June Market Report
Recent Home and Land Sales
Home sales continue to rise. This is good news for the Cashiers/Highlands area real estate market. However, one should not forget this is the busy season. Unit sales do rise this time of year. Still, the Year Over Year (YOY) data continues to show the market as being a little stronger than last year. Those desiring to sell their home should not hesitate in listing their homes to capture buyers visiting our area.
HOME SALES LAND SALES
(Click on Chart to see Larger Image)
SINGLE FAMILY HOME SALES:
Total homes listed in Highlands/Cashiers MLS: 1568 – This is an increase of over 300 homes compared to May’s inventory. Larger inventories may continue to hold prices down.
Homes Sold This Month: 51 – 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: 46 – This is on target. So, although we did sell more homes in June, this is not unexpected.
Inventory: 30 months – This is a slight increase. The addition of 300+ additional listings compared to only 51 home sales accounts for this increase. A healthy market is considered by many to be less than 6 months.
DOM: 376 – This number has continued to drop. The continued market increase in sales has helped to lower this number.
Average DOM (YOY): 465 – This is a slight increase, due to some of the older listings just now being sold. However, this number still shows sellers should not expect their home to move quickly, unless it is very well positioned.
Median Sales Price: $247,500 – This number continues to hover around the $250,000 range. It helps us to determine the “middle of the road” in selling a home.
YOY Median Sales Price: $272,050 Using the monthly Median Sales Price and the YOY median sales price, sellers priced in the $250,000 – $300,000 appear to be in the heart of the market.
Average List/Sell Ratio: 91.53 -This number helps us to see that many homes may not be bringing their “Asking” price. It also helps us to determine how buyers see our market. While all Brokers want to help Sellers bring the most that they can for the sale of a home, the market is ultimately determined by what Buyers are willing to pay.
If you are considering listing your home for sale, you should request a CMA from your Broker. Your tax assessment may not give you an accurate picture of the market. You can also request a FREE CMA (Comparative Market Analysis) for Highlands, Glenville and Cashiers area here.
The following chart shows home sales in June in this area of Jackson County, NC. Notice the ratio between listing price and closing price as compared to tax assessment:
Synopsis: Continued growth is what we see in our YOY reports. This growth is anticipated over the next few months. Seller should take advantage of these opportunities to get their homes listed and sold.
Land Units Sold: 15 – This is a 66% increase in land sales. Although the percentage sounds high, this was only an increase of 6 more parcels sold compared with May 2015.
Total listed in all MLS: 1328. This is another increase in land of 36 more parcels available. No expectation of increase in sales at present.
Average Sales per Month YOY Average: 16 Unchanged. Overall land sales are not expected to have an increase. In reviewing recent sales in the chart above, land sales remain relatively flat.
Inventory: 83 months. Slight increase due to more parcels being added. At the rate of sales for land and this huge inventory, sellers should expect to hold on to their property unless they are willing to offer exceptional pricing.
Average DOM: 579 – Decreased. However, this is still nearly 18 months. Although overall land prices have been drastically reduced by many, land purchases are still very low.
Average List/Sell Price Ratio: 86.68 This is another increase in this ratio. Still, it shows that overall prices may be above what the market will allow at this point.
Synopsis: There continues to be no real demand for land. This will continue to keep prices down. This is still a great market for buyers. With large inventory, anyone expecting to sell their land soon may have to consider stronger incentives to encourage purchasing.
Overall Market View:
Home sales pricing was a large mixture with the largest of sales in the $300,000-$400,00 range.
This market is typically very seasonable. As we enter into the peak season of visitors to our area, home sales are anticipated to continue rising. Hesitation on the part of buyers can only mean they could miss out on a great opportunity to own a home in the mountains.
If you’re considering listing your home for sale or purchasing a home in NC, please feel free to contact a local agent. 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.