Barney Watson

Barney Watson Lake Gaston Real Estate LLC real estate agent
Lake Gaston Real Estate LLC
1945 NC Hwy 4 Littleton NC 27850

By: Barney Watson Broker Lake Gaston Real Estate LLC

What a surreal year 2020 was.  Looking back, I recognize that not all sectors of our economy fared as well as real estate did.  I hope our entire economy recovers in 2021.

In 2020 Lake Gaston Realtors closed 325 waterfront home transactions, averaging $543,310 each.  Totaling $176,575,622 or an increase of 39.32 percent over 2019 sales, just in waterfront homes.  Our average waterfront home listing price was $554,025 at time of contract.  The average selling price was 97.91 percent of the asking price.  Lake Gaston Off Water homes showed a hefty increase of 53.96 percent over 2019 sales with 147 closed, averaging $149,550 each, totaling $21,983,895. Waterfront lots sales were outstanding with 115 sold, compared to 58 last year, averaging $183,016 each, totaling $21,046,880., that’s up 129.23 percent.  Offshore lots sales also improved with an increase of 4.66 percent from 2019 levels averaging $14,343 each.  Total homes and land (lots) all firms all around the lake closed 681 transactions compared to 497 in 2019.  Totaling a record dollar amount of $222,557,297, an increase of 46.07 percent above the same period in 2019.  Sales numbers are from the Roanoke Valley Lake Gaston Board of REALTORS® Multiple Listing Service (MLS) and do not include private sales.

Overall, Lake Gaston real estate sales around the lake were good in 2019.  Remember year-to-date sales in 2018 were down 7.6% from 2017 sales.

Average days on market for waterfront homes at Lake Gaston was 124, compared to 135 days in 2019.  The average Lake Gaston waterfront home sold for $543,310 in 2020, up 19.6 percent over 2019 average sales of $454,253.  Lake Gaston Off Water homes also saw an average selling price of $149,550, up 12.06 percent from 2019 average sales prices.

COVID has defiantly changed our lifestyle, socially and work related.  Many employers now allow employees to work from remote locations. People are adjusting to a more relaxed atmosphere, such as at Lake Gaston. I have spoken with several clients who want to either buy a second home or buy a primary home outside the city environment.

The increase in sales activity also brought an increase in sales prices. Sales of Lake Gaston waterfront homes, which closed below $500,000, was down 12 percent over 2019 sales.  Sales of waterfront homes, which closed between $501,000 and $750,000, was up 35 percent. Sales of waterfront homes, which closed between $751,000 and $1M plus, was up a little over 300 percent.  The most expensive waterfront home sold on Lake Gaston was $1,950,000.  Also, interesting is the number of waterfront homes which sold for over asking price was 80 in 2020 (24.6 percent of the total sold) compared to twelve in 2019 (4.3 percent of the total sold).  Of the 80 that closed in 2020; 71 closed in the second half of the year, after the CDC restrictions.

The Conference Board Consumer Confidence Index® declined in December, after decreasing in November. The Index now stands at 88.6, down from 92.9 in November.

“Consumers’ assessment of current conditions deteriorated sharply in December, as the resurgence of COVID-19 remains a drag on confidence,” said Lynn Franco, Senior Director of Economic Indicators at The Conference Board. “As a result, consumers’ vacation intentions, which had notably improved in October, have retreated. On the flip side, as consumers continue to hunker down at home, intentions to purchase appliances have risen. Overall, it appears that growth has weakened further in Q4, and consumers do not foresee the economy gaining any significant momentum in early 2021.”

National Association of REALTORS® (NAR) reports pending home sales, contracts signed, but not yet closed, were up 15 percent from one year ago while unsold listings are down 34 percent.  NAR also reports Existing Home Sales decreased in November but remain up 25.8 percent over the same period last year.

The median existing-home price across the country was $310,800, up 14.6 percent from a year ago.  Housing inventory across the country was down 22 percent from a year ago, days on market continues to be low in most areas.

Mortgage interest rates remain at low levels, 2.65 percent for a 30-year fixed rate mortgage and 2.25 percent for a 15-year fixed rate mortgage.  Both rates have decreased by just under a full percentage point from a year ago.  Mortgage applications are up 19 percent as the mortgage rates continue to remain low.

Available Lake Gaston waterfront home inventory remains at an all-time low.  In 2020 we had 328 new waterfront home listings as compared to 326 in 2019.  But, in 2020 we sold 325 waterfront homes vs. 279 in 2019.  Our Days on Market (DOM) for waterfront homes averaged 124 in 2020 as compared to 156 in 2019.

Have you been thinking about selling your Lake Gaston property? There are potential buyers looking for Lake Gaston waterfront homes, priced right and in good condition.  Do not miss a great time to sell.  The shortage of inventory has persuaded potential buyers to buy their lake homes sooner.  “Spruce up” your home and get it listed right away!  Always, consult a full-time REALTOR® who can supply you with written data such as the information in this article and about the realistic value of your home. 

Barney Watson is Owner/Broker of Lake Gaston Real Estate LLC and he is 2021 State Director for the Roanoke Valley Lake Gaston Board of REALTORS®.  Cell is 252-532-3274, website is Barney can help you with any property listed in the Lake Gaston Roanoke Valley MLS.  You can easily search for Lake Gaston waterfront properties, off water homes for sale, lots / land, commercial properties for sale. You can search by Lake Gaston areas (NE Quad, NW Quad, SE Quad).  Barney's website is loaded with Lake Gaston information. Watch the video on the home page to get answers to Barney's clients most asked questions.