Temperatures Begin to Fall as Do Sales
It’s been a warm fall in both temperatures and real estate home sales. Now that temperatures are starting to go down, it appears the sales are headed the same direction.
It would appear that August and September will be the best-selling months for real estate in the Highlands and Cashiers area for 2016. As we head deeper into our winter months, one may expect the typical “falling off” in the number of units sold. While this does not mean disaster for the real estate market, it certainly does not paint a good picture. Nonetheless, it is typical.
Single Family Home Sales Statistics
Land Sales Statistics
Overall Market View
October 2016 Statistics for the HCBOR:
RECENT HOME SALES:
Total homes listed in Highlands/Cashiers MLS: 1327 (decline) This actually plays into the hands of sellers. As more homes may come off the market for winter months, this means you have less in the way of “substitution.” With fewer homes competing, this may increase your opportunities to sell. Now is the time to be listed so buyers can see what you have.
Homes Sold This Month: 71 Although this is a significant drop, it is an expected number of sales. It does not indicate a strong market, nor does it show it to be week, but status-quo.
Average Sales per Month 1 Year Average: 51 This is a good number in that it’s the highest average we’ve had in a while. Still, when you consider we were around 49 sales per month, it’s certainly nothing to get too excited about.
Inventory: 26 months – Although this is a decrease in inventory, remember many homes are coming off for the winter months. This is still a huge number as good markets are considered to be below 6 months.
Average DOM: 385
Average DOM (YOY): 460 – Relatively Unchanged
Median Sales Price: $302,500
Average List/Sell Ratio: 88.79% – This is the average of what Sellers are getting compared to their Listing Price at the time of the sale.
Synopsis: Overall pricing still appears to be a little high to attract buyers. There is very little competition for buyers. Sellers should be very competitive if they desire to see their homes sold quickly.
RECENT LAND SALES
Land Units Sold: 29- This is a good increase in land sales. Still, one needs to look at the overall picture. Drawing a “Mean Line” on land, we do see a good increase, but overall shows little significant change.
Total listed in all MLS: 1185
Inventory: 40 months. This could be misleading because of the larger than normal volume of unit sales. Either way, it is still a very large inventory of land.
Synopsis: There are a few new homes going up. Most are for homeowners, not Speculative builds. “Spec” homes are indicative of anticipated sales increases.
Overall Market View:
- 45% of home sales ranged from $200,000 to $499,999.
- 17% of home sales ranged from $500,000 – $749,999.
- 7% of home sales ranged from $750,000 – $1,000,000.
- 13% of sales were above $1,000,000.
DID YOU ENJOY THIS REPORT? Please let me know what other information you would like to see by entering it into the comments section at the bottom of this page. Your input is valuable and I will try to include your suggestions in next months blog.
If you’re considering listing your home for sale or purchasing a home in NC, please feel free to contact a local agent or REALTOR®. They will make a specific report for your area of our MLS (Sapphire, Norton, Glenville, Highlands, Toxaway, Clear Creek, Breedlove, Franklin, etc). You can then make an informed decision on how to sell or buy your home.