Lake Gaston Real Estate: In the first half of 2018 we
closed on 95 waterfront homes averaging $457,277 each verses 120 in the same
six months last year, a decrease of 17.46% as measured in dollar sales.
Offshore home sales have increased slightly, 2.9% over 2017 sales with 51 sold
averaging $115,339 each. Waterfront lot
sales were also up slightly with 25 sold in 2018 at an average sales price of
$136,167. Total closed land and home
sales in the Lake Gaston market for the first six months of this year are $56,251,140
versus $61,697,330 in the same period of 2017 or a decrease of 8.83%.
Total market sales in dollars,
land and homes was up this April over last year by 31%, May was down 12% and
June decreased by 21%. My LKG Pending
Waterfront Home Index, showing waterfront homes went under contract but not
closed was up in April by 38% over April 2017, May was down 16% and June was
also down 13%. Days on Market for
waterfront home sales in 2018 is also down over 2017, April dropped 33% over
last April, May was down 42% and June was down 19% from the same months in
2017. All three categories show a
shortage in available inventory.
All statistics are from the
Roanoke Valley Lake Gaston Board of REALTORS® Multiple Listing Service (MLS)
and do not include private sales.
The National Association of
REALTORS (NAR) reports pending home sales, homes going under contract but not
yet closed, decreased modestly in May and have now fallen on an annualized
basis for the fifth straight month.
Lawrence Yun, NAR chief economist, says a solid
economy and job market should be generating a much stronger sales pace than
what has been seen so far this year. “Closings were down in a majority of the
country last month and declined on an annual basis in each major region,” he
said. “Incredibly low supply continues to be the primary impediment to more
sales, but there’s no question the combination of higher prices and mortgage
rates are pinching the budgets of prospective buyers, and ultimately keeping
some from reaching the market.”
The Consumer Confidence Index®, decreased in June, following an increase in May. The
Index now stands at 126.4, down from 128.8 in May. “Consumer confidence
declined in June after improving in May,” said Lynn Franco, Director of
Economic Indicators at The Conference Board. “Consumers’ assessment of
present-day conditions was relatively unchanged, suggesting that the level of
economic growth remains strong. While expectations remain high by historical
standards, the modest curtailment in optimism suggests that consumers do not
foresee the economy gaining much momentum in the months ahead.”
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 in our area are still
at 4.25% for a 30-year mortgage and 3.875% for a 15-year mortgage. 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 steady growth. We expect potential buyer
activity and real estate sales to remain strong going into the second half of
2018.
Barney Watson is Broker/REALTOR® and Owner/Partner at
RE/MAX On The Lake and 2018 State Director for the Roanoke Valley Lake Gaston
Board of REALTORS®. His cell: 252-532-3274 and website
is www.lakegastonrealestate.com.
