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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.

Market Report- Smith Mountain Lake Real estate First Half 2016

Market report first half 2016

Good news for Smith Mountain Lake real estate!

Sales are up over the same period last year in all categories. The trends of increasing numbers of properties selling for the last three years continues, and has picked up pace. Especially in waterfront homes where year-to-date we see a 23% increase. Also encouraging are the sales of condos/townhomes being also up 19%.

However, average sales prices are flat, or down, in all categories. So while more buyers are coming into the market, the high inventory levels continue to put pressure on prices.

So if you are a seller in this market, there are more buyers out there looking, but you’ll have to price aggressively to draw them in. If you are a buyer, there are plenty of properties to choose from and prices have yet to turn upward… but don’t wait too long. Increasing sales will bring inventory down and then prices will soon follow.

Smith Mountain Lake Market Report 2015 vs 2016 First Quarter

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Looks like we are starting out on another good year, similar to 2015.

Waterfront Homes
Waterfront homes are selling at about the same pace as last year, but the days on market are slightly higher which indicates that older listings are finally selling.  Better news is that the average price is up ever so slightly, and best news is that there are 37 homes pending, almost as many that have sold so far this year.
Water access home sales are holding steady with just a small increase in number of sales and average price.  Days on market is much higher, again telling me that older listings are finally getting out of the market.
Condos and Townhouses are still sluggish with a few less sales so far than last year, but a 6% increase in average sales price, and a reduction in the days on market.
Waterfront Lots still also very slow, also about the same as Q1 last year, and a significantly lower average sales price.  If you’re in the market for a lot, still a GREAT time to buy!
Based on recent showing activity it looks like the Smith Mountain Lake housing market is heating up already for the summer selling season and some new listings are selling in a matter of weeks.  Although still in an overall strong buyers market, this year might be the turning point.  If you have been waiting to buy at SML, might be the time to pull the trigger!