Looks like we are starting out on another good year, similar to 2015.
Waterfront homes are selling at about the same pace as last year, but the days on market are slightly higher which indicates that older listings are finally selling. Better news is that the average price is up ever so slightly, and best news is that there are 37 homes pending, almost as many that have sold so far this year.
Water access home sales are holding steady with just a small increase in number of sales and average price. Days on market is much higher, again telling me that older listings are finally getting out of the market.
Condos and Townhouses are still sluggish with a few less sales so far than last year, but a 6% increase in average sales price, and a reduction in the days on market.
Waterfront Lots still also very slow, also about the same as Q1 last year, and a significantly lower average sales price. If you’re in the market for a lot, still a GREAT time to buy!
Based on recent showing activity it looks like the Smith Mountain Lake housing market is heating up already for the summer selling season and some new listings are selling in a matter of weeks. Although still in an overall strong buyers market, this year might be the turning point. If you have been waiting to buy at SML, might be the time to pull the trigger!