We are finishing out the year with a bang as strong sales numbers continue. If you are looking at entering the local real estate market, it’s a great time with less competition than the traditional busy real estate months that exist throughout the spring and summer seasons. Here are the main headlines from my December 2014 Smith Mountain Lake Market Report:

  • Waterfront home sales have already surpassed last year’s total as it stands at the time of this entry we have already realized a 6 percent increase in sales over last year.
  • The number of active waterfront home listings are down to 297 homes for sale, this is expected for this time of year with the holiday season and winter. Many homeowners will re-list in the springtime.
  • Water access homes have kept a steady pace when compared to last year’s sales numbers and additionally realized 68 less days on market when comparing 2014 to 2013 DOM. Additionally, a higher sales price in 2014 with $242,102 in contrast to 2013 which was $222,666.
  • A high level of inventory exists in the waterfront condo and townhome market, currently there are 167 active listings in this segment.
  • Waterfront lots have seen terrific sales numbers and good prices. A few higher price lots have sold which has aided in a higher average sales price for the year that currently stands at $188,614 compared to last year’s number of $177,887.

Smith Mountain Lake property sales have remained strong throughout the year. Consumers have felt more confident due to the improving economy and job market. Chief Economist of the National Association of Realtors, Lawrence Yun predicts that the national median existing-home price will rise by 4 percent in 2015 and again in 2016.

Sellers Take Note
With a slightly higher pace in sales this year it has been a great year for local real estate at Smith Mountain Lake. It’s not a bad time to get on the market this time of year. Sellers will be competing against less competition as the spring and summer months are when the local market sees an influx of listings hitting the market. Waterfront home prices have remained steady but have seen a slight decrease. Down from last years $586,779 to $565,495 for 2014.

Buyers Be on the Lookout
This is still a great time to buy, low-interest rates and good prices mean that you can still get a great deal. In the waterfront home and condo/townhome market segments you will encounter pricing pressure due to high inventory levels that exist. This can work to your advantage as you have a wide selection to choose from, and sellers must be competitive in order to get a deal done.

If you are looking to buy or sell a property in the New Year then contact me to help you with all of your Smith Mountain Lake real estate needs. May your holidays be warm and bright!