Category Archives: Highlands, Cashiers, Glenville Real Estate Market

Current information on land and home sales in Highlands, Cashiers, Franklin, Lake Glenville, Sapphire and Lake Toxaway. Data is based upon several resources.

Winter Blues are Gone

Single Family Home Sales Statistics
Land Sales Statistics
Overall Market View

 

February Home Sales Decline

February is typically one of the slower months in real estate sales for the Highlands/Cashiers area. This February proved to follow the yearly real estate trend. However, this February was a decline from 2015.

Recent Homes sold in highlands and cashiers area.
Real Estate Sales Average – CLICK FOR LARGER IMAGE

Still, when looking at the data from the Year Over Year (YOY) numbers, we should start to see an increase in sales as we head into the 2016 “Selling Season.” Indicators, such as the number of people that have been showing up in town, are impressive. If you are looking to sell your home during the 2016 “Selling Season” you may want to discuss your options to improve your chances of selling.

HOW CAN I GET MY HOME SOLD?

Pricing is everything. The buyers still appear to be in control of this market. Many brokers are still trying to get at or near assessed values of properties. However, that strategy may not be what works best for you.

The following chart shows where homes have been listed (orange block), where homes have actually sold or closed (gray block) and where the homes were assessed (yellow block).

Home pricing and recent sales.
Pricing is Everything! CLICK FOR LARGER IMAGE.

Sellers need to be realistic in the pricing of their home. Pricing your home  higher than what the market allows means your home will probably just stay on the market. Buyers know the market and are not willing to pay more just because that’s what the Seller would like to get. A good broker is not one that tells you what you may want to hear. A good broker is one that shows you what the market is doing and gives you information so you can make an informed decision.

 

SINGLE FAMILY HOME SALES (FEBRUARY 2016):

Total homes listed in Highlands/Cashiers MLS: 1134 – Expect this number to rise in the coming months.

Homes Sold This Month: 25

Average Sales per Month 1 Year Average: 47

Inventory: 24 months – This is determined using the Average Sales Per Month, as this market is very seasonal. This number continues to be in excess of what is considered a “healthy” market.

DOM: 483 – This number will remain high until inventory is reduced..

Average DOM (YOY): 467 – This is the yearly average for DOM. Homes are selling, but not as fast as they are being replaced.

Median Sales Price: $200,000– This was a significant drop in price. This is what we may consider to be the “sweet spot” of the market. Homes around this number typically have a better rate of selling.

Average List/Sell Ratio: 88.41% -This is another indicator that homes are still considered as overpriced. If you are serious about selling your home, talk to your broker. Many feel that since people want a bargain, they are going to ask for a lower price. However, people that are already priced well stand to gain the sell of their homes.

 

Synopsis: We have a narrow selling season. One should not go into the season only to miss out and have their homes listed another year. Price right to take advantage of getting your home sold this season. Do not wait to see what the market will do, It may be too late. Have an aggressive strategy, if you want to see your home sold.

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LAND SALES (FEB)

Land Units Sold: 14 – This is a 100% increase in land sales!!! Still, keep things in perspective. It’s only 14 unit sales in all of the MLS with over 200 brokers. That is,  approximately only 1 in 15 brokers sold any land during the month. Not really good odds for land sales.

Total listed in all MLS: 1127

Inventory: 80 months. That’s 6.5 years of inventory. Are you willing to wait that long for your property to sell?

Synopsis: There is no real demand for land. The market is driven by ‘Supply and Demand.” If there is no demand, there is very  little perceived value, regardless of tax assessment, etc. Remember, tax assessment is for county revenue.

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Overall Market View:

52% of home sales ranged from $200,000 to $499,999.
8% of home sales ranged from $500,000 – $749,999.
12% of sales were above $1,000,000. This was good news for higher end home sales.

Sellers,  if you want your home sold this season, consider being aggressive. A delay at this time could mean just another year on the market

Buyers, be prepared to take advantage of any deals offered. Homes priced properly do not last. Make sure your broker knows what you are looking for so he can alert you to price changes and new offerings. Make sure he knows your maximum budget. You may be able to get a whole lot more without having to pay a lot more.

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®. He will make a specific report for your area in our MLS (Sapphire, Norton, Glenville, Highlands, Toxaway, Clear Creek, Breedlove, etc). You can then make an informed decision on how to sell or buy your home.

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DISCLAIMER

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.

Temperatures Fall-Property Taxes Rise

Single Family Home Sales Statistics
Land Sales Statistics
Overall Market View

 

2016 Jackson County Property Tax

Winter finally came to the Highlands-Cashiers Plateau. While we received between 14″-18″ of snow, there was another “chilling” prospect to begin the new year. Property Tax re-assessment. Follow this link to better understand the property tax in Jackson County, NC. You can also watch this report on WLOS-TV13 in Asheville, NC.

What effect will the new tax assessment have on sales? Only time will tell. However, we should be able to see the tax assessment aligning more evenly with recent sales (see chart below).

While Real Estate Agents/Brokers are trying to get prices near their “assessed” values, we see that the majority of homes are closing for considerably less. This should help homeowners to see that buyers drive the market and determine the fair value of a home.

If you would like to review your assessment, Hattler Properties has an agent that will assist you to dispute your property tax.  For more assistance, click here to contact this agent.

SINGLE FAMILY HOME SALES (JANUARY 2016):

Total homes listed in Highlands/Cashiers MLS: 1138 – The Year Over Year (YOY) average inventory is 1339 homes. Many homes come “Off Market” during winter months then return in the spring.

Homes Sold This Month: 21

Average Sales per Month 1 Year Average: 47

Inventory: 24 months – This is determined using the Average Sales Per Month as this market is very seasonal. This is a huge inventory. Healthy markets are considered 6 months or less.

DOM: 474 – This is a slight decrease, but still needs to move lower. Sellers may expect their homes to be listed for long periods of time unless they are willing to make adjustments in pricing.

Average DOM (YOY): 467 – This is the yearly average for DOM. Homes are selling, but not as fast as they are being replaced.

Median Sales Price: $308,500– This number has been hovering around this mark for a few months, up from the $250,000 range that was previously held for some time.

Property tax assessment, valuation
CLICK IMAGE TO SEE LARGER VIEW

Average List/Sell Ratio: 87.21% -In other words, if you had a home listed at $100,000, it most likely closed at $87,210. Listing a property that will sell for less may not be in the best interest of the seller.  “Motivated” sellers need to talk with their agent to get realistic pricing.

 

real estate market highlands, cashiers area
Unit Sales/ Jan, 2015-Jan, 2016

Synopsis: We are entering a slower time in home sales, as is expected for the season. While we do expect an increase beginning around May, homes should be on the market in March to close by May.  Correct pricing can mean the difference between a quick sale and a home that may be on the market for a longer period.

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LAND SALES (JAN)

Land Units Sold: 7 – This is about 1/2 of the number of units sold in January of 2014 or 2015.  It is the least number of land sales for compared to any month in 2015. This continues to show there is no real demand for land.

Total listed in all MLS: 1099

Average Sales per Month YOY: 14

Inventory: 78 months. That’s 6.5 years of inventory.

Average List/Sell Price Ratio: 45.14%  In other words, land sold for less than 1/2 of what it was listed for.

Synopsis: While land sales continue, sellers should not expect top dollar for land. Little is moving as there is no real demand for land, at present. The huge inventory means buyers have  plenty to choose from.

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Overall Market View:

52% of home sales ranged from $200,000 to $499,999.
19% of home sales ranged from $500,000 – $749,999.

Sellers,  you should get with you broker on the new Tax Assessment for Jackson County. Look over your data and make sure you are positioned correctly to sell your home.

Buyers, your opportunity to own a Mountain Home may not be better. 2015 showed an increase in home sales compared with 2014. As home sales increase, no doubt Brokers will be trying to get more for their clients.

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®. He will make a specific report for your area in our MLS (Sapphire, Norton, Glenville, Highlands, Toxaway, Clear Creek, Breedlove, etc). You can then make an informed decision on how to sell or buy your home.

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DISCLAIMER

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.

Hottest December on Record?

Single Family Home Sales Statistics
Land Sales Statistics
Overall Market View

 

Real Estate – Hotter Than Normal

Not only did we see very warm temperatures in December, but the Real Estate Market for the Highlands/Cashiers area was hot as well. According to the activity report from the National Association of REALTOR’S® for the Highlands/Cashiers Board of REALTOR’S® , we haven’t seen this many home sales during the month of December since 2005. Good news indeed for home sellers.

Real estate market highlands cashiers
Recent Home Sales for Highlands/Cashiers December 2015 CLICK to see larger image.

2015 ended up showing a near 16% increase in the number of homes sold, as compared with 2014. Land, showed a decrease in unit sales of just over 9%.

The big question is, “Will this momentum continue through the rest of the winter months and into next year?” While January is typically one of the slower months of the year for the region,  only time will tell us the true story. Here again, optimism continues as this market continues to show overall improvement.

SINGLE FAMILY HOME SALES (DEC):

Total homes listed in Highlands/Cashiers MLS: 1030 – This is a 20% drop in inventory from November. This is good news for those still on the market as they have less competition. The Year Over Year (YOY) average inventory is 1339 homes.

Homes Sold This Month: 52

Average Sales per Month 1 Year Average: 49 Unchanged – This is good news in that it shows the market holding steady.

Inventory: 21 months – This is a 25% reduction in inventory. More good news. However, healthy markets are considered below 6 months.

DOM: 490 – This is the average for the month of December.

Average DOM (YOY): 448 – While this number is down, it will be hard to reduce by much until we get rid of much of our older inventory.

Median Sales Price: $302,500– This is the “middle” of the market, not an average selling price. In other words, there were an equal number of homes that sold both above and below this price. This was just the “middle.”

Average List/Sell Ratio: 90.05% -This is an indicator that home pricing is still considered high, overall. Homes are selling at 90.05% of their “List” price.  To attract buyers and possibly shorten your Days On Market (DOM), one should carefully consider the pricing of their home.

Synopsis: 2015 has ended on a high note. Now may not be the time to hesitate if you’ve been considering purchasing real estate in Highlands/Cashiers area. Still, with such a large inventory, it may not be reasonable to expect a quick sale, unless your home is priced correctly. A good question for sellers to ask themselves is, “How many times has my home been shown?” If you’re getting little to no views, most likely its pricing and not your REALTOR®’s efforts in advertising.

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LAND SALES (DEC)

Land Units Sold: 20 – While this is a slight rise in land sales, this is the total number of units sold for the entire MLS serving the Highlands/Cashiers area. Land sales for the year are down compared with total land sales for 2014.

lands sales highlands cashiers real estate realtor
Real Estate Sales – Land/CLICK to see larger image.

Total listed in all MLS: 1098

Average Sales per Month YOY: 14

Inventory: 78 months.

Average List/Sell Price Ratio: 92.86% Land is still considered to be overpriced.

Synopsis: The huge inventory of land and lack of demand will continue to have an effect on pricing.

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Overall Market View:

52% of home sales ranged from $200,000 to $499,999.
17.5% of home sales ranged from $500,000 – $749,999.

Sellers, while December has shown it can be a strong month for home sales, if you are not listed you may not be leveraging this opportunity to sell your home. Many feel that if no one is here, no one is buying. The statistics show otherwise.

Buyers should not hesitate and miss this opportunity to buy a home in the Highlands/Cashiers area. Land is at its lowest in many years. This past December has shown it to be the strongest since 2005. As the market continues to show an uptrend, delaying in a purchase could cost you thousands.

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®. He will make a specific report for your area in our MLS (Sapphire, Norton, Glenville, Highlands, Toxaway, Clear Creek, Breedlove, etc). You can then make an informed decision on how to sell or buy your home.

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DISCLAIMER

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.

“Homes Losing Value” – October Report

Home Value
Homes Losing Value

Click above image to view National Housing Market Update

SKIP TO HIGHLANDS/CASHIERS MARKET SUMMARY BELOW:

  • Single Family Homes
  • Land Sales
  • Overall Market View
  •  

    Not All Markets Are Equal

    Many clients in the Highlands/Cashiers real estate market want to know why their homes have not sold. They often speak of markets in other areas where they may also have homes and speak of how the market is doing there. According to Zillow’s Dr. Gudell, she states, “…we’re still seeing a number of homes losing value.” The real estate market varies in different regions.

    For example, in the Highlands/Cashiers market area we have about 1350 homes on the market. The yearly average in sales is around 49 homes per month. That’s about 3.6% of the inventory sales in any given month. As a result, one might say you have about a 3.6% chance of selling your home. Not a good number, especially for investors trying to “flip” a home. What can you do to improve the opportunity to sell your home? You need to price better than your competition, also known by appraisers as Substitution.

    LEAVES HAVE FALLEN AND SO HAVE SALES
    (Click on Chart to see Larger Image)
    Home Sales and market for Highlands and Cashiers area.
    Decline in Home Sales Expected

    However, there’s no need to panic. This is the yearly decline in sales that happens every season in our part of the world, as you see represented in the chart above (blue line is 2014). However, what we have seen in 2015 (represented by the orange line) is that sales have been up overall in comparison with 2014. This is good news.  What is in store remains to be seen. However, some ask, “Should I take my property off the market for the winter months?” Let’s look at the chart and make a few considerations.

    If you’re home is off the market, it is  not being seen by the over 200 brokers in our MLS. This almost assures it will not sell. However, when we look at the chart, we see sales start to increase around January. Why is this?

    Visitors come to our area in October for the leaves, November to get their Christmas tree’s and December, hoping for a white Christmas in the mountains and possibly to do some skiing. They fall in love with the area and start looking around. Now, consider how the buying process works.

    It may take a couple of weeks for negotiations, then another 2-3 weeks for Due Diligence (inspections, financing, etc). Closing and financing may take an additional couple of weeks, as well as Title search, etc. In view of this, it can easily take a couple of months to finally close on a property. This means, if we want our home to be one of the rising statistics for March, we need to be listed as early as January. One thing is for certain, if you are not listed, your chances of selling are greatly reduced. And, since many people will take their homes off in the winter, the inventory is reduced which may increase your opportunity to be seen.

    SINGLE FAMILY HOME SALES:

    Total homes listed in Highlands/Cashiers MLS: 1373

    Homes Sold This Month:  70 – This is a 10% drop in sales from previous month. Sales are expected to decline for the next couple of months.

    Average Sales per Month 1 Year Average: 49

    Inventory: 28months – Unchanged. A healthy market is considered by many to be less than 6 months.

    DOM: 369 – This number has continued to drop. Part of the reason appears to be that many of the newer listings are getting closer to the real market price.

    Average DOM (YOY): 463 – This is unchanged Sellers should not expect their home to move quickly, unless it is very well positioned.

    Median Sales Price: $390,000 – This is another good sign in that the “middle of the market” is continuing to increase. It would seem buyers are spending more on homes.

    Average List/Sell Ratio: 87.37 -This shows that many homes are overpriced. If your home is not being shown, this could be the reason.

    The following chart shows Macon County Tax Assessment ratio much closer than Jackson County. It’s also interesting to note that Highlands, NC did see more home sales, possibly as a result. Macon has lowered the value on many properties. However, the millage  rate has been increased.

     

    Tax assessment for Macon and Jackson County
    Macon County Tax Assessment Near Market Values – Click image to see larger display.

    You will also note in the chart above that homes have been listed way above their Closing Values. This will add to the Days On Market, if your home is not priced correctly. Remember, buyers drive the market, not Brokers.

    Synopsis: While sales are expected to drop off during the next couple of months, it is important to have your home priced correctly. If it is priced correctly, you may even have a better chance of selling as others come off market. You may want to have your broker do another CMA if it’s been a while.

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    LAND SALES

    Land Units Sold: 11

    Total listed in all MLS: 1226

    Average Sales per Month YOY Average: 16 Unchanged.

    Inventory: 77 months.

    Average List/Sell Price Ratio: 68% This shows that land is still considered to be overpriced.

    Synopsis: There continues to be no real demand for land. Also, land is considered to be overpriced by buyers, as seen in the List/Sell Ratio above. With large inventory, anyone expecting to sell their land soon may have to consider stronger incentives/lower prices to encourage purchasing.

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    Overall Market View:

    40% of home sales ranged from $250,000 to $499,999.
    40% of home sales ranged from $500,000 and above.

    Sellers, remember, it’s not what we would like to get for our property, but what the market will bare.

    Buyers should not hesitate. The market in this area is showing signs of increase. As the increase continues, prices will be expected to follow.
    If you’re considering listing your home for sale or purchasing a home in NC,  please feel free to contact a local agent.  He will make a specific report for your area in our MLS (Sapphire, Norton, Glenville, Highlands, Toxaway, Clear Creek, Breedlove, etc). You can then make an informed decision on how to sell or buy your home.

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    DISCLAIMER

    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.

    Market Rises as Leaves Fall

    For your home value or up-to-date Market Report, contact the agent on Top of the Market.

    Median Home Sales
    Holding

    September Home sales in Highlands and Cashiers real estate
    Median Home Sales Price

    While the Median sales price had been hovering around $250,00 for quite some time, September held for the second month in a row above $300,00. This may be due, in part, to an increase of over 35% more home units sold compared to August.

    Homes sales rose during September, 2015. September of 2014 saw 61 homes sold whereas this September showed 77 homes sold. A positive sign, indeed. Even land saw an increase of units sold. While the overall swing is in the up  mode one must remember a few vital factors in this market area:

    • This is nearing the end of the busy season.
    • There is a definite down swing in the winter months.
    • Inventory is still high, which will continue to keep prices low.

    Just as we do not know if we’ll have a great color season on our leaves, we can not anticipate what the market will do at this point. We’ll just have to wait and see.  Still, hopes are high. Marketing will continue.

    Below are the stats for September, 2015:

     

    SINGLE FAMILY HOME SALES:

    HOME SALES-LAND SALES (Click on Chart to see Larger Image)

    Recent Home Sales in Macon and Jackson County, NC

    Total homes listed in Highlands/Cashiers MLS: 1544

    Homes Sold This Month:  77 – This is for the entire MLS  for the Highlands/Cashiers Board of Realtors (BOR).  There are approximately 73 offices in our BOR.

    Average Sales per Month 1 Year Average: 49 (unchanged)

    Inventory: 20 months – This is another slight decrease, which is good news for sellers. A healthy market is considered by many to be less than 6 months. Inventory is still high.

    DOM: 357 – This number continues to drop. The continued market sales increase will help to lower this number. Here, again, as we move into our “slow season” this number is expected to rise.

    Average DOM (YOY): 468 – Sellers should position their homes well to increase their opportunity to sell.

    Median Sales Price: $310,000  This is not average, but where the middle of the market was shown.

    Average List/Sell Ratio: 90.52% – Homeowners should consult with their broker to determine a realistic selling price.  Buyers determine the market. If your home is not being shown, perhaps you’re priced to high, as this ratio shows. One should not use Tax Assessment to determine Market Value. Consult with your Broker or hire an appraiser. CLICK HERE to get an estimate of your home value.

     

    Synopsis: Sellers may want to consider a re-evaluation by their broker. The total number of units sold in comparison with the current inventory available suggests one needs to position competitively.

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    LAND SALES

    Land Units Sold: 23

    Total listed in all MLS: 1313

    Average Sales per Month YOY Average: 16 Unchanged.

    Inventory: 57 months.

    Average List/Sell Price Ratio: 82% Overall prices remain  above what the market will sustain at this point.

    Synopsis: There continues to be no real demand for land.  The huge housing inventory allows one to purchase a home without the need to develop land.

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    Overall Market View:

    52% of home sales ranged from $200,000-$750,000.
    63% of those home sales were above the $300,000 mark.

    Homes are clearly out selling land by nearly 3 ½ : 1

    Sellers should carefully consider pricing. While the leaf season attracts visitors, only attractive pricing will encourage buyers to make a purchase.

    Buyers, this is still a great market for you. However, as the market continues to rise in many places, anticipation for such may encourage sellers to hold out. Delays in purchasing may mean higher prices later.
    If you’re considering listing your home for sale or purchasing a home in NC,  please feel free to contact a local agent.  They can make a specific report for your area in our MLS (Sapphire, Norton, Glenville, Highlands, Toxaway, Clear Creek, Breedlove, etc). You can then make an informed decision on how to sell or buy your home.

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    DISCLAIMER

    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 without written permission by its author. For more information or to consider listing your home with an agent or buying a home CLICK HERE.

    Real Estate Market Increase – August, 2015

    For your home value or up-to-date Market Report, contact the agent on Top of the Market.

    Median Home Sales Increase

    The Median Home Sale Price rose dramatically in August to $325,000. This is $125,000 more than July’s report. Even though previous months had been hovering around the $250,000 mark, this is still worth taking note. 53% of the home sales ranged from $200,000 – $750,000. The remaining percentage of units sold were spread out almost equally above and below these marks.

    However, the total number of units sold was 28% fewer homes than in August of 2014. This is in harmony with the Volume sold at 27% less than August of 2014. While the units sold is still above the yearly average, we will soon be entering the decline of winter sales.

    September and October are still fairly strong months to look forward too before we hit Fall and Winter figures. While some may  choose to withdraw their properties during these months, those that remain on the market are the ones that will be seen and most likely to sale.

    HOME SALES     LAND SALES (Click on Chart to see Larger Image)
    REcent Homes Sold in Highlands/Cashiers Area
    Homes Sold in August 2015 Highlands/Cashiers Area

     

    SINGLE FAMILY HOME SALES:

    Total homes listed in Highlands/Cashiers MLS: 1318

    Homes Sold This Month:  56 – This is for the entire MLS  for the Highlands/Cashiers Board of Realtors (BOR).  There are approximately 73 offices in our BOR.

    Average Sales per Month 1 Year Average: 49 –  This is a 6% increase in overall sales.

    Inventory: 24months – This is another slight decrease, which is good news for sellers. A healthy market is considered by many to be less than 6 months.

    DOM: 400 – This number continues to drop. The continued market increase in sales has helped to lower this number.

    Average DOM (YOY): 463 – Unchanged.  Sellers should not expect their home to move quickly, unless it is very well positioned.

    Median Sales Price: $325,000 – This was a substantial rise.

    Average List/Sell Ratio: 89.45 – Homes have been selling from 81 – 97% of their listing price. In order to get a quicker sale, homeowners should consult with their broker to determine a realistic selling price.  You may also CLICK HERE to get an estimate of your home value.

     

    It has been clear in comparing recent sales with Tax Assessment that the Tax Assessed value has been consistently high. Macon County reassessed and gave new values this year. Jackson County is currently reassessing. They must have new values for 2016 Tax Year. While values in property may drop, the county can not lose revenue. In order to compensate for possibly lower property values, the tax rate is expected to increase.

     

     

    Synopsis: As we near the slower part of the sales season, sellers should possibly consider a re-evaluation by their broker. Also, the total number of units sold in comparison with the current inventory suggests one should expect to position competitively, if a sale is to be expected any time soon.

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    LAND SALES

    Land Units Sold: 13

    Total listed in all MLS: 1286

    Average Sales per Month YOY Average: 16 Unchanged.

    Inventory: 80 months.

    Average List/Sell Price Ratio: 83.1 Overall prices appear to remain  above what the market will sustain at this point.

    Synopsis: There continues to be no real demand for land. This will continue to keep prices down. With large inventory, anyone expecting to sell their land soon may have to consider stronger incentives/lower prices to encourage purchasing.

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    Overall Market View:

    53% of home sales ranged from $200,000-$750,000.

    Homes are clearly out selling land.

    Sellers should carefully consider their pricing to take advantage of a sale this year. While the leaf season attracts visitors, attractive pricing is what brings buyers.

    Buyers should not hesitate. This is still a very attractive market for buyers. .
    If you’re considering listing your home for sale or purchasing a home in NC,  please feel free to contact a local agent.  He will make a specific report for your area in our MLS (Sapphire, Norton, Glenville, Highlands, Toxaway, Clear Creek, Breedlove, etc). You can then make an informed decision on how to sell or buy your home.

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    DISCLAIMER

    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.

    Real Estate Market Report – July 2015

    Home Sales Rise While Land Stays Flat

    Although the number of home units sold in July was slightly lower than Junes report, July did see an increase in comparison with July of 2014.  This is good news in that the overall market does show promise.  While sales may not compare with many other ares around the nation, it does offer hope that our market is showing positive signs. We are actually heading into the more promising months in sales. Will this growth continue? In looking at “Pending Sales”, that is homes that are under contract moving towards closing, there are around 100. However, some of these may fail due to inspections, financing, etc.  Still, it looks like much is in the works for homes.

    Land is looking flat, and we’re not talking about the topography. In looking at the chart below you will see that land sales remain relatively non existent. This may be due to the fact that there are so many homes in inventory. You can easily find a move in ready home without having to develop land.  This is also a determining factor in keeping the value of land low.

    HOME SALES     LAND SALES
    (Click on Chart to see Larger Image)
    Recent homes sold in Highlands/Cashiers area.
    July Homes Sold in Highlands and Cashiers Area

     

    SINGLE FAMILY HOME SALES:

    Total homes listed in Highlands/Cashiers MLS: 1386

    Homes Sold This Month:  50 – This is for the entire MLS  for the Highlands/Cashiers Board of Realtors (BOR).  There are approximately 73 offices in our BOR.

    Average Sales per Month 1 Year Average: 46 –  Unchanged

    Inventory: 28months – This is a slight decrease, which is good news for sellers. A healthy market is considered by many to be less than 6 months.

    DOM: 438 – This number has continued to drop. The continued market increase in sales has helped to lower this number.

    Average DOM (YOY): 463 – Sellers should not expect their home to move quickly, unless it is very well positioned.

    Median Sales Price: $200,000 – This was a substantial drop in previous numbers. It just shows where the “middle” of the market is hovering.

    Average List/Sell Ratio: 89.94 -This helps us to appreciate that most buyers are getting properties for about 10% less than the asking price. Homes priced above the market typically stay on the market longer. Sellers should check with their broker and see if they feel they are priced correctly.  In looking at this ratio it may be in the Sellers best interest to consider lowering the price of their home.  Your Listing Broker will be able to assist you in looking over your information.

     

    The following chart shows home sales in Jackson, Macon and Transylvania Counties, NC. Notice the ratio between listing price and closing price as compared to tax assessment (click to see larger image):

    Assessed value versus selling price.
    Listing Price versus Sold Price

     

    Synopsis: Continued growth is expected. This is the “busy” part of the Sales Season. Pricing is crucial to meet the market and to position for a sale during the season.

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    LAND SALES

    Land Units Sold: 17

    Total listed in all MLS: 1275

    Average Sales per Month YOY Average: 16 Unchanged.

    Inventory: 80 months.

    Average List/Sell Price Ratio: 51% Overall prices may be above what the market will sustain at this point.

    Synopsis: There continues to be no real demand for land. This will continue to keep prices down. With large inventory, anyone expecting to sell their land soon may have to consider stronger incentives/lower prices to encourage purchasing.

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    Overall Market View:

    42% of home sales ranged from $160,000 to $400,000.
    26% of home sales ranged from $400,000 to $1,000,000.

    Sellers should carefully consider their pricing to take advantage of a sale this year.

    Buyers should not hesitate. Increase in sales and overall market growth encourage price increase.
    If you’re considering listing your home for sale or purchasing a home in NC,  please feel free to contact a local agent.  He will make a specific report for your area in our MLS (Sapphire, Norton, Glenville, Highlands, Toxaway, Clear Creek, Breedlove, etc). You can then make an informed decision on how to sell or buy your home.

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    DISCLAIMER

    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.

    Real Estate Market Report – June 2015

    June Market Report

    Recent Home and Land Sales

    Home sales continue to rise. This is good news for the Cashiers/Highlands area real estate market. However, one should not forget this is the busy season. Unit sales do rise this time of year. Still, the Year Over Year (YOY) data continues to show the market as being a little stronger than last year.  Those desiring to sell their home should not hesitate in listing their homes to capture buyers visiting our area.

    HOME SALES     LAND SALES
    (Click on Chart to see Larger Image)
    Home sales in Highlands/Cashiers area
    Recent Homes and Land Sold

     

    SINGLE FAMILY HOME SALES:

    Total homes listed in Highlands/Cashiers MLS: 1568 – This is an increase of over 300 homes compared to May’s inventory.  Larger inventories may continue to hold prices down.

    Homes Sold This Month:  51 – This is for the entire MLS  for the Highlands/Cashiers Board of Realtors (BOR).  There are approximately 73 offices in our BOR.

    Average Sales per Month 1 Year Average: 46 –  This is on target. So, although we did sell more homes in June, this is not unexpected.

    Inventory: 30 months – This is a slight increase. The addition of 300+ additional listings compared to only 51 home sales accounts for this increase. A healthy market is considered by many to be less than 6 months.

    DOM: 376 – This number has continued to drop. The continued market increase in sales has helped to lower this number.

    Average DOM (YOY): 465 – This is a slight increase,  due to some of the older listings just now being sold. However, this number still shows sellers should not expect their home to move quickly, unless it is very well positioned.

    Median Sales Price: $247,500 – This number continues to hover around the $250,000 range. It helps us to determine the “middle of the road” in selling a home.

    YOY Median Sales Price: $272,050  Using the monthly Median Sales Price and the YOY median sales price, sellers priced in the $250,000 – $300,000 appear to be in the heart of the market.

    Average List/Sell Ratio: 91.53 -This number helps us to see that many homes may not be bringing their “Asking” price. It also helps us to determine how buyers see our market. While all Brokers want to help Sellers bring the most that they can for the sale of a home, the market is ultimately  determined by what Buyers are willing to pay.

    If you are considering listing your home for sale, you should request a CMA from your Broker. Your tax assessment may not give you an accurate picture of the market.  You can also request a FREE CMA (Comparative Market Analysis) for Highlands, Glenville and Cashiers area here.

    The following chart shows home sales in June in this area of Jackson County, NC. Notice the ratio between listing price and closing price as compared to tax assessment:

    Sales comps for Jackson County, NC

    Synopsis: Continued growth is what we see in our YOY reports.  This growth is anticipated over the next few months. Seller should take advantage of these opportunities to get their homes listed and sold.

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    LAND SALES

    Land Units Sold: 15 – This is a  66% increase in land sales. Although the percentage sounds high, this was only an increase of 6 more parcels sold compared with May 2015.

    Total listed in all MLS: 1328. This is another increase in land of 36 more parcels available. No expectation of increase in sales at present.

    Average Sales per Month YOY Average: 16 Unchanged. Overall land sales are not expected to have an increase. In reviewing recent sales in the chart above, land sales remain relatively flat.

    Inventory: 83 months. Slight increase due to more parcels being added. At the rate of sales for land and this huge inventory,  sellers should expect to hold on to their property unless they are willing to offer exceptional pricing.

    Average DOM: 579 – Decreased. However, this is still nearly 18 months. Although overall land prices have been drastically reduced by many, land purchases are still very low.

    Average List/Sell Price Ratio: 86.68 This is another increase in this ratio. Still, it shows that overall prices may be above what the market will allow at this point.

    Synopsis: There continues to be no real demand for land. This will continue to keep prices down. This is still a great market for buyers. With large inventory, anyone expecting to sell their land soon may have to consider stronger incentives to encourage purchasing.

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    Overall Market View:

    Home sales pricing was a large mixture with the largest of sales in the $300,000-$400,00 range.

    This market is typically very seasonable. As we enter into the peak season of visitors to our area, home sales are anticipated to continue rising. Hesitation on the part of buyers can only mean they could miss out on a great opportunity to own a home in the mountains.

    If you’re considering listing your home for sale or purchasing a home in NC,  please feel free to contact a local agent.  He will make a specific report for your area in our MLS (Sapphire, Norton, Glenville, Highlands, Toxaway, Clear Creek, Breedlove, etc). You can then make an informed decision on how to sell or buy your home.

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    DISCLAIMER

    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.

    Real Estate Market Report – April 2015 -Highlands/Cashiers MLS Area

    April Market Report

    Getting Ready for Busy Season!

    Home sales declined but not a reason for panic. The year over year data suggests we are on target for home listings sold in April.  This continues to show the current market as fairly stable.  This is a positive sign for listings in the Highlands/Cashiers area real estate.

    HOME SALES     LAND SALES
    Current Real Estate Market for Highlnads Cashiers
    Home Sales in Highlands Cashiers Area

     

    SINGLE FAMILY HOME SALES:

    Total homes listed in Highlands/Cashiers MLS: 1347 – Inventory showed a sharp increase of nearly 260 homes. This shows that many homeowners that may have had their homes off market during the slower season have now returned their listing to the market. This increases competition for sales, but the number of homes sold also tends to rise during the summer months.

    Homes Sold:  23 – This is down from the previous month, but in line with Year Over Year numbers for April.

    Average Sales per Month 1 Year Average: 44 –  Last month was 45.  Little change in the overall market.

    Inventory: 30 months – This is a very large inventory. A contributing factor to this is the 24% increase  of listings that came on the market.

    DOM: 497 – This has dropped. However, the listings that are coming back on market now after the winter will no doubt effect this number. .

    Average DOM (YOY): 450 – This number helps us to see that sellers should not expect a quick sale on their listing.

    Median Sales Price: $275,000 – These are the listings that sold in the middle of the market. In other words, there’s just as many homes being sold above and below this mark. This is the one that hits in the middle.

    YOY Median Sales Price: $276,954 (Relatively Unchanged)

    Average List/Sell Ratio: 88.16 – It would seem that many homes may still be overpriced.   Overpriced homes typically stay on the market longer. Your agent should give you realistic numbers and not “Buy” your listing. If you would like to know, “How Much Is My Home Worth,” get a Comparative Market Analysis from your broker or hire an appraiser. Do Not go by tax assessment. You can also request a FREE Comaprative Market Analysis for Highlands, Glenville and Cashiers area here.

    Synopsis: While this region has not shown the same growth in numbers as other areas across the nation, the summer months do hold promise for those desiring to list their homes. Listings need to be on the market now to beat advertising and other deadlines. Syndication can take time so sellers should not hesitate to contact a top listing agent. Buyers should not hesitate to make an offer. As the summer months typically drive up sales, so the prices may go as well.

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    LAND SALES

    Land Units Sold: 12 – There is  not a lot of land being sold.

    Total listed in all MLS: 1230. This is another increase in land parcels available. No expectation of increase in property value.

    Average Sales per Month 1 Year Average: 16 Unchanged

    Inventory: 77 months. Slight increase due to more parcels being added.

    Average DOM: 532 – Slight decrease. Sellers should not expect that their properties will move quickly.

    Average List/Sell Price Ratio: 73.29 This is a HUGE margin. In other words, land sold (on average) for 73.29% of what it was listed for.  There is no real demand for land, at present. Buyers expect much lower prices on land. Sellers that want to sell their land may want to discuss with their agent about lowering the price.

    Synopsis: There is no real demand for land, at present. This will continue to keep prices down. This is still a great market for buyers.

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    Overall Market View:

    As we move into our summer months many will be returning to visit our area.  40% of home sells appear to be 2-3 bedroom homes priced between $200,000 – $400,000.  Your agent should be candid and discuss realistic pricing, as indicators show that many properties are still over priced. A top agent should be able to provide you with all market data and trends.

    If you desire a more up-to-date trend on the market area of the Highlands/Cashiers Board of Realtors please feel free to contact Rick to make a specific report for your area of our MLS (Sapphire, Norton, Glenville, Highlands, Toxaway, Clear Creek, Breedlove, etc).

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    DISCLAIMER

    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 comprised of data from the HCBOR and NAR for this MLS. 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 CLICK HERE. A top listing agent will show you the facts.

    Real Estate Market Report – December 2015 (Highlands/Cashiers MLS Area)

    Real Estate Market Report For Highlands, Cashiers and Surrounding Areas for Dec. 2014

    2014 ends on a high note for real estate in the region. Home sales for the year are up while land sales are down, but the overall market has shown improvement over 2013, according to NAR Report from the Highlands/Cashiers Board of Realtors.

    SINGLE FAMILY HOME SALES:

    Total homes listed in Highlands/Cashiers MLS: 1272 – This is another drop  from Dec. This continues to be good news for sellers. Totaled with the previous month, this is 83 less homes on the market. However, the number of homes sold in December was very near the average home sales for the year. As more homes continue to come off market, this increases the opportunities you may have to sell your home now.  Contact Rick if you  are considering listing your home.

    Housing Index Rising
    Image courtesy of cool design / FreeDigitalPhotosdotnet

    Homes Sold: 41 – This is near the yearly average of 42.25 homes/month.  While some brokers feel there is nothing to do in the winter months, we continue to market strongly throughout the year, realizing that the sell of your home is not dependent upon the time of year.

    Average Sales per Month 1 Year Average: 42.25

    Inventory: 30 months (Previous Month – 37)
    This is excellent news for sellers. This can also translate into less DOM (Days On Market).

    DOM: 376 Another substantial drop from previous month. While this is still a relatively long period of time, it does show positives for having your home listed now.
    Average DOM (year): 517

    Median Sales Price: $270,000 This is not to be confused with the “Average” sales price. Of all the homes sold, this is the price that was in the middle.

    YOY Median Sales Price: $275,000

    Average List/Sell Ratio: 89.62 – This is less than 1% decrease of the previous month. However, it does indicate that homes may still be slightly overpriced. Sellers are often confused by Listing Price and/or Tax Assessment. These numbers are not really useful in determining the current value of a home. Sellers should be aware of actual Sold Price as compared to Listing Price. This is where this ratio comes into play.

    Synopsis: There are some signs of improvement in selling. While this does not indicate a need for a rise in price (in fact the opposite is true) it does show that you may now be closer to being able to sell your home than before. However, this is still a buyers market.

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    LAND SALES

    Land Units Sold: 19 Previous month was 28 units sold. However, this is still slightly above the average over the year.

    Total listed in all MLS: 1185.  This is 132 less  listings than the previous month. However, because of the drop in units sold, this has actually increased the inventory to reflect a more accurate time frame.

    Average Sales per Month 1 Year Average: 15

    Inventory: 62  months.

    Average DOM: 395  Sellers should not expect that their properties will move quickly.

    Average List/Sell Price Ratio: 86.72  This is a slight decrease from November. It continues to show that land is still considered to be overpriced by most buyers.

    Synopsis: Land is not moving quickly. This is still a great market for buyers.  To list what property sold for prior to 2008 or for what it was recently purchased for may not be a reasonable expectation. Some recent land buyers (in the last few years) should not expect to make anything in the sell of their properties. Some of these recent buyers purchased property at auction, based upon tax assessed value. However, tax assessments have not been re-evaluated since 2008, when the market was at its highest.

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    Overall Market View:

    This is still a buyers’ market for land in the Highlands/Cashiers area. Average Days On Market and List to Sell Ratio means that sellers should expect to get lower prices for their land and homes.  Buyers are still buying. in the winter months, as has long been shown. Having your home or property off the market means that those looking to buy will only be buying what can be found. Removing a listing at this time may not be to the sellers best interest. Remember, too, that this is a very diversified market region. What’s going on in Highlands may not be what’s happening in Glenville. The same is true for Cashiers, Lake Toxaway and surrounding areas.

    If you desire a more up-to-date trend on the market area of the Highlands/Cashiers Board of Realtors please feel free to contact me to make a specific report for your area of our MLS (Sapphire, Norton, Glenville, Clear Creek, Breedlove, etc).

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    Winners – Best Home Sales for 2014

    The following is a few of the best price ranges for sale for 2014 with the number of units sold in each price range.

    $250,000 – $299,999 = 51 Units Sold

    $300,000 – $399,999 = 59 Units Sold

    $400,000 – $499,999 = 49 Units Sold

    $500,000 – $749,000 =  80 Units Sold

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    DISCLAIMER

    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.  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 therein. It is unlawful to duplicate or distribute the information contained in these reports. For more information
    CLICK HERE  to contact Rick Creel, Broker.