Smith Mountain Lake Homes, Land, & Commercial Real Estate For Sale

2009 Market Reports


SMITH MOUNTAIN LAKE REAL ESTATE MARKET REPORT 

 

SINGLE FAMILY - WATERFRONT HOMES ON SML

January

  • New Listings For Sale in January : 62
  • Sold in January : 4
  • Average Sale Price: $594,437
  • Average Days on Market : 105
  • Average Selling Price % of List Price : 97.1%

February

  • New Listings For Sale in February : 53
  • Sold in February : 6
  • Avg Sales Price: $450,166
  • Avg Days on Market: 173
  • Avg Selling Price % of List Price : 94%  
March

·         New Listings For Sale in March: 67

·         Sold in March: 10

·         Avg Sales Price: $533,900

·         Avg Days on Market: 210

·         Avg Selling Price % of List Price: 90%

 

 

April

·         New Listings For Sale in April: 51

·         Sold in April: 7

·         Avg Sales Price: $548,142

·         Avg Days on Market: 245

·         Avg Selling Price % of List Price: 90%

 

 

May

·         New Listings For Sale in May: 45

·         Sold in May: 9

·         Avg Sales Price: $815,777

·         Avg Days on Market: 152

·         Avg Selling Price % of List Price: 94%

 

Year To Date (through 5/31/09)

  • Total For Sale: 393
  • New Listings : 279
  • Sold : 36 – Down 23% vs same time period in 2008
  • Avg Sales Price: $599,909 – Down 8%
  • Avg Days on Market: 184 – Up 13%
  • Avg Selling Price % of List Price : 92%  - Up 2% 

      

SINGLE FAMILY - WATER ACCESS HOMES ON SML

January

  • New Listings For Sale in January : 17
  • Sold in January : 1
  • Average Sale Price : $137,800
  • Average Days on Market : 220
  • Average Selling Price % of List Price : 98.5 %

February

  • New Listings For Sale in February : 27
  • Sold in February : 7
  • Avg Sales Price: $306,000
  • Avg Days on Market: 127
  • Avg Selling Price % of List Price: 96% 
March

·         New Listings For Sale in March: 21

·         Sold in March: 3

·         Avg Sales Price: $429,966

·         Avg Days on Market: 136

·         Avg Selling Price % of List Price: 100%

April

·         New Listing For Sale in April: 48

·         Sold in April: 3

·         Avg Sales Price: $119,333

·         Avg Days on Market: 222

·         Avg Selling Price % of List Price: 86%

May

·         New Listings For Sale in May: 22

·         Sold in May: 7

·         Avg Sales Price: $278,800

·         Avg Days on Market: 232

·         Avg Selling Price % of List Price: 93%

 

Year To Date (through 5/31/09)

  • Total For Sale: 208
  • New Listings: 135
  • Sold: 21 – Down 5% vs same time period in 2008
  • Avg Sales Price: $279,966 – Down 4%
  • Avg Days on Market: 138 – Up 23%
  • Avg Selling Price % of List Price: 96% - Up 4% 

 

CONDOMINIUMS ON SML

January

  • Listed For Sale in January : 20
  • Sold in January : 0    

February

  • Listed for Sale in February: 9
  • Sold in February: 2
  • Avg Sales Price : $365,575
  • Avg Days on Market : 321
  • Avg Selling Price % of List Price : 91% 
March

·         Listed For Sale in March: 14

·         Sold in March: 0

April

·         Listed For Sale in April: 7

·         Sold in April: 2

·         Avg Sales Price: $258,750

·         Avg Days on Market: 36

·         Avg Selling Price % of List Price: 88%

 

May

 

·         Listed For Sale in May: 13

·         Sold in May: 2

·         Avg Sales Price: $352,500

·         Avg Days on Market: 231

·         Avg Selling Price % of List Price: 94%

 

Year To Date (through 5/31/09) 

  • Total Condos For Sale : 154
  • New Listings : 59
  • Sold : 6 - Down 74% vs same time period in 2008
  • Avg Sales Price : $325,608 - Up 14% 
  • Avg Days on Market : 196 - Up 32% 
  • Avg Selling Price % of List Price : 91% - Up 1% 

 

TOWNHOMES ON SML

January 

  • Listed For Sale in January : 8
  • Sold in January : 2
  • Average Sales Price : $322,500
  • Average Days on Market : 391
  • Average Selling Price % of List Price : 88%

February

  • Listed For Sale in February: 8
  • Sold in February : 0 
March

·         Listed For Sale in March: 8

·         Sold in March: 4

·         Avg Sales Price: $418,450

·         Avg Days on Market: 47

·         Avg Selling Price % of List Price: 89%

April

·         Listed For Sale in April: 4

·         Sold in April: 1

·         Avg Sales Price: $359,500

·         Avg Days on Market: 68

·         Avg Selling Price % of List Price: 97%

May

·         Listed For Sale in May: 4

·         Sold in May: 2

·         Avg Sales Price: $292,950

·         Avg Days on Market: 49

·         Avg Selling Price % of List Price: 91%

 

Year To Date (through 5/31/09)

  • Total Townhomes For Sale : 56
  • New Listings : 32
  • Sold : 9 – Up 200% vs same time period in 2008
  • Avg Sales Price : $362,688 – Down 13 %
  • Avg Days on Market : 126 – Down 36%
  • Avg Selling Price % of List Price: 90% - Down 6%

 

SML WATERFRONT LOTS

January

  • New Listings For Sale in January : 55
  • Sold in January : 2
  • Average Sales Price : $275,000
  • Average Days on Market : 623
  • Average Selling Price % of List Price : 82.1 %

February

  • New Listings For Sale in February: 22
  • Sold in February: 1
  • Avg Sales Price: $195,000
  • Avg Days on Market: 1
  • Avg Selling Price % of List Price: 71%
March

·         New Listings For Sale in March: 26

·         Sold in March: 2

·         Avg Sales Price: $126,500

·         Avg Days on Market: 84

·         Avg Selling Price % of List Price: 89%

April

·         New Listings For Sale in April: 21

·         Sold in April: 1

·         Avg Sales Price: $185,000

·         Avg Days on Market: 92

·         Avg Selling Price % of List Price: 82%

May

·         New Listings For Sale in May: 24

·         Sold in May: 3

·         Avg Sales Price: $332,000

·         Avg Days on Market: 133

·         Avg Selling Price % of List Price: 93%

Year To Date

  • Total Waterfront Lots For Sale: 435
  • New Listings: 148
  • Sold: 9 – Down 57% vs same time period in 2008
  • Avg Sales Price: $242,111 – Down 38%
  • Avg Days on Market: 212 – Up 43%
  • Avg Selling Price % of List Price: 86% - Up 5% 

 

 

SML WATER ACCESS LOTS

January

  • Total Number For Sale as of 1/31/09 : 303
  • Listed For Sale in January : 19
  • Sold in January : 0

February

  • New Listings For Sale in February: 18
  • Sold in February: 3
  • Avg Sales Price: $74,666
  • Avg Days on Market: 128
  • Avg Selling Price % of List Price: 83%
March

·         New Listings For Sale in March: 19

·         Sold in March: 3

·         Avg Sales Price: $15,166

·         Avg Days on Market: 144

·         Avg Selling Price % of List Price: 88%

April

·         New Listings For Sale in April: 28

·         Sold in April: 4

·         Avg Sales Price: $52,750

·         Avg Days on Market: 332

·         Avg Selling Price % of List Price: 89%

May

·         New Listings For Sale in May: 16

·         Sold in May: 2

·         Avg Sales Price: $98,000

·         Avg Days on Market: 183

·         Avg Selling Price % of List Price: 89%

 

Year To Date (through 5/31/09)

  • Total Water Access Lots For Sale: 307
  • Sold: 12 – Down 8% vs same time period in 2008
  • Avg Sales Price: $56,375 – Down 16%
  • Avg Days on Market: 209 – Up 13%
  • Avg Selling Price % of List Price: 87% - Up 19% 

 

 

SMITH MOUNTAIN LAKE YEAR END RESULTS - WATERFRONT SINGLE FAMILY HOMES

YEAR          AVERAGE SALES PRICE         NUMBER SOLD                   SOLD VS. LISTING PRICE    AVG DAYS ON MARKET

2008                         $666,106    (-4%)                          118                                                 92 %                                 160                    

2007                         $693,896   (-6%)                           174                                                 94 %                                 147

2006                         $736,526    (+22%)                       158                                                 95 %                                 122

2005                         $602,343   (+15%)                        311                                                 97 %                                   92

2004                         $523,446   (+30%)                        303                                                 97 %                                  118

2003                         $402,342   (+20%)                        301                                                 97 %                                  142

2002                         $334,737   (-1%)                           277                                                 96 %                                  124

2001                         $339,463                                        230                                                 97 %                                  120

 

SMITH MOUNTAIN LAKE YEAR END RESULTS – WATER ACCESS SINGLE FAMILY HOMES

YEAR       AVG SALES PRICE                  # SOLD                SOLD VS. LISTING PRICE               AVG DAYS ON MARKET

2008               $261,567  (-18%)                            58                                          89 %                                                            169

2007               $317,196   (-1%)                             70                                          99 %                                             131

2006               $320,440   (+19%)                          88                                          99 %                                             186

2005               $268,190   (+29%)                        140                                          99 %                                                 165

2004               $207,675   (+6%)                            96                                          97 %                                             161

2003               $196,617   (+15%)                          81                                          98 %                                             120

2002               $170,380   (-2%)                             58                                          99 %                                             143

2001               $173,111                                          57                                          98 %                                             170

                                                       

 

SMITH MOUNTAIN LAKE YEAR END RESULTS - CONDOMINIUMS 

YEAR          AVERAGE SALES PRICE           NUMBER SOLD              SOLD VS. LISTING PRICE         AVG DAYS ON MARKET

2008                          $286,991 (-10%)                            45                                                 90 %                                    193

2007                          $320,213 (+1%)                             38                                                 95 %                                    149

2006                          $315,796 (-2%)                              79                                                 97 %                                                  90

2005                          $323,045 (+35%)                          158                                                99 %                                                  88

2004                          $238,897 (+18%)                          153                                              100 %                                                 105

2003                          $202,002 (+24%)                            96                                                99 %                                                 103

2002                          $162,412 (+16%)                            89                                                98 %                                                 144

2001                          $139,468                                          75                                                98 %                                                   98   

 

SMITH MOUNTAIN LAKE YEAR END RESULTS - TOWNHOMES

YEAR           AVERAGE SALES PRICE            NUMBER SOLD                SOLD VS. LISTING PRICE       AVG DAYS ON MARKET

2008                          $594,882 (+10%)                                 16                                                   96 %                                                201

2007                          $542,605 (+2%)                                   20                                                   97 %                                                129

2006                          $533,973 (+17%)                                 29                                                   97 %                                                119

2005                          $456,004 (+31%)                                 78                                                   99 %                                                128

2004                          $349,281 (+12%)                         36                                     98 %                                     178  

2003                          $313,135 (+30%)                                 49                                                  98 %                                                 116

2002                          $240,725 (-7 %)                                   36                                                  98 %                                               267

2001                           $258,241                                              45                                                  99 %                                                   97       

 

SMITH MOUNTAIN LAKE YEAR END RESULTS – WATERFRONT LOTS

YEAR            AVERAGE SALES PRICE            NUMBER SOLD               SOLD VS. LISTING PRICE        AVG DAYS ON MARKET

2008                      $321,989 (-17%)                                    56                                                 83 %                                                216

2007                      $389,091  (+8%)                                    68                                                 90 %                                                239

2006                      $361,610 (+7%)                                     90                                                 92 %                                                136

2005                      $336,420 (+41%)                                 267                                                  96 %                                               169

2004                      $238,503 (+45%)                                 288                                      96 %                                    166  

2003                      $165,008 (+20%)                                 272                                                  96 %                                               318

2002                      $137,111 (+15%)                                 221                                                  93 %                                             353

2001                      $119,389                                               232                                                 86 %                                               394        

 

SMITH MOUNTAIN LAKE YEAR END RESULTS – WATER ACCESS LOTS

YEAR           AVERAGE SALES PRICE               NUMBER SOLD                 SOLD VS. LISTING PRICE    AVG DAYS ON MARKET

2008                         $62,887 (-0%)                                       28                                                  81 %                                              169

2007                         $63,155 (+4%)                                      60                                                  88 %                                              138

2006                        $60,618 (+28%)                                    145                                                 93 %                                              195

2005                        $47,484 (+51%)                                    324                                                 95 %                                               283

2004                        $31,488 (+12%)                                    188                                     93 %                                   317  

2003                        $28,180 (+3%)                                      158                                                94 %                                               272

2002                        $27,438 (+39%)                                      95                                                94 %                                             401

2001                        $19,764                                                    57                                                92 %                                               344        

 

 

 

Prepared by Parker Waters of Prudential Waterfront Properties. Author does not Warrant the Accuracy of the Data Analysis Presented. Data compiled from the Roanoke Valley Association of Realtors Multiple Listing Service.

Parker Waters