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 End of Aug 2015

"The Lake Gaston Real Estate market ends the summer with increased buyer activity" Read http://lakegaston-real-estate.blogspot.com/2015/09/lake-gaston-real-estate-update-end-of.html

Lake Gaston Real Estate Market Video Update End of July 2015

A brief video about the current Lake Gaston real estate market, end of July 2015, by RE/MAX ON THE LAKE BROKER Barney Watson 252-532-3274

Lake Gaston Real Estate Market Update End of June 2015

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