I have some big news to report as we have surpassed waterfront home sales levels in 2014 for the same period from 2013. This year has been a great year in the local Smith Mountain Lake real estate market and below are just a few of the many highlights:
• From January through October 2013, 161 waterfront homes were sold, for the same period this year we have seen 168 homes sold.
• There are 33 pending sales currently and 326 active listings on the market as I write this. The average days on market for this year has been 296 days with an average sales price of $567,679, both of these numbers show no real change to other months. [see chart at the bottom of this post]
• With only a month and a half to go in 2014 I am projecting that we will end the year with slightly higher sales levels than last year. Up until now the sales levels have kept a steady pace with last year and have finally jumped ahead.
Inventory and Sales Levels Keeping Pace
Inventory levels have slightly declined because some sellers are choosing to take their home off the market over the holiday season and winter months. These sellers will most likely return the listing to the market come spring when the weather turns warm, and the real estate market heats back up.
• Water access homes have also seen an increase in the level of sales as well. While the average selling price and days on market are consistent with 2013 year-to-date numbers.
• A relatively flat market exists for condos and townhomes as we are seeing numbers on track with those from 2013, this year we are only slightly ahead on the number of sales.
• Waterfront lots have seen a fairly good improvement in the number of properties sold compared to last year; currently 62 sold this year to date versus 47 sold for the same period last year. [see chart at the bottom of this post]
2014 Could Be A Record Year For Local Real Estate!
2013 was the best year on record since 2006, and I predict that 2014 may just be able to take over the title of the ‘best year on record since 2006’. Local real estate prices have remained steady, and the Smith Mountain Lake area continues to attract buyers. While these last few months of year are traditionally ‘quieter’ in the real estate market, this year we are still busy with buyers and sellers in the market.
Smith Mountain Lake offers so much for residents! From the community, lifestyle, recreational opportunities and much more, home buyers are drawn here. Contact me if you are thinking about buying or selling real estate at Smith Mountain Lake.