Lake Gaston Real Estate Update End of Nov 2016 RE/MAX Broker Barney Watson

I read about a recent home sales study done over 4 years. It looked at over 7 million home sales and the season of year the home listed. The study revealed: a listing’s season might decide whether the home will sell for more than the asking price and how fast the sale will close.

It’s no surprise that listing a home for sale during the spring saw the largest return, as spring is traditionally the busiest month for real estate. What was surprising, though, is that listing a home during the winter came in second!

The study stated, “Among spring listings, 18.7 percent of homes fetched above asking, with winter listings not far behind at 17.5 percent. While 48.0 percent of homes listed in spring sold within 30 days, 46.2 percent of homes in winter did the same.”

The study went on to say, “Buyers (in the winter) often need to move, so they’re much less likely to make a lowball offer and they’ll often want to close quickly – two things that can make the sale much smoother.”

Note: The study used the astronomical seasons to determine which season the listing date fell into (Winter: Dec. 21 – Mar. 20; Spring: March. 21 – June 20; Summer: June 21 – Sept 21; Autumn: Sept 21 – Dec. 20)

Bottom Line: If you are debating listing your Lake Gaston home for sale within the next 6 months, keep in mind that the spring is when most other homeowners will decide to list their homes as well. There is more competition in the spring.  If you’ve been thinking of selling your Lake Gaston property, listing it this winter will ensure that you have the best exposure to the serious buyers who are out looking now! We have been very active with potential buyers this fall despite low inventory levels in some price ranges. Lake Gaston Realtors® do not stop working at the end of the summer, we help buyers and sellers all year long!

Here we are, almost to the end of 2016, and you can see just how busy we’ve been. Through November we have closed on 207 waterfront homes averaging $401,928 each, totaling $83,199,154 compared to sales of $75,253,200 in the same period in 2015.  A modest increase of 10.56% in dollar volume and 15.0% increase in unit sales of waterfront homes.  

Offshore home sales remain seemingly flat with 105 closed through November averaging $106,404 each, totaling $11,172,467. This category is down 2.4% in dollar volume over the same period in 2015 and it remains unchanged in unit sales.  

Waterfront homes represent 81.5% of our total dollar sales and Offshore homes represents 10.9% of our total sales in the four quads of Lake Gaston.

Lot sales remain slow at the lake, 37 waterfront lots have closed at an average sales price of $149,814.  We have also closed on 30 Offshore lots averaging $16,746 each.

Our closed transactions in the Lake Gaston market through November total $102,023,735. That’s an increase of 9.62% over 2015 sales in the same period which totaled $93,066,613.  

All sales statistics are from the Roanoke Valley Lake Gaston Board of REALTORS® Multiple Listing Service (MLS) and do not reflect private sales.

“Consumer confidence improved in November after a moderate decline in October, and is once again at prerecession levels,” said Lynn Franco, Director of Economic Indicators at The Conference Board.  “A more favorable assessment of current conditions coupled with a more optimistic short-term outlook helped boost confidence. And while most consumers were surveyed before the presidential election, it appears from the small sample of post-election responses that consumers’ optimism was not impacted by the outcome. With the holiday season upon us, a more confident consumer should be welcome news for retailers.” 

The Conference Board Consumer Confidence Index®, which had declined in October, increased significantly in November. The Index now stands at 107.1, up from 100.8 in October.

The National Association of REALTORS® (NAR) announced Nationally Pending Home Sales in October were up 0.1% and Existing Home Sales were up a strong 2.0%. NAR contributes the increase to improving consumer confidence levels as well as job and wage growth.  NAR also estimates sales have been lagging due to low housing inventories.

Per REALTOR®.com, the 2017 national real estate market is predicted to slow compared to the last two years, across most economic indicators. Home prices are anticipated to increase slightly and existing home sales are forecasted to increase 1.9 percent to 5.46 million homes. Interest rates are expected to reach 4.5 percent due to higher expectations for inflationary pressure in the year ahead.  Next year, the prediction is the housing market will be dominated by two demographic groups, millennials and baby boomers.  Baby boomers are expected to make up 30 percent of buyers in 2017 and given they’re less dependent on financing, they are anticipated to be more successful when it comes to closing.  Baby boomers tend to have an appetite for second-homes.

I don’t have a crystal ball but I am very optimistic about the Lake Gaston Real Estate Market continuing to be strong as we finish 2016 and head into the New Year.

I would like to wish everyone a very Merry Christmas, Happy Hanukkah, and a wonderful New Year!

Barney Watson is Managing Partner with RE/MAX On The Lake and 2016/2017 MLS President of the Roanoke Valley Lake Gaston Board of REALTORS®. His cell: 252-532-3274 and web: Lake Gaston Real Estate RE/MAX Broker Barney Watson

Lake Gaston Real Estate Broker Barney Watson (RE/MAX ON THE LAKE)

Lake Gaston Real Estate Market Update End of Oct 2016

I was thinking about how we “Fall Back” this time of the year when we adjust our clocks for Daylight Savings Time and what difference does an hour make in the real estate market? The answer is that every hour in the United States 633 homes sell, 253 homes regain positive equity and Median Home Values Go Up $1.43? An hour makes a huge difference in the real estate market.

From hours to months for the local real estate market: Let’s look at the first ten months of 2016 for the Lake Gaston real estate market. Busy and productive describe it best. We have completed the sales of 187 waterfront homes, 97 offshore homes, 36 waterfront lots and 29 offshore lots totaling $92,694,385.  In the same ten months of 2015 our total sales were $86,323,213. Our overall dollar sales increase for the year is a modest 7.38% over last year and our unit increase for land and homes is 10.22%. 

Waterfront homes, the largest part of the increase in 2016, is up 6.06% over 2015. Waterfront homes represent 81% of our total sales in 2016. Our average days on market in 2016 for waterfront homes is up slightly to 219.  Days on market are the days between when the property first goes onto the market until closing, which includes about 45 to 60 days after the property goes under contract.

All sales statistics are from the Roanoke Valley Lake Gaston Board of REALTORS® Multiple Listing Service (MLS). 

The National Association of REALTORS (NAR) reported Existing Home Sales and Pending Home Sales increased slightly in September.  NAR predicts an increase of 2% in both Existing and Pending Homes Sales for 2017.  They site inventory shortage in some markets will hold back sales.  We are also short quality inventory here at the lake in some price ranges. 

The Conference Board Consumer Confidence Index, which had increased in September, declined in October. The Index now stands at 98.6, down from 103.5 in September.  “Consumer confidence retreated in October, after back-to-back monthly gains,” said Lynn Franco, Director of Economic Indicators at The Conference Board. “Consumers’ assessment of current business and employment conditions softened, while optimism regarding the short-term outlook retreated somewhat. However, consumers’ expectations regarding their income prospects in the coming months were relatively unchanged. Overall, sentiment is that the economy will continue to expand in the near-term, but at a moderate pace.” 

Buyer activity continues to be strong going into the fall season. We believe 2017 will be another strong year in the Lake Gaston real estate market.

Barney Watson is Managing Partner with RE/MAX On The Lake and 2016 MLS President of the Roanoke Valley Lake Gaston Board of REALTORS®. His cell: 252-532-3274 and web:www.barneywatson.com

Lake Gaston Real Estate Update 1st Half of 2016 - Barney Watson RE/MAX ON THE LAKE

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 2016 we have closed on 93 waterfront homes averaging $386,911 each verses 81 in the same six months last year, an increase of 8.05% as measured in dollar sales.  Offshore homes sales are lagging behind, down 14.41% over 2015 sales with 45 sold averaging $103,532 each.  Waterfront lots sales have increased slightly with 20 sold in 2016 at an average sales price of $146,295.  Total land and homes sales in the Lake Gaston market for the first six months of this year are $45,388,152 versus $41,186,209 in the same period of 2015 or up 10.20%.

All statistics are from the Roanoke Valley Lake Gaston Board of REALTORS® Multiple Listing Service 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 3.7% in May. They suggest volatility in the financial markets, uncertainty in the UK plus a lack of available inventory, are largely responsible.   The NAR reported existing home sales across the country in June achieved the highest monthly gain in more than nine years.  

My Lake Gaston Pending Waterfront Home Index shows 66 waterfront homes went under contract in the second quarter of 2016 versus 48 in the same period of 2015.  Closed waterfront home sales in the four quads of Lake Gaston for the second quarter of 2016 were 64 compared to 49 in the same quarter of last year.  Buyer activity in the Lake Gaston market is good, lack of inventory in certain price levels is holding back sales slightly.  

The Consumer Confidence Index^®, which had decreased in May, rose to 98.0 in June. In May the figure was 92.4. “Consumer confidence rebounded in June, after declining in May,” said Lynn Franco, Director of Economic Indicators at The Conference Board. “Consumers were less negative about current business and labor market conditions, but only moderately more positive, suggesting no deterioration in economic conditions, but no strengthening either. Expectations regarding business and labor market conditions, as well as personal income prospects, improved moderately. Overall, consumers remain cautiously optimistic about economic growth in the short-term.”

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 a slow but steady growth. We expect real estate sales and listings to remain strong going into the second half of 2016.

Barney Watson is Managing Partner with RE/MAX On The Lake and 2015 President of the Roanoke Valley Lake Gaston Board of REALTORS®. His cell: 252-532-3274 and web: www.barneywatson.com.