Smith Mountain Lake Real Estate Market Analysis
Front door has carefully generated the graphs below from data sourced directly from the realtor MLS system to provide our clients with significant insight into the market trends and current market condition for waterfront and water access properties at Smith Mountain Lake.
The Smith Mountain lake Market on an annual basis
Smith Mountain Lake is a seasonal real estate market with annual cycles. Generally the number of homes that are offered for sale outpaces in the spring (new listings) outpaces the number of properties being sold generating an increase in inventory. Purchasers begin to outpace sellers after Memorial Day and the inventory is consumed until fall.
The Smith Mountain lake Real Estate Market Historical View
Available inventory at Smith Mountain Lake peaked in 2008 after the stock and real estate market financial crisis. At that time, just under 900 homes and condos were listed for sale. Since that time , buyers have out paced sellers on an annual basis and inventory has consistently trended downward.. In spring of 2021, the pandemic significantly reduced the number of new listings. The summer market of buyers was extremely strong driven by three factors: 1. Historically low interest rates. 2. Growing numbers of baby boomers moving toward retirement and wanting to retire at a place as special as SML, 3. Companies allowing workers the ability to transition to work at home environments. The result is that SML real estate inventory has been driven down to historic lows indicating a strong seller’s market. Unlike other residential areas, where there is plenty of land for new neighborhoods to be developed, Smith Mountain Lake has limited waterfrontage and very limited opportunities for additional developments to be constructed.
Please contact us if you have questions or would like to have additional information. We have proactive strategies to ensure your success in today’s market whether you are a buyer or a seller.
Smith Mountain lake Active Listings over time
The Smith Mountain Lake real estate market is a seasonal market. The volume of new listings is greatest in the spring and over the course of summer and fall, sales historically outpace listings consuming inventory. The peak of the buyers market occurred in the summer of 2007 when inventory reached 900 properties. Since then property sales have been greater than new listings driving down the inventory. The current inventory of homes is less than 60 total properties and less than 35 waterfront properties. That’s a historic low and has driven the current seller’s market.
Active Listings Zoomed in last 24 months
This graph is a zoomed in version the last 24 months of inventory. In the course of the last 24 months, inventory has decreased from 350 properties to 60 properties.
Percentage Ratio of Sold listings to New listings
This graph shows the sold to list ratio from 2000 to present. The dotted line shows the general trend.
SML time required to sell over time
This graph shows the time required to sell in days over the last 24 months. The current average time to sell a home at SML is 45 days, which is an historic low.
