Good news for Smith Mountain Lake real estate!
Sales are up over the same period last year in all categories. The trends of increasing numbers of properties selling for the last three years continues, and has picked up pace. Especially in waterfront homes where year-to-date we see a 23% increase. Also encouraging are the sales of condos/townhomes being also up 19%.
However, average sales prices are flat, or down, in all categories. So while more buyers are coming into the market, the high inventory levels continue to put pressure on prices.
So if you are a seller in this market, there are more buyers out there looking, but you’ll have to price aggressively to draw them in. If you are a buyer, there are plenty of properties to choose from and prices have yet to turn upward… but don’t wait too long. Increasing sales will bring inventory down and then prices will soon follow.