Smith Lake Home Sales 2014
Last year was another good year for home sales on Smith Lake with 164 homes sold in 2014. The housing inventory at the beginning of 2014 was 359 homes and condos and 305 at year end, indicating 110 new homes came on the market in 2014. The inventory of homes for sale dropped by 15% in 2014, a positive indicator that the market is moving in the right direction. The lowest inventory of homes are in the 1 million + price range, they have the greatest market absorption as well coming in at over 50% for 2014. The next best selling homes are priced in the 300k-500k range with an absorption rate of 41% for 2014. However, overall if no other homes enter the market we currently have a 24 month supply of homes for sale, based on the absorption rate indicators from 2014.
The current market indicators show that 1 in 3 homes for sale on Smith Lake will be sold in 2015. The number of new homes coming on the market in 2015 will indicate how inventory is overall affected. If all things remain consistent going into 2015, inventory of homes could be reduced to a sustainable level within the next couple of years. Until then, Smith Lake will still be in what is considered a “buyers market” for the foreseeable future.
Pricing, Condition, Location and Marketing are the key factors to ensuring your smith lake property beats out the competition in the current market. Contact Trent today to get your smith lake home sold. Trent knows the Smith Lake Market and will put in the time and effort to promote your property…properly.
**All statistics were arrived from compiling data from all 4 MLS systems that cover Smith Lake. Homes sold without an agent are not included in the data. Information is deemed accurate, but not guaranteed.**