Happy New Year!
It’s that time of the year that we take a close look at the statistical data for the year and compare it to last year’s Real Estate activity. There were drastic and exciting areas of improvement!
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It is so refreshing to see a increase in the number of homes sold this year, making this the third year in a row of improved sales. The eleven percent decrease in days on the market indicates that newer listings in general are selling. Currently, inventory is at it’s lowest point, but not surprising for this time of year. We expect to see a surge of new listings in the spring and another year, at least, of pricing pressure due to inventory outpacing demand.
Water Access Homes
We are happy to report a 16% increase in number of sales over last year, however there is still a lot of pressure on pricing.
Again, more good news to report! A 26% increase in the number sold. The inventory is high, however, with almost a year in absorption rate. Also notable is the one percent decrease in the average selling price, meaning we may have finally hit the bottom.
While the number of sales has decreased, the average price of those sales has increased. It is a great time to buy a lot here at Smith Mountain Lake and the good news is that we may have cleared out the distressed sales, getting back to more normal market conditions.
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Click here to view the full year over year market statistics. Market Report 2014 vs 2015