Lake Gaston Real Estate Update by: RE/MAX On The Lake Barney Watson
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 June we closed on 24 properties, 16 waterfront homes and 8 offshore homes totaling $8,473,000. In June of last year we closed on 23 properties totaling $6,150,500.
In the first half of this year we have closed on 81 waterfront homes averaging $411,130 each and 45 offshore homes averaging $117,512 each. Lot sales continue to be slow with 15 waterfront lots averaging $154,817 each and 4 offshore lots averaging $10,600 each. Total closed sales for the first six months of 2015 equaled $41,031,208 compared to total sales of $31,083,579 for the same period of 2014, an increase of 32.0%. In the first six months of 2013 total closed sales equaled $42,635,805., signaling we are even or slightly behind where we were two years ago. Last year buyer activity was slow in the first half of the year.
All sales statistics are from the Roanoke Valley Lake Gaston Board of REALTORS®
Nationally, home sales are surging in many areas of the United States. The National Association of REALTORS® reports the Pending Home Sales Index in May climbed to a 9-year high. They say the index has increased to 112.6 which is just below the August 2006 levels. They also report existing home sales in May climbed 5.1% which is the third consecutive month of sales rates exceeding 5 million homes.
Several factors help explain the surge:
Consumer confidence showed a solid gain in June following a modest increase in May supporting the view that job growth is giving a boost to the overall economy. The Conference Board’s latest report says the consumer confidence index rose to 101.4 in June, up from May’s reading of 94.6. The index is now 17.4% higher than a year ago, evidence the economy is poised to enjoy stronger growth through the rest of the year. The expectation is the stronger job growth will boost consumer confidence and lift consumer spending which accounts for more than 70% of economic activity. Analysts are predicting growth rebounding to 2% or better and accelerating even further to growth in the 3% range for the second half of 2015.
Affordably low mortgage rates have helped with home sales this year. Current local mortgage rates are 3.875% for 30-year fixed and 3.0% for 15-year fixed mortgages. The Mortgage Bankers Association predicts the 30-year fixed rate will rise to 4.4% by year-end. In 2016, they project interest rates will climb to 4.6% in the first quarter, 4.8% in the second quarter, 5.0% in the third quarter and 5.3% in the fourth quarter. This rise will impact the affordability of home ownership.
Thinking of buying or selling a Lake Gaston property? Now is a great time, we have eager sellers as well as strong buyer activity.
RE/MAX On The Lake - Barney Watson - Managing Partner, Broker, Realtor®
I am a licensed real estate Broker in North Carolina and Virginia. I have earned the following designations:
ABR – Accredited Buyers Representative
ALHS – Accredited Luxury Home Specialist
CHMS – Certified Home Marketing Specialist
CRS – Certified Residential Specialist
GREEN – National Association of REALTORS® GREEN Designation
GRI – Graduate REALTOR® Institute
RSPS – Resort & Second-Home Property Specialist
SRS – Seller Representative Specialist
SRES – Senior Real Estate Specialist
SFR – Short Sales & Foreclosure Resource
SPS – Strategic Pricing Specialist
I am also a recipient of the RE/MAX Hall of Fame Award
