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
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.
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.
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).