The blanket of colorful foliage that is slowly enveloping the trees of Smith Mountain Lake means autumn is upon us! Despite getting off to a soggy start, we have enjoyed some beautiful weather at SML so far this fall.
Of course, this is the time where we take a look at Smith Mountain Lake Real Estate data for the third quarter of 2015. There is quite a bit of exciting information to share in this installment of the SML Market Report. Download the PDF or sign up to have it emailed directly to you each quarter.
Thinking of listing your property? Find out while fall is historically a busy time for real estate at Smith Mountain Lake.
We are continuing to see an increase in sales of waterfront homes at Smith Mountain Lake. The total number sold could eclipse 200 by the end of the year. The number of days listings stay on the market is declining, an indication that buyers are snapping up new listings. Although inventory is declining, we are still at 20 months of supply at the current inventory level. This number keeps pressure on prices, which are down 5% year to date over 2014.
Water Access Homes
Showing a similar trend as on-water properties, water access homes at Smith Mountain Lake are selling briskly and spending fewer days on the market. The average sales price for a water access house at SML is down 13% year to date over 2014 and we are still at more than a year’s supply. These factors favor buyers in the Smith Mountain Lake water access home market.
Condos and townhomes at Smith Mountain Lake have seen the biggest increase in sales – up 31% this year. Average number of days on the market is also on the rise, which suggests properties that had been slow to move are finally selling. Prices are holding steady, too, with just a 1% drop in sales price on average over last year. If you’re looking to purchase a townhouse or condo at Smith Mountain Lake, let me help you stay on top of the market. As inventory declines, the best deals will sell quickly.
With the price of waterfront homes, off-water homes and condos/townhouses at Smith Mountain Lake continuing to come down (and the cost to build going up), buyers are finding homes already built for much cheaper than they can buy a lot and build a new home. However, as the house inventory declines, lot sales should improve. The average price is actually up 21%, which suggests the best lots are being purchased by buyers who couldn’t find exactly what they were looking for in the Smith Mountain Lake home market.
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Download the PDF: Millehan and Shelton Q3 2015 SML Market Report