The hot summer buying season is continuing into September and beyond. With a stable and healthy market for buyers and sellers alike, the local market offers a wide selection of property types and price ranges. Overall the pace of local property sales remains consistent compared to last year with some property types experiencing an increase year-over-year. Smith Mountain Lake may be cooling off by the real estate market is still warm.
Data pulled from Roanoke Valley Association of Realtors MLS by my business partner, Debbie Shelton
The year-to-date sales of waterfront homes are equal to last year, which happened to be the best year on record since 2008. Currently, there are 42 homes pending if they all close in September and October then that would bring the level of sales for 2014 (Jan-Oct) to the same level as the entire year of 2013. Last year saw both September and October as the highest volume months for closed transactions therefore the above scenario could actually occur. So far for the month of September we have seen lots of activity, yet there is still a high level of inventory for buyers to choose from as well as flat prices.
Waterfront Condo & Townhome Sales
The average sales price for condos and townhomes is lower from last year with a high level of inventory on the market. With 183 listings, buyers have a vast selection to choose from depending upon what their search criteria is. Although the market for sellers is competitive, there has been a higher level of sales over last year and fewer days on market which equates to good news if you are in the market to sell.
Waterfront Lots & Acreage
Older listings are beginning to sell yet there is still a high level of inventory on the market, 57 months worth to be exact. Buyers have many choices and can effectively negotiate because of the large volume of inventory. Prices still remain low with the overall market improving.
Property sales remain strong as the peak season continues. Contact me for all of your real estate needs, I bring my 20+ years of experience in the local market to assist you whether you are buying or selling.