Change is HERE!!!
While we anticipate what the rest of this winter may be like, it’s clear that the Highlands/Cashiers Real Estate Market has made a definite change. What more can we expect?
2019 Real Estate Market – Highlands/Cashiers Area
The Highlands/Cashiers Real Estate Market has seen it’s best market since the ’07, ’08 fall. More homes are selling, inventory is at its lowest points, Days On Market are reduced, Median Price has had an increase, all positive indicators for those desiring to sell their homes.
While this had been a “buyers” market for quite some time, the pendulum is definitely headed in the opposite direction. While this is now considered a “neutral” market, in that you can still do some bargaining, current trend could change to a “sellers” market soon. In such a case, one can expect prices to rise and buyers could lose some of their bargaining power.
Now that the inventory on homes has dropped by nearly 50%, buyers should not hesitate to make an offer on properties of interest. Remember, that in NC, you can pull out for no reason without losing your deposit, if you do so within the Due Diligence period. for more on this, call a NC Licensed Broker.
2019 Statistics for the HCBOR:
Total homes listed in Highlands/Cashiers MLS: 604 This appears to be the lowest number we’ve had in inventory for quite some time. What does this mean? With less inventory it can mean fewer Days On Market. That is, Buyers may have less to choose from. Fewer homes means better opportunities for Sellers. Still, this is a high inventory in relation to the number of homes being sold.
Average Homes Sold Per Month: 68 This number has continued to rise for over a decade now.
YOY Inventory: 12 months. This is a considerable drop from the 18 – 24 months inventory we used to carry.
Average DOM (Dec. 2019): 269 That’s about 9 months. Compared to the previous year when we were over 400, this number becomes better appreciated. One of the major components that will assist in lowering the DOM (Days On Market) is having properties that are priced correctly. Some rationalize that they will put a high number on their home because they know a Buyer will want to negotiate. While this theory may be somewhat true, if a home is way overpriced to begin with, many will not even look at the home. To get a fair market value, one should have a Comparative Market Analysis created for their property by a competent broker. Use this link to find brokers that are recognized and certified by the National Association or REALTORs® as Pricing Strategy Advisor’s. For Highlands, Cashiers, Glenville and surrounding areas, you can contact a Local Pricing Strategy Advisor here.
Average DOM (YOY): 254 – Our yearly average is a better indicator for DOM. Some homes are listed for long periods of time. So monthly DOM can be quite different, although this number coincides with Dec. 2019 very well. Another factor to keep in mind is that DOM continues to accumulate until the final closing of the home. One coud speculate that you may be able to reduce this time by about 30 days to determine how long it may take for a home to go under contract.
Median Sales Price: $385,000 . With all the homes sold in 2019, this was the home that sold in the middle of all that market. While there has been a considerable increase in home sales of those over $1,000,000, the majority of home sales are still around the $400,000 mark.
Average List/Sell Ratio: 92% (+/-) This is the actual ratio of what one should expect to get for the Selling Price of their home. While some months had shown this to be as low as in the 80% range, some received more. This is another indicator that you may want to find a REALTOR® withthe knowledge and background of this market. While many brokers move in from other areas, some may not understand the Highlands/Cashiers market area as well as others. Use the following link to find a broker that is familiar with Highlands, Cashiers and Glenville area Real Estate.
Synopsis: The tides care changing. Price right to encourage Buyers to see your home. While it is still somewhat of a neutral market, this may not last. Hesitating now to make a purchase now can mean costing you more later.
Land Units Sold For 2019: 233- In looking a the chart below, you can easily see that land sales do not match the growth of home sales. Land sales remain relatively flat (no pun intended).
While there has been more activity with construction, much of this has been from landowners that feel comfortable enough with the economy to begin construction. There have also been those that have purchased land at low prices and now constructing spec homes. Spec homes may be a good idea, given the low inventory of homes.
Total listed in all MLS: 995
Inventory: 52 months (4+ years). This is a tremendous amount of inventory. As such, one may expect prices to be held to a minimum for some time.
Synopsis: There is no huge demand for land, but a huge supply. As a result, land prices may be held low for some time to come.
- 50% of home sales ranged from $200,000 to $499,999.
- 23% of home sales ranged from $500,000 – $749,999.
- 11% of home sales ranged from $750,000 – $1,000,000.
- 16% of sales were above $1,000,000.
There was a marked increase of homes sold from $1,000,000 and above. These homes had the largest increase in sales.
BUYERS: Now is the time. Markets in other areas around the country have been very hot. This may be one of the last market areas that gives buyers an opportunity to get in the Highlands and Cashiers area at reasonable rates.
SELLERS: With the inventory at its lowest in over a decade, competition is not as fierce. For some price ranges you may only have to compete with less than a dozen homes. This is an opportunity to catch the market at its current peak.
CONCLUSION: Highlands, Cashiers, Glenville, Sapphire, Lake Toxaway and surrounding areas haven’t seen the market at this level in over a decade. While things had been moving very slowly, it’s nice to see the pace pick up again. This has not only be evident in home sales, but in the overall attitude of business, the community and more. People are more relaxed and enjoying the mountain lifestyle. If you haven’t got in on this yet, now may be your best opportunity. Contact a local broker to help you reach your goals.
Selling Homes in Highlands, Cashiers, Glenville and Sapphire Area, as well as Franklin and Sylva. Contact Listing Agent Here.