The first quarter of 2020 at Smith Mountain Lake did not disappoint! Strong sales of waterfront homes followed the momentum established in 2019, with likely the best Q1 sales results ever.
Although showing activity has definitely slowed with the circumstances around Covid 19, pending sales of 35 homes should support closings into April & May. Seems reasonable there will be a lag in the summer closings, depending on when buyers come back into the market. There’s a reason for optimism given the strong 2019 and Q1 2020 with the average home price up 8% due mainly to more higher-priced properties selling. While water access homes and condos/townhouse sales were flat or slightly down from the same time period a year ago, pending sales are still good and inventory is getting down to a more balanced market number. Give me a call to discuss complete details and what it means for you as a seller, or a buyer!