Lakehouse&Land: Builders Enjoying Low Inventory of Existing Homes
By Libby Sandridge
If we are being honest, 2023 was a difficult year for real estate as the market was ruled by interest rates, keeping sellers and buyers alike on the sidelines. So, once again according to recent data the inventory of homes for sale remains low at Lake Anna. Currently there are 50 homes on the market, however we have high hopes for more to become available in March for the spring selling season.
Looking back, home sales at the lake have steadily dropped off over the past three years. Last year there were 195 homes sold at the lake. In 2022, 223 homes sold, in 2021, 274 sold and our biggest year was 2020 with 308 homes that sold. As you can see there has been a steady decline in sales year after year since the pandemic.
There are some predictions that home buying costs will level off slightly but predicting mortgage rates remains a guessing game. Luckily here at beautiful Lake Anna we remain a valuable second home market, so I expect our values to hold steady.
Speaking of home values, this past year there were 59 homes that sold for over $1 million and eight of those sold for over $2 million. Another notable mention is we had our first lake access home sold for $1 million this past year! So, if you are thinking of selling now is the time to do so as home values remain steady, and less competition makes it a wonderful time to sell. Buyers also got relief as the rates dropped toward the end of 2023 and high hopes that rates will continue to cool.
Along with the low inventory of existing home sales, builders are loving it! Currently, of the 50 homes on the market at the lake, 25 of them are new builds! Yes, builders are filling the gap and reaping the rewards. Buyers are also benefiting from being able to buy new instead of purchasing a home that needs updating.
Lot sales soared, too, over the past several years due to the low housing supply. Currently we have 36 waterfront lots on the market and 29 access lots. When you compare our inventory before 2020 when we had as many as well over several hundred lots available; we have come a long way baby!
So once again, in closing it is worth mentioning that whether you are buying or selling you need a local, experienced Lake Anna agent. Lake Anna has so many different communities with many different rules and regulations and a local agent will know where to acquire everything you will need for you to make an informed decision. Also, a local agent that lives at the lake will have a list of contacts for assorted services at the lake that will be very valuable once you purchase.
Also, if you are an absentee seller your local agent can arrange for numerous services for you. It always pays to hire locally!
You can reach the author, Libby
Sandridge at 540-223-0350 or
LibbySandridge@comcast.net
