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Third Quarter Smith Mountain Lake market report

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Single family homes and condo sales are still ahead over last years data, however the momentum has slowed down since the first half of 2016.

For all categories, we are still on speed  for a nice increase in total number of sales over 2015.

SML Real Estate Market Update- December

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If you are in the market to purchase a property, then you may want to consider now as the best time to do so. We still have a good selection of inventory across the board and interest rates remain relatively low.

Many economists are projecting mortgage rates to hit the 5% mark before the end of 2015. The National Association of Realtors Forecast for 2015 projects that we will see an 8 percent gain in existing home sales. In addition, the average home price appreciation across the country will be between 4 to 5 percent. The real estate market, both locally and nationally, continues to show improvement and promise.

MR-DEC2014

Below is a breakdown of local property types and what the Smith Mountain Lake real estate market is currently seeing:

Waterfront Homes
We will be closing out 2014 with strong sales numbers for Waterfront Homes at Smith Mountain Lake with a 6 percent increase to date of closed sales. An additional 28 deals are pending which will mean a fantastic end of the year close should they all be finalized before the end of the month. Currently, there are 297 listings on the market, which is down from the summer season, but to be expected with the holidays and winter months. Spring and summer will see an influx of new and re-listed properties entering the market.

Waterfront Access Homes
This sector of the market has realized a decrease in Days on Market (DOM) down from 316 to 248 when compared to 2013. Additionally, the average sales price year-over-year is up from $222,666 to $242,102. The number of total homes sold is down to 60 this year when compared to 64 waterfront access homes sold last year.

Waterfront Condos and Townhomes
The waterfront condos and townhomes continue to see a high level of inventory that has put pricing pressure on the majority of listings. There are currently 167 listings on the market with an average sales price down from last year, $303,511 to $277,534. Sales numbers kept pace with last year with only one less sale to date; 73 sold this year versus 74 sold last year.

Waterfront Lots and Acreage

Sales have continually increased in this area of the local market, with 67 sales completed to date. Last year only 51 waterfront lots and acreage were sold. This year has also seen a higher sales price; this is partly due to several high-end lots selling with one having a sales price of $750,000. The average sales price for this year has been $188,614 compared to last year’s average of $177,887.

2015 could be your year for real estate. Contact me to learn more about the fantastic listings that we have at Smith Mountain Lake that can work with nearly any budget. If you are in the market to sell then I can get your listing sold for top dollar. May you have a terrific holiday season and a Happy New Year!