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.
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.
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.
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.
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.
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.