The 2013 real estate data for the Smith Mountain Lake area is in and the numbers look great! Lake property sales are up for the first time since 2006, and that’s good news for both buyers and sellers.
Overall, sales of lakefront homes, town homes, condos, and lots are up 8.5 percent. This increase comes after seeing annual flat levels or decreases in overall sales for the past several years. The trend has finally turned around, and the most sales growth has been in townhouses and condos at Smith Mountain Lake, which have seen a 16 percent increase in 2013.
Increased average price indicates luxury home interest
Additionally, the numbers show that the average price of homes sold has increased. This is likely due to the fact that in 2013, several high-end homes valued at over a million dollars have sold to people moving or retiring to the area.
The increase in average home price is a great indicator of a healthier real estate economy, demonstrating that more people are interested in buying luxury rather than looking for the cheapest possible real estate.
Lot sales are declining
On the other hand, sales of waterfront building lots have remained flat or decreased. Many home buyers are simply looking for the convenience of purchasing an already existing home, rather than having to wait for a custom built home on a lot.
This trend also indicates that the economy may not have fully recovered, since it’s more expensive to build than to buy—but things are definitely on the way up!
A great time to sell or buy at Smith Mountain Lake
If you’re considering a move to the Smith Mountain Lake area, this spring should see additional inventory at competitive prices as buyers take advantage of the turning market. Now is the time to buy, before property prices start to rise again as the market improves.
Are you looking to sell property at Smith Mountain Lake? Contact Debbie today, and enjoy the advantage of an experienced real estate agent who knows the area and understands what it takes to successfully market your property.
*Special Thanks to Tom and Eric Fansler for pulling some of the MLS data we’ve highlighted in our infographic.