exhibits a wide range in pricing. The price of lots starts as low as $5,500 and goes up to $450,000, reflecting the diversity in the types of lots available. Currently, there are 86 lots listed for sale. The average size of these lots is about 0.28 acres, demonstrating the variety in lot sizes on offer to accommodate different needs, from smaller plots suitable for compact homes or projects to larger ones for more expansive developments or recreational use. The range in prices and sizes indicates a versatile lot market that can meet various buyer requirements and investment levels.

Lot 24 Winged Foot Drive, on both the green and the T-Box.

Synopsis

This comprehensive analysis reflects a real estate market in 2023 characterized by a preference for higher-value properties, a resilient condo market, and a shift in the lot market towards larger but less expensive lots compared to 2022. Overall, the real estate market in 2023 presented a diverse landscape. While the total number of transactions in some categories saw a decrease, the average sales price and price per square foot in houses and condos showed a marked increase, reflecting a trend towards higher-value properties. The lot market, in particular, exhibited a shift towards the sale of larger, more expensive lots, underlining the dynamic nature of the real estate market.

Lot 109 Oak Tree Dr. fall in The Cliffs

Additional Links

2023 Third Quarter Report can be found here

Explore The Cliffs Resort – Overview Video

The Cliffs Golf Course at Sunset

Post created and edited by Matthew Renfro

Photography by Matthew Renfro, Licensed Drone Pilot

Market Reports • August 29, 2024

Gaines Bend Market Report 2023

by Matthew Renfro

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
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
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

Market Reports • August 29, 2024

Sportsmans World Market Report 2023

by Matthew Renfro

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

Market Reports • August 29, 2024

The Harbor Market Report 2023

by Matthew Renfro

NTREIS* MLS Systems
The Harbor Possum Kingdom Lake
2022 and 2023 Comparison

As we close the chapter on 2023 and delve into the intricate tapestry of real estate trends, The Harbor Market Report 2023 Market Report ” emerges with the goal of shedding light on the market’s ebbs and flows. This comprehensive review meticulously compares the sales data of 2023 against the backdrop of 2022 inside The Harbor HOA, offering a nuanced understanding of the shifts in property dynamics within this vibrant community. From the fluctuating price per square foot in homes to the varying sales volumes of condos/townhomes, our exploration is designed to delve deep into the heart of The Harbor’s real estate market, providing a detailed account of its performance across different property types. As we navigate through this year’s review, we aim to unravel the complexities of the market, offering insights and reflections on the patterns that have defined The Harbor in 2023.

Residential (Homes)

2022

Average Price Per Square Foot: $358.86
Average Sales Price: $1,193,000
Median Sales Price: $1,250,000
Average Square footage: 3,258.4 sq. ft.
Highest Home Sale List Price: $1,650,000
Number of Homes Sold: 5

2023

Average Price Per Square Foot: $370.75
Average Sales Price: $1,134,396
Median Sales Price: $962,500
Average Square footage: 3,057.6 sq. ft.
Highest Home Sale List Price: $1,887,500
Number of Homes Sold: 13

The Breakdown

From 2022 to 2023 we see an increase in value per square foot, and the highest sale. We see a small drop when it comes to median sale price and larger drop when on average sale price. This might be attributed to the fact that there were only 5 sales in 2022, so the data pool was not large enough to present as accurate of data as the 2023 numbers, or perhaps that the average home that came on the market was 200+ square feet smaller in 2023 to 2022. The number of homes sold of sales from 2023 to 2022 more than doubled.

Some might suggest that this increased market activity could be attributed to higher buyer interest in 2023. The reality is that there was a higher number of listings in 2023, which, like the previous year, were quickly put under contract by new Buyers. The smaller amount of inventory has limited the ability for Buyers to jump into the home market in The Harbor.

Scenic Drive condo inside The Harbor

Condos and Townhomes

2022 Condos and Townhomes Metrics

Average Price Per Square Foot: $296.05
Average Sales Price: $531,111.11
Median Sales Price: $535,000.00
Average Square Footage: 1,895.67 square feet
Highest Sale List Price: $625,000.00
Number of Units Sold: 9

2023 Condos and Townhomes Metrics

Average Price Per Square Foot: $283.24
Average Sales Price: $544,913.89
Median Sales Price: $526,750.00
Average Square Footage: 1,992.56 square feet
Highest Sale List Price: $850,000.00
Number of Units Sold: 18

Comparison Synopsis

Analyzing condos and townhomes at The Harbor provides an interesting measure of the market’s evolution. In 2023, the average price per square foot decreased slightly to $283.24 from $296.05 in 2022, suggesting a slight adjustment in pricing or a variation in the types of properties sold. Despite this, the average sales price increased in 2023, and the number of units sold doubled, indicating a robust demand for these property types.

The increase in the highest sale list price in 2023 to $850,000 from $625,000 in 2022 highlights a market that values premium properties more than ever before. Furthermore, the average square footage of condos and townhomes sold also saw an increase, offering buyers more space for their investment. This shift towards larger, albeit slightly less expensive per square foot, properties could reflect changing buyer preferences or an influx of higher-quality listings in the market. Overall, the data indicates a healthy and expanding market for condos and townhomes at The Harbor, with an increased appetite for larger, premium units.

Active MLS Listings

Price Range: $95,000 – $1,695,000
Square Footage Range: 1,940 square feet – 4,641 square feet
Property Types Available:
- Single Family Homes: 3 (ALL UNDER CONTRACT)
- Townhouses: 3
  - 2012 Vista View – NEW!!! (2/1/2024)
  - 1037 Chapel Ridge Road – NEW!!! (2/1/2024)
  - 1025 Chapel Ridge Road
- Condos: 3
  - 2504 Century Oak Drive #101
  - 2042 Harbor Way #401
  - 1631 Scenic Drive #401
  - Unimproved Land: 7

ACTIVE HARBOR INVENTORY (see inventory)

Active Listings Overview

The active listings at The Harbor showcase a diverse range of options for potential buyers, from the affordably priced to luxury offerings. The price range of available property as of February 2023 indicates a wide spectrum, accommodating various budgets from under $200K to $1.7M residential reflecting the variety of properties available, from unimproved lots to smaller condos and townhomes and beyond to larger, more expansive single-family homes. (No listings available in the top tier of Harbor residential at the time of this article) The square footage range further highlights this diversity, offering choices from cozy, lower-maintenance living spaces to larger family homes.

The balanced mix of single-family homes, townhouses, and condos suggests a well-rounded real estate market catering to different lifestyles and preferences. However, the notable number of unimproved land listings indicates a significant interest or opportunity in custom-built homes or investment in land, suggesting a growing or evolving community.

For the Investor

It should be noted that in 2022 and 2023 there were only 2 building site sales. The transactions in The Harbor are almost entirely pre-constructed homes and condos. The average time that a developed property sat on the market during these two years was 80 days. There is a community approved Builder who is known to take great pride in his work and offers some stunning options.

Wrapping This Up

Overall, the active listings at The Harbor for 2023 illustrate a vibrant and dynamic real estate landscape. The variety in price, size, and property type indicates a healthy market with opportunities for a range of buyers, from first-time homeowners to luxury investors, and the substantial inventory of unimproved land points towards a future of growth and customization within the community.

Aerial photo from the back of The Harbor looking out at the homes and condos and beyond into PK Lake

Written by Matthew Renfro

All photos 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

Market Reports • August 29, 2024

Westside Market Report 2023

by Matthew Renfro

NTREIS* MLS Systems
Westside Possum Kingdom Lake
2022 and 2023 Comparison

The analysis of 2022 and 2023 real estate data for Single Family Homes and Unimproved Land on the Westside uncovers significant insights into market trends, highlighting a robust demand for residential properties and a growing interest in land investments. This focused examination reveals the resilience of the real estate market, with Single Family Homes showing remarkable appreciation in value. These findings not only reflect current market dynamics but also suggest evolving preferences among investors and homebuyers, pointing towards strategic opportunities in the evolving landscape of real estate.

Single Family Homes:

2022:
- Average Price per Square Foot: $480.54
- Average Sales Price: $1,261,294
- Median Sales Price: $1,325,000
- Highest Sale List Price: $2,999,900
- Homes Sold: 17
- Average Square Feet: 2,505
2023:
- Average Price per Square Foot: $533.53
- Average Sales Price: $1,478,929
- Median Sales Price: $1,175,000
- Highest Sale List Price: $3,990,000
- Homes Sold: 14
- Average Square Feet: 2,649

LINK TO AVAILABLE WESTSIDE PROPERTIES

The Single Family Homes market has shown an impressive rise in value and demand from 2022 to 2023. There’s a noticeable increase in sales prices and price per square foot, indicating strong interest in high-quality homes. The leap in the highest sale price in 2023 highlights the market’s ability to support luxury real estate transactions. With homes getting larger on average, it suggests buyers are prioritizing more spacious and comfortable living environments. For many years we have seen The Westside maintain an even keel status with smaller family lake homes and fishing cabins. That may not be the case for much longer. More and more luxury level new builds are coming on the market with dramatic views and deep-water docks, it is giving buyers more to think about when comparing to other areas of the lake.

Sunset photo at the Breakers Marina

Unimproved Land

There were only 4 waterfront lots on the west end that sold publicly in 2022 and 2023. That is not sufficient enough data to make any conclusions. That being said, the average for those 4 properties is around $836,250 for an average of 1.3 acres of waterfront land which is only second to The Ranch community in average size building site comparison.

Simplified Analysis:

For Homes: The market for Single Family Homes is booming. Prices are up, and so is the size of the homes people are buying. In 2023, the most expensive home on the Westside that sold was listed at $3,990,000 when it sold. Nearly 1 million more than the previous year, showing that buyers are looking for luxury and space.

For Land: Even though there is not a lot of data to numerically compare, land lots sold in 2023 with competitive rates to other areas of PK. This shows that people see a lot of value in owning land, whether it’s for building homes, investment, or other uses, the Westside is no exception. The jump in land prices points to a strong interest in securing valuable plots.

This analysis highlights the real estate market’s resilience and adaptability, showcasing a sustained demand for quality homes and the strategic value of land. Both segments present attractive opportunities, reflecting broader trends towards luxury living and the strategic acquisition of land as a cornerstone of investment portfolios.

Who represents the Westside?

Of all the active listings on the Westside, Possum Kingdom Real Estate maintains its majority of available properties. Maggie Burgess stands out with over 30% of the listings currently on the market. She is also credited with recently closing the The Breakers Marina, one of the few marinas that have sold publicly at PK.

Panoramic of The Breakers Marina on the PK Westside.

Written by Matthew Renfro

All photos were taken by Matthew Renfro

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

Market Reports • August 29, 2024

Peninsula Market Report 2023

by Matthew Renfro

Waterfront homes on Redbird Road near the Lush Resort

NTREIS* MLS Systems
Peninsula
Possum Kingdom Lake
2022 and 2023 Comparison

With 2023 coming to a wrap and all the data from last year’s real estate market finalized, it’s time we looked into the numbers and data. As you may be aware, I write a market report annually and typically try write a quarterly analysis for select communities. This article is going to highlight the changes in the market between 2022 and 2023 in the area known as the Possum Kingdom Lake’s Peninsula. While most of this is expected by anyone who has watch the market closely, I think there will be a few noteworthy data points that will surprise you. With that, let’s dive in.

2022 Metrics:

Price per Square Foot: Approximately $582 (*after removing outliers)
Average Sales Price: $1,454,754
Median Sales Price: $1,250,000
Average Square Footage: 2,628 square feet
Highest Sale List Price: $5,990,000
Number of Homes Sold: 10

2023 Metrics:

Price per Square Foot: Approximately $570 (*after removing outliers)
Average Sales Price: $1,395,563
Median Sales Price: $1,487,500
Average Square Footage: 2,664 square feet
Highest Sale List Price: $3,500,000
Number of Homes Sold: 19

The Comparison

In 2022, the real estate market showcased robust figures, with an average price per square foot of approximately $582. Homes sold for an average sales price of $1,454,754, and the median sales price was $1,250,000. The average square footage of sold homes stood at 2,628 sqft, with the highest sale list price reaching $5,990,000. A total of 10 homes were sold, indicating a vibrant market.

Transitioning to 2023, we observed slight shifts in these metrics. The average price per square foot decreased to $570. Despite a marginal dip in the average sales price to $1,395,563, the median sales price rose to $1,487,500, reflecting a market with a stronger appetite for higher-priced homes. The average square footage of homes sold increased slightly to 2,664 sqft, pointing to a continued preference for larger living spaces. However, the highest sale list price saw a decrease to $3,500,000. The number of homes sold increased to 19, indicating a more active healthy market.

*The Outliers… for transparency

It is also worth noting that there were 4 homes located on the interior of the peninsula that sold in 2023 as opposed to 1 lot that sold in 2022. Because of the generally smaller size and lack of waterfront or water view, these homes typically sell for fractions of the price of the other Peninsula counterparts. In 2022 there was a small cabin that sold for lot and dock value, with minimal value placed on the structure itself. If the value per square foot were applied to this property it would grossly affect the value per square foot. For that reason, both the interior homes and the smaller cabin properties were deemed “outliers”/oddities and were not included when calculating value per square foot. Commercial listings were also excluded in this data.

Fall at PK

Spotlight on 2023 Active Listings

Number of Homes Listed: 5
Range of Price: $1,299,000 to $2,450,000
Average Price: $1,917,250
Average Square Footage: 2,994.5 sqft

A closer look at the active listings in 2023 reveals a market segment with high-value offerings. With only 5 homes listed at the time of this article, the range of prices spanned from $1,299,000 to $2,450,000, with an average price of $1,917,250. These homes boasted an average square footage of 2,994.5 sqft, underscoring the premium placed on spacious and luxurious properties. This segment illustrates the market’s diversity, catering to buyers seeking substantial, high-end homes. Links to the listings currently on the market are below.

2927 Colonels Row – Rustic exterior with a classy, clean and rich grandeur interior. Commanding master suite with balcony looking out over the water.
2145 Trail Ridge 2 – Wrapping up construction. Tall ceilings and every bedroom has a lake view. Built to capitalize lake views and lake time.
2255 Park Avenue Circle – Charming deep water home. Big living room area and kitchen. Separate bunk house or man cave with it’s own lake front viewing platform.
2655 Hideaway Lane – Exquisite and spacious. Tall ceilings and yard big enough for regular parties. Pool, private boat ramp, and separate boat barn.
1963 Deer Trail Road – Massive yard. Over 1 acre of pristine level waterfront land. Open floor plan home. Enjoy sandy beaches, and easy lake access.

HERE IS LINK TO ALL CURRENT ACTIVE PENINSULA PROPERTIES

Understanding Market Dynamics

The real estate market’s year-over-year comparison sheds light on several key trends:

The rise in median sales price and the number of homes sold in 2023 suggests a sustained demand for higher-priced homes, indicating a robust segment within the market.
The slight increase in the average square footage of homes sold from 2022 to 2023 reveals a consistent or growing preference for larger homes, a trend that has implications for builders and developers.

The analysis of active listings in 2023 further highlights a segment of the market where luxury and space command a premium, pointing to the diverse needs and preferences of homebuyers.

As we move forward, understanding these trends and market dynamics will be crucial for buyers, sellers, and industry professionals alike, offering valuable insights into the ever-evolving landscape of real estate.

Written by Matthew Renfro

Photos taken 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

About The Area • August 29, 2024

Quick Facts About Possum Kingdom Lake

by Matthew Renfro

How Deep is Possum Kingdom Lake?

The Texas Parks and Wildlife have Possum Kingdom Lake’s maximum depth registered at 145 feet. Did you know that scuba diving used to be practiced and taught in some of the deeper areas of PK Lake? There are even locals that setup annual trash cleanups on the bottom of the lake, specifically highly partied areas like Hell’s Gate.

Possum Kingdom is actually the home of the ghost town of Pickwick. This small city was one named after a famous author, Charles Dickens, character “Mr. Pickwick” after realizing the original town name was already registered elsewhere in Texas. When the Morris Sheppard Dam was built in 1941 to combat flooding and conserve water, the town of Pickwick was left in the wake and is now submerged beneath the waters of Possum Kingdom Lake.

How Big Is Possum Kingdom Lake?

The waters of Possum Kingdom Lake are contained by 310 miles of shoreline. It holds approximately 750,000 acre-feet of water with 550,000 acre-feet of that being available for water supply. It has about 17,000 acres of surface area. The Brazos River Authority controls the water levels and is the governing authority for the area.

Is Possum Kingdom Lake A Man Made Lake?

Yes. Prior to the WWII era, the Brazos River which feeds PK Lake was predominantly uncontrolled. John Graves writes about the wild waters in his book Goodbye To A River. John documents what may have been the last canoe trips down the Brazos prior to a series of dams being built eliminating the unbridled raw flow of water. The Morris Sheppard Dam was built in 1941 forcing the waters to back up and fill the lake to where it sits now. The smaller hills and cliffs that line the waters edge now, are much larger than most people realize. These hills make up the Palo Pinto Mountains. Prior to the lake being built they were even larger and more formidable to climb.

Is Possum Kingdom Lake Always at the same Water Level?

No. The water level is governed by the State of Texas’ department known as the Brazos River Authority (BRA). Any new buildings, docks, or improvements near the water must be approved by this governing body. The BRA maintains multiple boat launches and parks around PK. As can be expected, the BRA actually has authority way up in North Texas with the Brazos headwaters and maintain control all the way down to where the river meets the ocean. They coordinate the release of water at the PK dam to ensure lakes down the river also maintain favorable water levels in addition to PK. In a severe draught

Some people have questioned whether or not the water levels fluctuation is a good thing or not. At PK we often view it as a very strong positive. Because the water levels occasionally drop 4 or 5+ feet it lets homeowners to do work on docks, walkways, and retaining walls that would cost a small fortune if lake levels were always the same. Additionally, when the water levels fluctuate, it helps to eliminate a lot of algae and mosses that often grow on the rocks in other lakes. This allows the regular beach goer to further enjoy and have better footing when wading the water’s edge, or playing around some of the cliff lines that drop into the lake.

Hells Gate Cove Lot

When was the PK Lake’s Dam Built?

The Possum Kingdom Lake dam, or Morris Sheppard Dam, was completed in 1941. Originally the construction of the dam began in 1938 and was the first dam built on the Brazos by what we now know as the Brazos River Authority. Originally, this modern marvel in its time, was a hydroelectric generating facility. It has since been decommissioned for that purpose and serves almost entirely for maintaining the water levels of the reservoir. For more on the Morris Sheppard Dam, use this link to visit the BRA website.

Written by Matthew Renfro

Buying and Selling at PK - Do's and Don'ts • August 29, 2024

BEWARE of Unlicensed Drone Pilots

by Matthew Renfro

Ignorance Is Not The Best Defense

It is almost common knowledge at this point that flying a drone for commercial purposes without a license is illegal. The biggest challenge is determining whether or not your purposes are commercial or hobby. As one man in Philidelphia found out, drone use, even if just used for a YouTube channel, must have a license. But did you know that if you hire an unlicensed pilot you could get fined up to 10X what the pilot is fined? The FAA won’t accept “I didn’t know” as an answer either.

What about my Real Estate Agent?

In today’s world, every agent knows that a stunning drone photo is almost paramount for getting buyers to come look at their listing. The real estate market at Possum Kingdom Lake emphasizes that even further. “You have to show them a view from the water, overhead, and to the water. Every angle matters.” But if you’re agent is doing it themselves in order to “save money” and they’re unlicensed, they’re putting you, the client, in the crosshairs. If an agent/pilot is investigated, they will go back and look at previous flights. That means that even if you get your home sold quickly you may still be at risk.

Why would an Agent risk it?

The simple answer, they probably don’t know. Everyone knows that you need it for commercial purposes, but many agents do not consider photos for a listing a commercial purpose. The FAA does not agree. Even if it’s below the weight restrictions for reporting the drone. Additionally, some agents have the mindset of “the FAA has bigger problems than finding me for taking photos.” Or they think that because they’re at PK, that the FAA doesn’t really care about rural flights. Again, not true. It is not a matter of IF the FAA inspects agents and pilots at PK, but WHEN. Recently, a volunteer firefighter in Graham was using his drone to help track a fire’s growth and spread. He was reported by someone who didn’t realize he was part of the fire team and ended up having to have a talk with the FAA about his flight.

How do I Protect Myself and Sell My Property?

There are plenty of ways to get around this. Primarily, you make sure that your agent, or whoever they hire to come take drone photos, is a Part 107 license holder. You can even ask them for a photo of their license. Many great agents at PK have licensed pilots that they use often, so this should be a simple photo for them to obtain. In some cases, the agent themselves are licensed.

NTREIS* MLS Systems The Cliffs Resort Possum Kingdom Lake Market Report 4th Quarter 2022 and 2023 Comparison

4th Quarter Comparison

Lots

Houses

Condos

Annual Comparison

Lots

Houses

Condos

Additional Insights

Current Real Estate Market Overview

Active House Listings

Active Lot Listings

Synopsis

Additional Links

NTREIS* MLS Systems Gaines Bend Market Report: 2022 and 2023 Comparison

Residential (Houses)

2022 Overview:

2023 Overview:

Key Insights

Lots (Unimproved Land) Market Analysis

2022 Overview:

2023 Overview:

Key Insights

Active Listings in 2023

Conclusion

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

Houses

Condos and Townhomes

Building Sites (Lots)

Active Market

Synopsis

Conclusion

NTREIS* MLS Systems The Harbor Possum Kingdom Lake 2022 and 2023 Comparison

Residential (Homes)

2022

2023

The Breakdown

Condos and Townhomes

2022 Condos and Townhomes Metrics

2023 Condos and Townhomes Metrics

Comparison Synopsis

Active MLS Listings

Active Listings Overview

For the Investor

Wrapping This Up

NTREIS* MLS Systems Westside Possum Kingdom Lake 2022 and 2023 Comparison

Single Family Homes:

Unimproved Land

Simplified Analysis:

Who represents the Westside?

NTREIS* MLS Systems Peninsula Possum Kingdom Lake 2022 and 2023 Comparison

2022 Metrics:

2023 Metrics:

The Comparison

*The Outliers… for transparency

Spotlight on 2023 Active Listings

Understanding Market Dynamics

How Deep is Possum Kingdom Lake?

How Big Is Possum Kingdom Lake?

Is Possum Kingdom Lake A Man Made Lake?

Is Possum Kingdom Lake Always at the same Water Level?

When was the PK Lake’s Dam Built?

Ignorance Is Not The Best Defense

What about my Real Estate Agent?

Why would an Agent risk it?

How do I Protect Myself and Sell My Property?

Protect Yourself. Protect Your Investments – Stay informed.

Other Outside Links on the Topic

NTREIS* MLS Systems
The Cliffs Resort
Possum Kingdom Lake
Market Report 4th Quarter
2022 and 2023 Comparison

NTREIS* MLS Systems
Gaines Bend Market Report:
2022 and 2023 Comparison

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

NTREIS* MLS Systems
The Harbor Possum Kingdom Lake
2022 and 2023 Comparison

NTREIS* MLS Systems
Westside Possum Kingdom Lake
2022 and 2023 Comparison

NTREIS* MLS Systems
Peninsula
Possum Kingdom Lake
2022 and 2023 Comparison