As I have said before, “Lake
Gaston is the ideal place for a perfect summertime lake experience. Real estate
showings to vacationers is increasing. It is hard to say good-bye once you have
fallen in love! That is how many of us locals, myself included, came to call
Lake Gaston home.”
In the first half of 2017 we
have closed on 117 waterfront homes averaging $439,810 each verses 94 in the
same six months last year, an increase of 41.45% as measured in dollar
sales. Offshore home sales have
increased sharply as well up 21.14% over 2016 sales with 49 sold averaging $116,663
each. Waterfront lot sales continue
their downtrend with 22 sold in 2017 at an average sales price of $133,932. Total land and home sales in the Lake Gaston
market for the first six months of this year are $60,514,080 versus $45,843,152
in the same period of 2016 or up 32.0%.
All statistics are from the
Roanoke Valley Lake Gaston Board of REALTORS® Multiple Listing Service (MLS)
and do not include private sales.
The National Association of
REALTORS (NAR) reports pending home sales, homes going under contract but not
yet closed, slipped 0.8% in May and is 1.7% below the level a year ago. Lawrence
Yun, NAR chief economist,
says it's clear the critically low inventory levels in much of the country
somewhat sidetracked the housing market this spring. “Monthly closings have
recently been oscillating back and forth, but this third consecutive decline in
contract activity implies a possible topping off in sales," he said.
"Buyer interest is solid, but there is just not enough supply to satisfy
demand. Prospective buyers are being sidelined by both limited choices and home
prices that are climbing too fast."
My Lake Gaston Pending Waterfront
Home Index shows 130 waterfront homes went under contract in the first half of
2017 versus 126 in the same period of 2016.
Buyer activity in the Lake Gaston market is good, lack of inventory in
certain price levels is holding back sales slightly.
NAR also reports existing home sales, which are completed
transactions that include single-family homes, town-homes, and condominiums,
climbed 1.1 percent in May. The median
existing-home price for all housing types across the United States in May was
$252,800. This surpasses last June ($247,600) as the new peak median sales
price, is up 5.8 percent from May 2016 ($238,900) and marks the 63rd straight
month of year-over-year gains. The
median home (waterfront and offshore) sold in the Lake Gaston market in the
first half of this year was $311,000.
The Consumer Confidence Index®,
which had decreased in May, increased moderately in June. The current Consumer
Confidence Index® stands at 118.9, up from 117.6 in
May. Overall, consumers anticipate the
economy will continue expanding in the months ahead, but they do not foresee
the pace of growth accelerating.
Now is a great time to list your property if you have been
thinking about selling. Buyer activity
is strong, we are lacking quality inventory in some price ranges and interest
rates are still at historically low levels.
If you are thinking of selling; you should contact a full-time,
experienced REALTOR® and get sales statistics and current market conditions in
writing before deciding. Homes priced
correctly the first time and in good condition should go under contract within
the first 30 to 45 days after going on the market. You may also consider having inspections
completed before listing your home so there are no surprises after your
property is under contract. Usual
recommendations include: Home, radon, septic, and termite inspections.
Lake Gaston’s current economy is good; we continue steady growth.
We expect buyer activity and real estate sales to remain strong going into the
second half of 2017.
Barney Watson is Broker-In-Charge at RE/MAX On The Lake and
2017 President of the Roanoke Valley Lake Gaston Board of REALTORS® MLS. His cell: 252-532-3274 and web: www.barneywatson.com
