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Happy New Year!
It’s that time of the year that we take a close look at the statistical data for the year and compare it to last year’s Real Estate activity. There were drastic and exciting areas of improvement!
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It is so refreshing to see an increase in the number of homes sold this year, making this the third year in a row of improved sales. The eleven percent decrease in days on the market indicates that newer listings in general are selling. Currently, inventory is at its lowest point, but not surprising for this time of year. We expect to see a surge of new listings in the spring and another year, at least, of pricing pressure due to inventory outpacing demand.
Water Access Homes
We are happy to report a 16% increase in number of sales over last year, however there is still a lot of pressure on pricing.
Again, more good news to report! A 26% increase in the number sold. The inventory is high, however, with almost a year in absorption rate. Also notable is the one percent decrease in the average selling price, meaning we may have finally hit the bottom.
While the number of sales has decreased, the average price of those sales has increased. It is a great time to buy a lot here at Smith Mountain Lake and the good news is that we may have cleared out the distressed sales, getting back to more normal market conditions.
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Sign up to receive comprehensive Smith Mountain Lake Market Reports sent directly to your email address- you can email me at firstname.lastname@example.org. With data compiled specifically for Smith Mountain Lake, the reports include all of the details you need to know as a buyer or seller in a variety of segments such as waterfront homes, off-water homes, condos and townhouse and waterfront lots.
Click here to view the full year over year market statistics. Market Report 2014 vs 2015
The major home buying and selling season is in full bloom along with the beautiful spring flowers. Despite inventory remaining low within many areas across the country, the Smith Mountain Lake real estate market is experiencing a wide selection of property inventory and sellers looking to make a deal.
Market Headlines from Quarter 1 2015:
With elevated inventory levels, buyers have many options and competition is strong. Without a home being properly prepared for sale and priced according to market conditions the market won’t recognize the property.
It’s important to understand what you want. With so many choices available on the market today, there are many options to consider and choices to make. No matter what segment of the market that you are looking in, it’s a great time to buy!
Exclusive Insider Access to the Smith Mountain Lake Market Report
My team and I have prepared a detailed market report encompassing all of the data for the first quarter of 2015. Broken down by each market segment this insightful report can provide you with valuable details about the local real estate market. Click below to gain access to this insightful report.
Whether you are in the market to buy or sell, I would love the opportunity to work with you! I bring my 20+ years of experience within the local real estate market to help you with your next real estate transaction. Contact me to learn more about how I can help you buy or sell at Smith Mountain Lake.