The news about the economy and housing remains
positive. The National Association of
REALTORS reports the Pending Home Sales Index rose 2.4 percent in July over
June. The data reflects properties under
contract but not closed. The index is at
the highest level since April 2010. This
marks the fifteenth consecutive month of improvement in contract activity.
The National Association of Homebuilders also reports
their builder sentiment index increased two points to its highest level since
March 2007. Across America consumers
appear upbeat and are investing in their homes. Home Depot the nation’s largest
home improvement retailer reports; sales of paint, bathroom accessories and
kitchen installations helped improve their net income in the second quarter by
12 percent.
According to the Commerce Department new home sales in
the United States rose 3.6 percent in July. This matched a two-year high
reached earlier this year and it is the latest sign of a steady recovery in the
housing market. This news and the improving employment numbers are great for
the economy. Though new homes represent only a small portion of the overall
housing market, they have a disproportionate impact on the job market. The National Association of Home Builders statistics
show: Each new home built creates an average of three jobs for a year and produces
about $90,000 in tax revenue.
For the Lake Gaston real estate market; we had 32
waterfront homes close in August for a total value of $7,642,790 compared to 37
in August of last year for a total value of $11,191,867. We had 7 offshore homes close this August compared
to 8 in August of 2011. Waterfront lot
sales are increasing. The first eight
months of 2012 we have closed on 33 waterfront lots compared to 14 in
2011. Our overall sales (lots and homes)
total $49,763,465 for the first eight months of 2012 compared to $49,405,867 in
the first eight months of 2011 or an increase of 0.7%. To put these numbers in perspective, the first
eight months of 2007 we experienced closed sales of $91,928,326. We mentioned pending sales earlier in the
article. We currently have 29 waterfront
homes under contract, waiting to close, along with 16 off-shore homes and 11
waterfront lots. All of these sales numbers are from our Multiple Listing
Service and do not reflect private sales which will have minimum impact.
We are seeing new home construction of custom-built homes
over the entire Lake Gaston area. A decreasing
inventory of quality pre-owned homes and an increase of waterfront lot sales
adds up to buyers opting to build in order to get their dream home.
Now is a great time to buy or sell in the Lake Gaston
area. When selling, remember to price
your property correctly the first time. Buyers are looking for a good value, a property
priced according to the current market conditions. The economy is improving and consumer
confidence is increasing. We are starting to see buyers that were on the
sidelines are coming forth searching for their vacation or investment property. Remember if you buy and sell property in the
same type of market you will win every time.
You can reach Barney at http://www.barneywatson.com or email: barney@barneywatson.com
