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Median Home Sales
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)
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.
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.
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.