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Third Quarter 2016 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 – September

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Welcome to my September edition of the Smith Mountain Lake Market Report. We are beginning to see early signs of fall in the air, but that doesn’t mean falling prices nor inventory levels. Here are the highlights for this month’s report:

  • Sales have remained comparable to last year across the board. Note that last year was the best year since 2008.
  • September and October were the highest closing months for 2013 and we expect to see 2014 keeping with that trend. So far September has been extremely busy.  I predict that this year will surpass the total number of houses sold in 2013.
  • We continue to see a high level of inventory.   It’s still a great time for buyers to enter the market as they will have a large selection to choose from and prices are relatively flat.

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Data pulled from Roanoke Valley Association of Realtors­ MLS by Debbie Shelton

Sellers:
We are currently on point with what the market did last year, as we have seen the relatively same number of sold waterfront homes, days on market and percent of list to sold price. The average sales price has increased by $4,591 year-over-year. For water access homes, the competition is tough as buyers do have a lot of options. Prices are somewhat flat in this market as well.

I do have some good news to report if you own a townhome or condo as we have seen faster selling timelines as well as more sales from what we saw last year. It is a competitive market though so that needs to be considered in both the pricing and presentation of the property as the competition can be stiff.

Waterfront lots currently have 57 months of inventory which equates to many choices, as well as pressure on pricing. The good news on this front is that older listings are beginning to sell which makes way for fresh inventory. This year has also seen a higher number of lots sold to date when compared to last year, 50 versus 36 respectively. Read More→