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.