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 Lake Gaston 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 Lake Gaston 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 real estate 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 real estate 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 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 Lake Gaston real estate 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 an Owner & 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