The real estate market at Smith Mountain Lake finished up a second year of improving sales, although not quite as exciting as 2017. Waterfront home sales declined slightly from the previous year and prices stayed flat. But, we still have more buyers coming back into the market as compared to the ten years we were slowly climbing out of the recession. Expect inventory to continue to stay high as sellers who have been waiting for improving conditions come into the market. However, once a new listing, properly priced, comes on the market, buyers are waiting to snap them up. So while it’s technically still a “buyers market”, be prepared to move quickly if a waterfront home that meets your needs is available. The pace of sales for off water homes and condos/townhouses showed significant slowing from the 2017 hot streak, so that’s still a great opportunity for buyers. Lagging behind still is the sale waterfront lots. Although the number sold 2018 was even with 2017, the average sold price was down. Now’s the time to buy a lot if you want to build! Love to see you at the lake in 2019.
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