While this statement is true, it’s no cause for alarm. Overall market trends and signs for the Highlands/Cashiers Real Estate Market have many positive indicators. Many more homes are currently under contract and inventory is reducing. Let’s take a closer look at the market before we make any drastic decisions.
Whiles the real estate market for Highlands, Cashiers, Glenville and surrounding areas has been somewhat sluggish in the past, things have really heated up. Homes sales are the highest they’ve been in years. Land has seen a slight increase. Is this good news or bad news?
Highlands/Cashiers Real Estate Market Holding Promise
Real Estate can be fickle. Many new brokers may not last because they simply don’t understand markets and that not all markets are the same. While some markets have been doing well for some time, Highlands/Cashiers area has had its struggles. Current trends are on the upside and may soon bring some relief to many Sellers and their agents. Continue reading “Up, Up and Away…” Highlands, Cashiers Real Estate→
Bald Rock in Sapphire, NC is a beautiful development. My wife and I are staying on top of the mountain there this week. The views are endless and it’s exciting to see the change in the weather, as seen in the photograph above from the porch. However, the weather is not the only change. Real Estate in Highlands and Cashiers area is seeing remarkable change. This is just spring. What does this summer hold for real estate sales in the area? Continue reading Real Estate at Its Best?→
We are definitely enjoying the warmer climate in the mountains. Tree’s are budding, bluets are showing, nice breezes, and people are getting outside. It seems the worst is behind us. The real estate market in Highlands/Cashiers is seeing a great change as well. Will it get as hot as our Summer Temps? Continue reading A New Real Estate Market for Cashiers→
We are definitely enjoying the warmer climate in the mountains. Tree’s are budding, bluets are showing, nice breezes, and people are getting outside. It seems the worst is behind us. The real estate market in Highlands/Cashiers is seeing a great change as well. Will it get as hot as our Summer Temps? Continue reading A Change in Seasons→
While last January saw the largest increase in real estate sales for the Highlands/Cashiers area, February showed no increase, nor did it show a decline. The two months combined still show a 31.25% increase in the total number of homes sold compared to average of previous years. While it’s still too early to tell what 2018 holds in store for real estate, the overall market view is promising. Continue reading Cashiers Real Estate on Rise→
January 2018 showed a 74% increase in the number of homes sold, compared with January of 2017. The 2017 year closed with an overall increase of 11.7% more homes sold than 2016. This was also reflected in the total dollar volume increase. Is this a start of things to come for 2018? This would certainly mean good news for Sellers.
There was a story of 2 men arguing over what they saw in a field behind a stump. One said it was a duck, the other a rabbit. Each thought the other was crazy! One man finally decided to walk to the other man to clearly point out what he was seeing. Upon standing at the other side, he could clearly see that his friend was right. He then asked his friend to step over to where he was standing. His friend saw that he, too, was correct. How could this be? There was both a duck and a rabbit behind the stump, but the stump blocked a particular angle of view from the other man. Perspective. What does this have to do with Real Estate? Continue reading New Market Data Shows Promise→
This first snow of the year was a whopper! So were real estate sales for the month of November! Each year for the past 4 years has seen a rise in home sales for Highlands, Cashiers and Glenville area. What could be coming?
Many people seem to thing that real estate sales drop in the winter months. This is true. However, sales still continue. As this past November shows we had an increase in home sales of 11.8%. In fact, we’ve seen an increase in home sales for every November since 2014, a 35% increase to be more precise.
While it is true that sales do drop off for the winter months, so does the inventory. While that may not seem that significant to some, it can often serve as a great advantage to those that have considered selling their home. How so?
Consider: June 2017 saw 1253 homes on the market. November 2017 saw 1045 homes on market. That’s a 16% decrease in inventory. Did we sell more homes in November than July? No. However, many people decide to take their homes off market, thinking it will not sell during the winter. This is good news for my Sellers as they now have approximately 16% less homes for which they would have to compete with.
After considering the foregoing, where do you think you have a better chance of selling? Do you want more competition or less competition? The answer is simple. When choosing a broker, make sure you find one that understands the dynamics of this market.
It has been observed by some that there seems to be more housing starts. One may be correct in that assumption. However, this does not translate into more “land” sales.
Many new homes being built are on existing land. The homes are those of individuals that have had the land and now decided to build and of spec homes. The spec home market my be good in that many of the homes on the market are older homes. Newer homes seem to be what many buyers are looking for. They don’t want to purchase something and then have to put a lot into it, unless the price is reasonable enough to allow such modifications.
November 2017 Statistics for the HCBOR:
RECENT HOME SALES:
Total homes listed in Highlands/Cashiers MLS: 1045
Homes Sold This Month: 77 This is the 4th November in a row with an increase of homes sold.
Average Unit Sales per Month/1 Year Average: 57 – Overall home sales for the year have had a positive affect on this number.
YOY Inventory: 20 months – This is still a high inventory. High inventory keeps prices low.
Average DOM: 373 This is for November Only.
Average DOM (YOY): 393
Median Sales Price: $409,500 . This is another positive sign of our housing market. Buyers are buying more homes near this price range.
Average List/Sell Ratio: 93.19% – Many Sellers seem to think they should price high and then negotiate. Unfortunately, this can be a bad strategy. If priced too high, you don’t get the views you need. Homes priced correctly are selling and seem to have fewer Days On Market.
Synopsis: Positive signs are being seen. This is a unique market area, unlike most. Home sales continue year round, even in winter months. While signs of the market are improving to some degree, one may want to carefully consider their pricing.
Land Units Sold: 19. The land market continues to remain somewhat stable, that is unchanged.
Total listed in all MLS: 1077
Inventory: 56 months.
Synopsis: With over 4 years worth of “stock” one should not expect to see a huge return in land prices any time soon. However, some lands have seen an increase of price. At one point prices were down to about $1,500/acre. Prices have crept back to $6,000- $10,000/acre. Much of this depends on location, proximity to town, amenities, etc.
36.4% of home sales ranged from $200,000 to $499,999.
15.5% of home sales ranged from $500,000 – $749,999.
11.7% of home sales ranged from $750,000 – $1,000,000.
19.5% of sales were above $1,000,000.
Sales for homes nearer the $400,000 mark have seen an increase. Buyers confidence seems to be returning to a level where such prices for second homes are now acceptable.
BUYERS: With an overall improvement in the market, opportunities on bargains may start to wane. An improving market means prices will begin to hold steady and then perhaps start to creep back up. Negotiations may be less attractive with more homes selling on the market.
SELLERS: While it is good to see some return in growth to home sales, one should not be hasty and expect their home to suddenly increase in value. If your homes been on the market for a while, chances are good you may now be closer to a sell than ever. Still, you need to consider pricing correctly so as to attract Buyers. Remember, you have competition with so many homes on the market. Consider, what makes your home worth as much or more than others that are available.
CONCLUSION: Positive trends are encouraging news. Sales are expected to slow in the winter, but sales will continue. As 2017 narrows down to the end, it may prove to be the best year we’ve had in some time. Real Estate is tough in this area. This market is not like the majority elsewhere. It could be in your best interest to find a broker that is from the area and understands this market to get a clear picture of how things are moving.
Selling Homes in Highlands, Cashiers, Glenville and Sapphire Area, as well as Franklin and Sylva.
This material is based upon work performed by Rick Creel, Broker. It is intended to provide an overall view of the real estate market for Highlands, Cashiers and surrounding areas of the Highlands/Cashiers Board of Realtors. It is composed of data from the HCBOR and NAR for this MLS only. Any opinions, findings, conclusions or recommendations are those of the author and do not reflect the views of any others. There can be no assurance that this information is complete, accurate, or includes all available market data; all information is subject to change. Users of this information are advised to consult with their financial experts about the interpretation and usefulness of information contained herein. It is unlawful to duplicate or distribute the information contained in these reports. For more information or to consider listing your home with an agent or buying a home CLICK HERE.