This report includes single resident, town homes and condos that are considered waterfront.
October's mild weather brought buyers and fall foliage observers to the lake and the numbers still support that the market is working on recovery. The average sales price for October is higher than September and also higher than a year ago, although the year average sales price is above 2004 but not quiet up to the 2005 stats.
INVENTORY for Lakefront Single Resident, Town Homes and Condos
In the last 30 days the number of waterfront homes, town homes and condos for sale here at Smith Mountain Lake is up from 427 listings in September to 470 listings available in
October.
SOLD
The number of lakefront properties that closed stayed constant with 18 properties selling. There are currently 25 properties pending. The fourth quarter is off to a strong start.
AVERAGE LIST PRICE
The average list price of properties that sold went down slightly from $616,039 to $574,515 with average square foot of 2838.
AVERAGE SALE PRICE
The average sales price slid down from $572,467 to $540,141
PERCENTAGE OF SALES PRICE
The percentage of list price to sale price went up slightly to 94%. The other interesting facts of October properties sold are; average list price of $206 a sq. ft. and an average cost of those that sold were $193 a sq. ft..
The market still remains a buyers market with a large supply of available properties. The properties that are selling are the ones priced aggressively. The price range of $400,000- $600,000 is the most active, although the $1,000,000 to $2,000,0000 properties had
increased activity this month. This is a good sign to see the upper end properties move. It shows confidence in our total market.
Thinking of buying or selling property at Smith Mountain Lake email Deb at Deb@DebBeranProperties.com or check out Smith Mountain Lake at www.DebBeranProperties.com
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