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Real Estate Market Lake Gaston End of Sept 2018

Lake Gaston - Buying or Selling You Need to Read This Real Estate Market Update by RE/MAX Broker Barney Watson

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.

Lake Gaston Real Estate Market Update Year End 2017

Lake Gaston Real Estate Market Update Year End 2017: RE/MAX On The Lake Broker Owner Barney Watson. Click the link to read year end statistics for sales and listings in the Lake Gaston NC / VA area. Contact Barney for all of your Lake Gaston real estate needs. LAKE GASTON REAL ESTATE MARKET UPDATE YE 2017

Roanoke Valley Lake Gaston Realtor of the Year 2017 RE/MAX Barney Watson

Lake Gaston Real Estate News: Click link to read about Roanoke Valley Lake Gaston Realtor of the Year 2017

Lake Gaston Real Estate Update End of Sept 2017

Lake Gaston Real Estate Market Update

By: Barney Watson – Owner Broker / REALTOR® -  RE/MAX On The Lake

Good-bye summer and hello fall! Finally, this week, we got a taste of cooler weather rolling in making it easier to say good-bye to summer and hello fall. Yesterday I was looking out across the lake and could see the leaves are just beginning to turn. Soon they will become multicolored works of art reflecting on Lake Gaston. How blessed we are to witness this beauty.

Lake Gaston REALTORS® have not slowed down much since saying good-bye to summer. In the first nine months of this year we have closed on 198 waterfront homes totaling $86.1M, an increase of 35.92% in dollar sales over the same nine months of 2016.  Offshore homes have been selling as well with 95 closed transactions totaling $11.3M, an increase of 24.95% in dollars sales. Waterfront lots continue to increase as well with 46 sold totaling $6.3M, an increase of 20.31% in dollar sales.

The average waterfront home has sold for $434,721 this year and offshore homes have averaged $118,903. Waterfront lots have averaged $137,080 in 2017.

Our total market, land and homes in the first nine months of this year have totaled $104.2M verses $79.6M for the same period in 2016, an increase of 30.86%.

On 9/30/2017 there were 248 active residential home listings. That number includes waterfront and offshore properties. Compare that to 298, for the same period in 2016, equals a decrease of 17% in available home listings in the Lake Gaston area. The average days on market (DOM) for waterfront homes in 2017 is 199 verses 220 in 2016, a decrease of 9.6%.

So, we have an average of 17% fewer homes on the market with homes selling in 9.6% fewer days than just one year ago.

Applying the law of supply and demand to this information, you’d think that prices would be increasing, on average they have. Statistics show the average waterfront home sold price is up 9.8% in 2017 over the same nine months of 2016. With sales prices up, buyers are cautious about overpaying.  Remember, second homes / vacation homes are a want not a need and usually when a property goes under contract there is an appraisal involved.  If the property does not appraise for the contract price, the buyer walks away.

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

The National Association of REALTORS (NAR) reported Existing Home Sales across the United States are down 1.5% from a year ago. NAR also reports pending homes sales, properties under contract and not yet closed are down 2.6%. They site inventory shortage in most markets are holding back sales.  We are also short quality inventory here at the lake in some price ranges.

The Conference Board Consumer Confidence Index^®, which had improved marginally in August, declined slightly in September. The Index now stands at 119.8, down from 120.4 in August.  Despite the slight downtick in confidence, consumers’ assessment of current conditions remains quite favorable and their expectations for the short-term suggest the economy will continue to expand.

I feel certain at the end of 2017 we will say, “It has been another great year for the Lake Gaston real estate market.”

Barney Watson is Owner Broker/ REALTOR® of RE/MAX On The Lake and 2017 MLS President of the Roanoke Valley Lake Gaston Board of REALTORS®. His cell: 252-532-3274 and web: www.barneywatson.com.

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Lake Gaston Real Estate Update End of Aug 2017

If you have been thinking about buying or selling a Lake Gaston property, give me a call and let my years of local, Lake Gaston real estate knowledge and National Recognition go to work for you!

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Lake Gaston Real Estate App is now available at the Amazon Appstore for Android. With this app you can search all Lake Gaston real estate for sale. Waterfront properties on Lake Gaston and off-shore homes and land on Lake Gaston for sale.


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Lake Gaston Real Estate Update End of June 2017

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 2017 we have closed on 117 waterfront homes averaging $439,810 each verses 94 in the same six months last year, an increase of 41.45% as measured in dollar sales.  Offshore home sales have increased sharply as well up 21.14% over 2016 sales with 49 sold averaging $116,663 each.  Waterfront lot sales continue their downtrend with 22 sold in 2017 at an average sales price of $133,932.  Total land and home sales in the Lake Gaston market for the first six months of this year are $60,514,080 versus $45,843,152 in the same period of 2016 or up 32.0%.

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, slipped 0.8% in May and is 1.7% below the level a year ago.  Lawrence Yun, NAR chief economist, says it's clear the critically low inventory levels in much of the country somewhat sidetracked the housing market this spring. “Monthly closings have recently been oscillating back and forth, but this third consecutive decline in contract activity implies a possible topping off in sales," he said. "Buyer interest is solid, but there is just not enough supply to satisfy demand. Prospective buyers are being sidelined by both limited choices and home prices that are climbing too fast."

My Lake Gaston Pending Waterfront Home Index shows 130 waterfront homes went under contract in the first half of 2017 versus 126 in the same period of 2016.  Buyer activity in the Lake Gaston market is good, lack of inventory in certain price levels is holding back sales slightly. 

NAR also reports existing home sales, which are completed transactions that include single-family homes, town-homes, and condominiums, climbed 1.1 percent in May.  The median existing-home price for all housing types across the United States in May was $252,800. This surpasses last June ($247,600) as the new peak median sales price, is up 5.8 percent from May 2016 ($238,900) and marks the 63rd straight month of year-over-year gains.  The median home (waterfront and offshore) sold in the Lake Gaston market in the first half of this year was $311,000.

The Consumer Confidence Index®, which had decreased in May, increased moderately in June. The current Consumer Confidence Index® stands at 118.9, up from 117.6 in May.  Overall, consumers anticipate the economy will continue expanding in the months ahead, but they do not foresee the pace of growth accelerating. 

  

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 steady growth. We expect buyer activity and real estate sales to remain strong going into the second half of 2017.

Barney Watson is Broker-In-Charge at RE/MAX On The Lake and 2017 President of the Roanoke Valley Lake Gaston Board of REALTORS® MLS. His cell: 252-532-3274 and web: www.barneywatson.com

Lake Gaston Real Estate Update 1st Qtr 2017 RE/MAX On The Lake Barney Watson

Lake Gaston Real Estate Update Year End 2016

Last year is in the history books, ending a busy year for the real estate market in the Lake Gaston area.  In 2016 we closed 222 waterfront home transactions, average of $405,146 each totaling $89,942,487 or an increase of 10.35% over 2015 sales just in waterfront homes.  Offshore homes showed a slight decrease of 1.98% over 2015 with 112 closed, averaging $107,173 each totaling $12,003,367. Waterfront lot sales showed a slight decrease with 42 sold, averaging $140,622 each totaling $5,906,125.  Offshore lots sales increased 62.21% from 2015 levels averaging $16,012 each.  Total homes and land (lots) all firms all around the lake closed 416 transactions totaling $109,965,968, an increase of 8.91% above the same period in 2015.  

Sales numbers are from the Roanoke Valley Lake Gaston Board of REALTORS Multiple Listing Service (MLS) and do not include private sales.

The Conference Board Consumer Confidence Index^®, which had increased in November, posted another gain in December, standing at 113.7, up from 109.4 in November.  “Consumer Confidence improved further in December, due solely to increasing Expectations which hit a 13-year high,” said Lynn Franco, Director of Economic Indicators at The Conference Board. “The postelection surge in optimism for the economy, jobs and income prospects, as well as for stock prices which reached a 13-year high, was most pronounced among older consumers. Consumers’ assessment of current conditions, which declined, still suggests that economic growth continued through the final months of 2016. Looking ahead to 2017, consumers’ continued optimism will depend on whether or not their expectations are realized.”

Across the country, The National Association of REALTORS (NAR) reports existing homes sales rose 0.7% in November which is now the highest level since February 2007.  "The healthiest job market since the Great Recession and the anticipation of some buyers to close on a home before mortgage rates accurately rose from their historically low level have combined to drive sales higher in recent months," says Lawrence Yun, NAR chief economist.  The Pending Home Sales Index,^* a forward-looking indicator based on contract signings, declined 2.5 percent to 107.3 in November from 110.0 in October.   The economist credit this to the sharp rise in interest rates postelection and a shortage of available inventory in some markets.

In the Lake Gaston area we had 17 waterfront homes go under contract in December versus 7 in December last year.  Despite or low inventory levels in certain price ranges we continue to see potential buyer activity. Listing your home in the winter months will attract the serious buyers with less competition from other properties.

How will the Trump Administration affect the U.S. Housing Market? Since the election, we have seen an increase of roughly one-half percent in 30-year fixed rate mortgages.  The average rate now is slightly over 4%.  I think this will affect the first-time home buyers more than those who move up or buy second homes.  I don’t believe a half point or so rise in interest rates will have a negative impact on our secondary housing market here at the lake.  Since November 8^th we have seen major indexes trading at record levels with the S&P 500 up more than 5% and the Dow Jones Industrial Average rising 7.8%. Is it overoptimism that President Elect Trump will usher in a new era of economic boom; on the back of higher fiscal spending and pro-growth policies? We will wait and see.

Still optimistic about 2017, I believe we will continue to grow in the real estate market as well as the overall economy of the lake area.

Barney Watson is Managing Partner with RE/MAX On The Lake and he is 2017 President of the Roanoke Valley Lake Gaston Board of REALTORS® Multiple Listing Service. His cell: 252-532-3274 and website is www.barneywatson.com 

More information: http://onlakegaston.com/barney-watson-broker.html

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