Lake Gaston Real Estate Update End of Oct by Barney Watson RE/MAX On The Lake

Another Beautiful Lake Gaston Sunset 

RE/MAX - LAKE GASTON REAL ESTATE VIDEO UPDATE JAN-OCT 2013 STATS by: Barney Watson

Lake Gaston Real Estate Video Update Jan - Oct 2013 by: Barney Watson - RE/MAX On The Lake

 

Lake Gaston Real Estate Market Update End of Sept 2013

Lake Gaston Real Estate: 

It is time to embrace the fall season; it officially begins on October 22nd! Some say summer is the most popular time to visit Lake Gaston, but fall is the best time. I agree with them. I am looking forward to the cool breezes, pumpkin picking and fall festivals. Check the Chamber of Commerce, http://www.lakegastonchamber.com/calendar.html for fall activities in our area. 

Through the end of the third quarter in the Lake Gaston area, real estate sales and listings remain steady. In September, we had closings on 14 waterfront homes, 4 offshore homes, 4 waterfront lots and 1 offshore lot totaling $7,138,700. In September last year, we closed 16 waterfront homes, 13 offshore homes, 3 waterfront lots and 1 offshore lot totaling $8,274,750. In the first nine months of 2013 we have closed 242 transactions equaling $63,689,123 total. In the first nine months of 2012 there were 226 transactions equaling $58,569,715 total. This year we have an increase of 8.7% in sales dollars over the same time period last year. 

Compared to previous years, our dollar sales for the same eight months of 2011 were $53,065,871. In 2010, sales were $45,629,480 and in 2009 sales were $40,418,349. In 2008, sales were $74,067,882 and in 2007 sales for the first eight months of the year totaled $103,061,740. This year, third quarter, we are down 38.2% from our same period sales in 2007. The real estate market recovery is slow, but steady and we are confident it will continue to improve. 

Waterfront homes remain strong at 74.7% of total sales this year showing an increase of 6.9% in dollar sales with the average waterfront home selling for $403,401. Offshore home sales represent 10.9% of our total sales showing an increase of 21.5% in dollar sales with the average off-shore home selling for $100,632. It is good to see the increase in off-shore sales in the lake area. 

Nationally, the National Association of REALTORS (NAR) reports Existing Home Sales increased 1.7 percent in August and reached the highest level in six-and-a-half years. Existing Home Sales are completed transactions of single family homes. 

NAR also report The Pending Home Sales Index was down in August by 1.6% from August a year ago. The Pending Home Sales Index in a forward-looking indicator based on signed contracts but not completed transactions. 

Mortgage rates have eased slightly. The 10-year Treasury Note has dropped to 2.59%, down from a high of 3.01%. The 30-year mortgage rates are in the 4.25% range and 15-year rates are in the 3.25% range. The Consumer Confidence Index increased slightly in August but decreased in September. The decrease reflects concerns about the short-term outlook for both jobs and earnings. Even with an improving economy, consumers are uncertain forward momentum will continue in the months ahead. I hope that low interest rates and an increase in consumer confidence will help with sales in the lake area. 

Have you been thinking of listing your Lake Gaston property for sale? Our fall season offers less competition with other sellers compared to our busy spring and summer seasons. Fewer homes on the market this time of the year make it a great time to list. Fall buyers are often more serious with a greater sense of urgency than spring or summer buyers. Typically, they like to close quickly. The holidays, or year-end tax advantages for some, are reasons most give. No matter what season a buyer closes on a Lake Gaston property, they all say they cannot wait to start “lake living”!