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”!