In the first three months of 2020 our total closed sales, land and homes have totaled $34,579,400, up from $23,155,473 the same three months of 2019 or an increase of 49.34%. Closed sales on waterfront homes are up 36.42% in dollar sales in the first three months of 2020 over the same period last year. We have closed 54 this year compared to 44 last year. The average sold price of waterfront homes in 2020 is $498,179, up 11.16% over the same period in 2019. Offshore homes sales in dollars have also increased 131.81% this year compared to last year with 30 sold this year. Waterfront lot sales in dollars are also up 117.89% in dollar sales from last year. All sales numbers are from the Roanoke Valley Lake Gaston Board of REALTORS® MLS and do not reflect private sales.
At the end of the first quarter of this year, waterfront homes averaged 156 days on the market, compared to 183 days for the same period in 2019. (Days on the market begins with the MLS listing date and ends with the closing date). There were 67 waterfront homes that went under contract the first quarter of 2020, compared to 56 for the same period last year.
The Lake Gaston real estate market was off to a great start this year. Agent showings remained steady until the COVID-19 pandemic. Now new listings have dramatically decreased and only a few properties have gone under contract. We hope we will be back to normal soon.
The Conference Board Consumer Confidence Index® declined in March, after increasing in February. The Index now stands at 120.0, down from 132.0 in February. “Consumer confidence declined sharply in March due to a deterioration in the short-term outlook,” Lynn Franco, senior director of economic indicators at The Conference Board, said in a statement. “The intensification of COVID-19 and extreme volatility in the financial markets have increased uncertainty about the outlook for the economy and jobs. March’s decline in confidence is more in line with a severe contraction – rather than a temporary shock – and further declines are sure to follow.”
The National Association of REALTORS® (NAR) reports Existing Home Sales were up 6.5% in February over January. Pending Homes Sales, contracts signed on property but not yet closed, up 2.4% in February over January. March statistics have not been released by the NAR, both are predicted to be down.
Today, a local lender is quoting 3.125% interest on a 30-year mortgage and 2.875% on a 15-year. Mortgage rates have fallen from last year’s highs which are keeping buyer’s interest alive.
Our inventory of quality homes in the Lake Gaston market continues to be low. Springtime always brings increased activity to our area. That includes folks wanting to look at properties for sale! That makes now a great time to list your home if you’ve been thinking of selling. Contact a full-time, REALTOR® with working knowledge of the Lake Gaston market. Ask them to provide written facts and figures on properties sold and listed in this area. When listing your property, price it according to comparable ones on the market. Remember, buyers frown at time wasted looking at overpriced properties. Overpriced properties sit on the market and become stale. Eventually selling at a lower price because of a wrong listing price at the start.
I would like to share some content from a recent article from Keeping Current Matters I just read. “With over 90% of Americans now under a shelter-in-place order, many experts are warning that the American economy is heading toward a recession, if it’s not in one already. What does that mean to the residential real estate market?” Doug Brien, CEO of Mynd Property Management, explains: “With the exception of two recessions, the Great Recession from 2007-2009, & the Gulf War recession from 1990-1991, no other recessions have impacted the U.S. housing market, according to Freddie Mac Home Price Index data collected from 1975 to 2018.” John Burns, founder of John Burns Consulting, reveals the follow: “Historical analysis showed us that pandemics are usually V-shaped (sharp recessions that recover quickly enough to provide little damage to home prices).” Several economists agree several other businesses will not be as quick to recover, mentioning the travel, leisure and entertainment businesses.
We are still optimistic about the 2020 selling season! We hope life will be back to normal soon. We want to be busy helping buyers and sellers with their Lake Gaston real estate!