BY LIBBY SANDRIDGE
The Lake Anna real estate market still has a very healthy supply of homes for sale.
According to market and economic research, prices are expected to cool and home prices are dropping in many cases.
The drop in home prices is largely due to softer sales trends caused by the inflated home prices in the last several years along with the mortgage rates. Then you add in the fact that the number of homes for sale is continuing to rise at the lake, creating added competition for home sellers.
Currently we have 55 waterfront homes on the market and 78 lake access homes. We have 26 waterfront lots and 26 lake access lots currently available. Land is still a scarce commodity at the lake, but I hear we have five new, non-subdivision waterfront lots located on the private side that should come available soon off Burruss Mill Road.
Regarding sales this year, 54 waterfront homes have sold, with 16 sales pending.
If all pending transactions close, the year-to-date total will reach 70. In addition, 102 lake-access homes have sold, and 21 are pending, bringing the projected total to 123.
Waterfront sales ranged from $680,000 to $4.299 million, while lake-access homes ranged from $185,000 to $1.6 million. The lake-access home pending at $1.6 million is a short-term rental in Rock Island Landing, where approximately 98% of the homes are short-term rentals.
Lake Anna is a unique market, so if you are planning on selling or buying you need an experienced local agent to help you achieve your goals.
Editor’s Note: You can contact the author, realtor Libby Sandridge, Realtor at 540-223-0350, brokered by BHHS PenFed Realty.
