“Real Estate Momentum Increases”
Real Estate in Highlands and Cashiers area still shows an increase. But what goes up, must come down.
Highlands/Cashiers area has seen a remarkable amount of home sales for August. Not only did it beat last months high in sales (the highest in 3 years for the month of July) but it well exceeded the previous 2 years for August. Still, as this area nears the winter season, we typically see unit sales fall as the leaves begin to fall. As a result, one may expect this increase to last through October, then expect a drop. However, even though a drop in sales may be expected, it will be interesting to see if it falls to the norm or if the numbers will remain above normal. Only time will tell.
August 2016 Statistics for the HCBOR:
Total homes listed in Highlands/Cashiers MLS: 1444.
Homes Sold This Month: 87
Average Sales per Month 1 Year Average: 46
Inventory: 31 months (Because unit sales vary greatly, inventory is based upon Year Over Year [YOY] data)
Average DOM: 366
Average DOM (YOY): 490
Median Sales Price: $362,500
Average List/Sell Ratio: 92.78% – This is based upon the “List” price at the time an offer was made. Many homes “Original” list price was much higher, thus the ratio for “Original” list price would be less than above.
Synopsis: This summer appears to be a little stronger in unit sales. However, with inventory well above the 6 month mark, homeowners should realize that this will keep pricing low.
Land Units Sold: 23 – This is a great increase in land sales.
Total listed in all MLS: 1240
Inventory: 85 months (unchanged)
Synopsis: Land sales showed a remarkable increase in units sold. Still, with 8 years of inventory, most property values will remain very low.
- 45% of home sales ranged from $200,000 to $499,999.
- 13% of home sales ranged from $500,000 – $749,999.
- 13% of home sales ranged from $750,000 – $1,000,000.
- 15% of sales were above $1,000,000.
Sellers, price it right to sell. Buyers determine value. Buyers look at homes that are priced correctly and those homes are selling. Buyers are active. If you’re not having many looking at your home, it may be that you could be overpriced.
Buyers, don’t wait until the market increases to buy a home. If the market continues to show an overall increase, many sellers may consider raising prices. However, such a consideration may prove to be premature on the sellers part at this time.
DID YOU ENJOY THIS REPORT? Please let me know what other information you would like to see by entering it into the comments section at the bottom of this page. Your input is valuable and I will try to include your suggestions in next months blog.
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®. They will make a specific report for your area of our MLS (Sapphire, Norton, Glenville, Highlands, Toxaway, Clear Creek, Breedlove, Franklin, etc). You can then make an informed decision on how to sell or buy your home.