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“Up, Up and Away…” Highlands, Cashiers Real Estate

Highlands/Cashiers Real Estate Market Holding Promise

Real Estate can be fickle. Many new brokers may not last because they simply don’t understand markets and that not all markets are the same. While some markets have been doing well for some time, Highlands/Cashiers area has had its struggles. Current trends are on the upside and may soon bring some relief to many Sellers and their agents. Continue reading “Up, Up and Away…” Highlands, Cashiers Real Estate

Fall: Bad Colors/Good Real Estate

Bad Colors – Good Sales

This was not one of our best falls, as far as the colors of the leaves. However, real estate was spectacular! In fact, it was the most we’ve seen sold in this area since 2014. Still, winter is coming. Will we still see the growth?

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October Sales Highest Since 2014!

It seems that June and October 2017 have been our best months so far this year. While some of the other months have proven to be slower, these two months have us moving toward the best year in sales compared to previous years. This upward trend can be great news for Sellers!

Single Family Home Sales Statistics
Land Sales Statistics
Overall Market View

At Hattler Properties we have seen the increase in walk-in traffic and phone calls.  There are properties currently under contract and more on the horizon. Unfortunately, no one knows how long the ride will last nor when and where it may change. Until there is more data, it’s difficult to say what the future may do.

While markets around the country have been noted as doing quite well, every market is different. This market has been slower than the market trend elsewhere. However, this is typical for this area. The market lag is about 2-3 years. In other words, what other markets are doing, we will often do as well. It just takes about 2-3 years for us to follow.

Best Home Sales Price Range

There were two areas of home sales that were particularly noteworthy.  These areas were  homes priced from $250,000-$500,000 and those over $1,000,000. Both areas saw a significant increase in the number of units sold of 119% and 100%, respectively. That’s doubled or better than the number of homes in the same price range over Septembers sales.

Housing Needs

While it is good to see this growth in the area, there is still a major need for what many may consider “affordable housing.” There is also a great need for long term rentals.

Each year, restaurants, clubs and others are trying to find housing for their staff. Rentals for such are few and far between. They also fill up fast. Pricing can start at $800/month and go well above that number.

People that desire to live and work in the area also have a hard time finding homes around or under $200,00.  A recent search revealed only 4 such homes near the Cashiers area, 3 of which were no where near town. Housing in this price range is near non existent. The foregoing is the reason for all the traffic to and from Franklin and Sylva each morning and afternoon.

October 2017 Statistics for the HCBOR:

RECENT HOME SALES:

Total homes listed in Highlands/Cashiers MLS: 1131

Homes Sold This Month: 91 Well above the average! October proved strong.

Average Unit Sales per Month/1 Year Average: 56 – June and October numbers have driven this average higher, which is what we want to see. This shows sales growth

YOY Inventory: 20 months – Slight drop, which is positive. Still, inventory levels over 6 months will keep prices down. A “healthy” market is considered to have 6 months inventory or less.

Average DOM: 294 This is for October Only.

Average DOM (YOY): 392 – The season is short, thus DOM in this area is typically higher. DOM in this area does not necessarily reflect a properties sale-ability.

Median Sales Price: $390,000 . This is not average selling price, but median. This is the “middle” mark of all homes sold. The median had been in the $200,000 range for quite some time. This mark helps us to see that more buyers have increased their spending levels.

Average List/Sell Ratio: 90.06% – Unfortunately, this is not a good number. In other words, properties are considered as priced to high by the Buyers. Pricing high to negotiate selling at a lesser price may not be the best strategy in this type market. Buyers will simply look for homes priced closer to their budget/needs. It has been observed that properties that are closer to the Fair Market Value seem to be the properties that are moving. Still, sales at only 90% of the asking price shows that most of those properties are priced too high. One can easily price themselves out of this market.

Synopsis: The market appears like there may be some overall improvement, at least as far as the price range that people are spending in and the movement of units. Still, Sellers should observe this trend and adjust accordingly. It’s not time to start asking for higher prices, but to price according to Fair Market Value. Fair Market Price may easily be seen in the number of views your home may be getting.

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RECENT LAND SALES

Land Units Sold: 14. The land market is still relatively flat.

Total listed in all MLS: 1099

Inventory: 78 months.

Synopsis: No demand for land and high inventory keep land at its lowest pricing. Exceptions may be lakefront on Lake Glenville where there is more demand. Still, with the inventory on homes that are available on the lake, even these land prices may be kept lower.

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Overall Market View:

  • 46% of home sales ranged from $200,000 to $499,999.
  • 14% of home sales ranged from $500,000 – $749,999.
  • 9% of home sales ranged from $750,000 – $1,000,000.
  • 10% of sales were above $1,000,000.

BUYERS: Time may be running out to find that dream home in the mountains at a great price. There are still many bargains to be found, but those may soon start to decline.

SELLERS: Price right and stand firm. Price high in expectation to negotiate and you may have to hold on a bit longer.  Property is moving, but you need to be “in” the market and not just “on” the market.

CONCLUSION: Real estate in Highlands and Cashiers has always been sought after. It seems the economy my be starting to allow buyers to consider their expendable income and the possibility of owning their home in the mountains. If you are looking to buy or sell a home in this area,  use the form below to contact an agent that knows the area and familiar with this market.


Selling Homes in Highlands, Cashiers, Glenville and Sapphire Area, as well as Franklin and Sylva.

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DISCLAIMER

This material is based upon work performed by Rick Creel, Broker. It is intended to provide an overall view of the real estate market for Highlands, Cashiers and surrounding areas of the Highlands/Cashiers Board of Realtors. It is composed of data from the HCBOR and NAR for this MLS only. Any opinions, findings, conclusions or recommendations are those of the author and do not reflect the views of any others. There can be no assurance that this information is complete, accurate, or includes all available market data; all information is subject to change. Users of this information are advised to consult with their financial experts about the interpretation and usefulness of information contained herein. It is unlawful to duplicate or distribute the information contained in these reports. For more information or to consider listing your home with an agent or buying a home CLICK HERE.

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Real Estate Sales Rising

Single Family Home Sales Statistics
Land Sales Statistics
Overall Market View

 

Highlands-Cashiers Area Real Estate Rise

Real Estate sales in Highlands and Cashiers area had a sharp rise in sales during the month of May, 2016. However, before you start jumping up and down with joy you may like to know  some determining  factors and other important data.

Recent Home Sales Highlands Cashiers
click to see larger image of Sales Trends

 

Seasonal  Home Sales Below 2015

In reviewing the graph above, you will notice that sales tend to rise during the summer months, when the majority of buyers in this area make their purchases. The recent rise in sales for May is typical and to be expected.  However, one should also note that May 2016 unit sales were below May 2015, but still above May 2014. What does all this mean?

There’s really not that much to get excited about. While many surrounding markets have been doing very well, the Highlands/Cashiers area is a different type of market. Since there is little to no industry in this area and the majority of visitors are seasonal, this is a second home or luxury market. From the data in the chart we see things as maintaining status quo. What can we expect?

Inventory Overload

Do the math. The Highlands/Cashiers Board of Realtors (HCBOR) sold 42 homes in May. This also includes Lake Glenville, Sapphire, Toxaway and surrounding areas. Mind you, this is 42 homes out of all the agents and offices in the HCBOR. Now, add the fact that there were an additional 312 listings added, bringing the total inventory  to 1,400 homes (land is not included in this figure).

So, 1,400 homes in inventory and selling 42 homes per month, it would take over 33 months to sell all these homes. That’s nearly 3 years worth of inventory. Little wonder that the average Days On Market (DOM) is at 506 days.

How To Sell Your Home

While the Highlands-Cashiers Real Estate Market is very unique, you can still sell your home. However, one should not expect to receive the price they may have paid in 2007 or 2008. Remember, you are up against a lot of competition, what we call “substitution.” In other words, for what does a similar home sell. True, another home may have been listed at one price, but where did it sell (closing price).

Jackson county tax assessment
click for larger image of List Closed Assessed Values

 

Notice the chart above.  The first column is the “Listing Price” volume of homes sold in Jackson County through the HCBOR. The next column is the volume where these homes actually sold (closing price). The last column is where the homes county tax assessment had their value. In a strong market, there are bidding wars on property. “Closing” price is usually higher than “Listing” price. In our area, we see the opposite to be true.

If you want to sell your home any time soon in this market, one should expect to price their home so as to attract buyers. Pricing like everyone else means you will have a lot of competition and you may be sitting on the market for some time to come. Many have the view that buyers will, “beat me up on price so I’ll price high to come down.” This could be a faulty strategy in that if you’re priced even a little high, buyers may tend to look elsewhere. Whereas, if you price to attract buyers, you are more likely to see more people considering your property over your competition.

Reality Realty

Let’s face it, everyone, including your Real Estate Agent,  wants to get the most out of your property. You want it because it’s your money. Your Agent/Broker wants it because it means their payday. However, one must be objective in looking at market trends and what the market is doing. We may look at this another way.

Let’s say you bought stock at $50/share. The market went down. Now, those same shares are only worth $35. So if you want to sell, what can you expect to get for those same shares? It’s the same way with homes. Buyers drive the market. One can not expect to get more just because they feel it is worth more, because they may have paid more or because that’s what they want.

So, here are the statistics for May 2016 for the HCBOR:

RECENT HOME SALES (May 2016):

Total homes listed in Highlands/Cashiers MLS: 1400 – Another increase in inventory from April.

Homes Sold This Month: 42.

Average Sales per Month 1 Year Average: 46 Since we have a “short” selling season, we use the 1 year average sells per month for statistical purposes.

Inventory: 30 months – Here the YOY (Year Over Year) Sales/month is used since our selling season varies greatly. This gives a more accurate since of inventory. Still, a healthy market is considered to have 6 months or less.

Average DOM: 506

Average DOM (YOY): 448

Median Sales Price: $332,500 – This is a good number for this area. Our neighboring MLS is at $150,000.

Average List/Sell Ratio: 89.14% – In other words, properties sold at nearly 11% less than where they were Listed.

Synopsis: This does not appear to be a strong market. As inventory increases for the selling season, pricing must be competitive enough to attract buyers. The List/Sell Ration is an indicator that many homes may be priced to high. As a result, homes may expect to stay on the market for some time to come.

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RECENT LAND SALES (May 2016)

Land Units Sold: 12

Total listed in all MLS: 1272-This number continues to rise.

Inventory: 106 months. Low numbers of units sold and added listings will cause this number to continue to rise.

Synopsis: Land is very difficult to sell. Large inventory of homes makes it less expensive to purchase a home than to develop land with well, septic, clearing, roads and build a home. We have nearly a 9 year inventory of land.

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Overall Market View:

  • 41% of home sales ranged from $200,000 to $499,999. This continues to be the major portion of market sales.
  • 19% of home sales ranged from $500,000 – $749,999. This was another significant rise in homes in this price range.
  • 17% of sales were above $1,000,000. This is a slight increase .

Sellers,  you may be anxious to sell your home. However, if you’ve been on the market for a while, you may want to consider adjusting your price. No amount of marketing will sell your home unless you are in the “market” price.

Buyers, as surrounding markets have become stronger and continue to show positive signs, continued delay in making a purchase in this region may mean missing an opportunity at some of the lowest prices we’ve seen in many years. Don’t be afraid to make an offer.

 

 

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, etc). You can then make an informed decision on how to sell or buy your home.

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DISCLAIMER

This material is based upon work performed by Rick Creel, Broker. It is intended to provide an overall view of the real estate market for Highlands, Cashiers and surrounding areas of the Highlands/Cashiers Board of Realtors. It is composed of data from the HCBOR and NAR for this MLS only. Any opinions, findings, conclusions, or recommendations are those of the author and do not reflect the views of any others. There can be no assurance that this information is complete, accurate, or includes all available market data; all information is subject to change. Users of this information are advised to consult with their financial experts about the interpretation and usefulness of information contained herein. It is unlawful to duplicate or distribute the information contained in these reports. For more information or to consider listing your home with an agent or buying a home CLICK HERE.

Winter Blues are Gone

Single Family Home Sales Statistics
Land Sales Statistics
Overall Market View

 

February Home Sales Decline

February is typically one of the slower months in real estate sales for the Highlands/Cashiers area. This February proved to follow the yearly real estate trend. However, this February was a decline from 2015.

Recent Homes sold in highlands and cashiers area.
Real Estate Sales Average – CLICK FOR LARGER IMAGE

Still, when looking at the data from the Year Over Year (YOY) numbers, we should start to see an increase in sales as we head into the 2016 “Selling Season.” Indicators, such as the number of people that have been showing up in town, are impressive. If you are looking to sell your home during the 2016 “Selling Season” you may want to discuss your options to improve your chances of selling.

HOW CAN I GET MY HOME SOLD?

Pricing is everything. The buyers still appear to be in control of this market. Many brokers are still trying to get at or near assessed values of properties. However, that strategy may not be what works best for you.

The following chart shows where homes have been listed (orange block), where homes have actually sold or closed (gray block) and where the homes were assessed (yellow block).

Home pricing and recent sales.
Pricing is Everything! CLICK FOR LARGER IMAGE.

Sellers need to be realistic in the pricing of their home. Pricing your home  higher than what the market allows means your home will probably just stay on the market. Buyers know the market and are not willing to pay more just because that’s what the Seller would like to get. A good broker is not one that tells you what you may want to hear. A good broker is one that shows you what the market is doing and gives you information so you can make an informed decision.

 

SINGLE FAMILY HOME SALES (FEBRUARY 2016):

Total homes listed in Highlands/Cashiers MLS: 1134 – Expect this number to rise in the coming months.

Homes Sold This Month: 25

Average Sales per Month 1 Year Average: 47

Inventory: 24 months – This is determined using the Average Sales Per Month, as this market is very seasonal. This number continues to be in excess of what is considered a “healthy” market.

DOM: 483 – This number will remain high until inventory is reduced..

Average DOM (YOY): 467 – This is the yearly average for DOM. Homes are selling, but not as fast as they are being replaced.

Median Sales Price: $200,000– This was a significant drop in price. This is what we may consider to be the “sweet spot” of the market. Homes around this number typically have a better rate of selling.

Average List/Sell Ratio: 88.41% -This is another indicator that homes are still considered as overpriced. If you are serious about selling your home, talk to your broker. Many feel that since people want a bargain, they are going to ask for a lower price. However, people that are already priced well stand to gain the sell of their homes.

 

Synopsis: We have a narrow selling season. One should not go into the season only to miss out and have their homes listed another year. Price right to take advantage of getting your home sold this season. Do not wait to see what the market will do, It may be too late. Have an aggressive strategy, if you want to see your home sold.

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LAND SALES (FEB)

Land Units Sold: 14 – This is a 100% increase in land sales!!! Still, keep things in perspective. It’s only 14 unit sales in all of the MLS with over 200 brokers. That is,  approximately only 1 in 15 brokers sold any land during the month. Not really good odds for land sales.

Total listed in all MLS: 1127

Inventory: 80 months. That’s 6.5 years of inventory. Are you willing to wait that long for your property to sell?

Synopsis: There is no real demand for land. The market is driven by ‘Supply and Demand.” If there is no demand, there is very  little perceived value, regardless of tax assessment, etc. Remember, tax assessment is for county revenue.

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Overall Market View:

52% of home sales ranged from $200,000 to $499,999.
8% of home sales ranged from $500,000 – $749,999.
12% of sales were above $1,000,000. This was good news for higher end home sales.

Sellers,  if you want your home sold this season, consider being aggressive. A delay at this time could mean just another year on the market

Buyers, be prepared to take advantage of any deals offered. Homes priced properly do not last. Make sure your broker knows what you are looking for so he can alert you to price changes and new offerings. Make sure he knows your maximum budget. You may be able to get a whole lot more without having to pay a lot more.

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®. 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.

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DISCLAIMER

This material is based upon work performed by Rick Creel, Broker. It is intended to provide an overall view of the real estate market for Highlands, Cashiers and surrounding areas of the Highlands/Cashiers Board of Realtors. It is composed of data from the HCBOR and NAR for this MLS only. Any opinions, findings, conclusions, or recommendations are those of the author and do not reflect the views of any others. There can be no assurance that this information is complete, accurate, or includes all available market data; all information is subject to change. Users of this information are advised to consult with their financial experts about the interpretation and usefulness of information contained herein. It is unlawful to duplicate or distribute the information contained in these reports. For more information or to consider listing your home with an agent or buying a home CLICK HERE.

“Homes Losing Value” – October Report

Home Value
Homes Losing Value

Click above image to view National Housing Market Update

SKIP TO HIGHLANDS/CASHIERS MARKET SUMMARY BELOW:

  • Single Family Homes
  • Land Sales
  • Overall Market View
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    Not All Markets Are Equal

    Many clients in the Highlands/Cashiers real estate market want to know why their homes have not sold. They often speak of markets in other areas where they may also have homes and speak of how the market is doing there. According to Zillow’s Dr. Gudell, she states, “…we’re still seeing a number of homes losing value.” The real estate market varies in different regions.

    For example, in the Highlands/Cashiers market area we have about 1350 homes on the market. The yearly average in sales is around 49 homes per month. That’s about 3.6% of the inventory sales in any given month. As a result, one might say you have about a 3.6% chance of selling your home. Not a good number, especially for investors trying to “flip” a home. What can you do to improve the opportunity to sell your home? You need to price better than your competition, also known by appraisers as Substitution.

    LEAVES HAVE FALLEN AND SO HAVE SALES
    (Click on Chart to see Larger Image)
    Home Sales and market for Highlands and Cashiers area.
    Decline in Home Sales Expected

    However, there’s no need to panic. This is the yearly decline in sales that happens every season in our part of the world, as you see represented in the chart above (blue line is 2014). However, what we have seen in 2015 (represented by the orange line) is that sales have been up overall in comparison with 2014. This is good news.  What is in store remains to be seen. However, some ask, “Should I take my property off the market for the winter months?” Let’s look at the chart and make a few considerations.

    If you’re home is off the market, it is  not being seen by the over 200 brokers in our MLS. This almost assures it will not sell. However, when we look at the chart, we see sales start to increase around January. Why is this?

    Visitors come to our area in October for the leaves, November to get their Christmas tree’s and December, hoping for a white Christmas in the mountains and possibly to do some skiing. They fall in love with the area and start looking around. Now, consider how the buying process works.

    It may take a couple of weeks for negotiations, then another 2-3 weeks for Due Diligence (inspections, financing, etc). Closing and financing may take an additional couple of weeks, as well as Title search, etc. In view of this, it can easily take a couple of months to finally close on a property. This means, if we want our home to be one of the rising statistics for March, we need to be listed as early as January. One thing is for certain, if you are not listed, your chances of selling are greatly reduced. And, since many people will take their homes off in the winter, the inventory is reduced which may increase your opportunity to be seen.

    SINGLE FAMILY HOME SALES:

    Total homes listed in Highlands/Cashiers MLS: 1373

    Homes Sold This Month:  70 – This is a 10% drop in sales from previous month. Sales are expected to decline for the next couple of months.

    Average Sales per Month 1 Year Average: 49

    Inventory: 28months – Unchanged. A healthy market is considered by many to be less than 6 months.

    DOM: 369 – This number has continued to drop. Part of the reason appears to be that many of the newer listings are getting closer to the real market price.

    Average DOM (YOY): 463 – This is unchanged Sellers should not expect their home to move quickly, unless it is very well positioned.

    Median Sales Price: $390,000 – This is another good sign in that the “middle of the market” is continuing to increase. It would seem buyers are spending more on homes.

    Average List/Sell Ratio: 87.37 -This shows that many homes are overpriced. If your home is not being shown, this could be the reason.

    The following chart shows Macon County Tax Assessment ratio much closer than Jackson County. It’s also interesting to note that Highlands, NC did see more home sales, possibly as a result. Macon has lowered the value on many properties. However, the millage  rate has been increased.

     

    Tax assessment for Macon and Jackson County
    Macon County Tax Assessment Near Market Values – Click image to see larger display.

    You will also note in the chart above that homes have been listed way above their Closing Values. This will add to the Days On Market, if your home is not priced correctly. Remember, buyers drive the market, not Brokers.

    Synopsis: While sales are expected to drop off during the next couple of months, it is important to have your home priced correctly. If it is priced correctly, you may even have a better chance of selling as others come off market. You may want to have your broker do another CMA if it’s been a while.

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    LAND SALES

    Land Units Sold: 11

    Total listed in all MLS: 1226

    Average Sales per Month YOY Average: 16 Unchanged.

    Inventory: 77 months.

    Average List/Sell Price Ratio: 68% This shows that land is still considered to be overpriced.

    Synopsis: There continues to be no real demand for land. Also, land is considered to be overpriced by buyers, as seen in the List/Sell Ratio above. With large inventory, anyone expecting to sell their land soon may have to consider stronger incentives/lower prices to encourage purchasing.

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    Overall Market View:

    40% of home sales ranged from $250,000 to $499,999.
    40% of home sales ranged from $500,000 and above.

    Sellers, remember, it’s not what we would like to get for our property, but what the market will bare.

    Buyers should not hesitate. The market in this area is showing signs of increase. As the increase continues, prices will be expected to follow.
    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.

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    DISCLAIMER

    This material is based upon work performed by Rick Creel, Broker. It is intended to provide an overall view of the real estate market for Highlands, Cashiers and surrounding areas of the Highlands/Cashiers Board of Realtors. It is composed of data from the HCBOR and NAR for this MLS only. Any opinions, findings, conclusions, or recommendations are those of the author and do not reflect the views of any others. There can be no assurance that this information is complete, accurate, or includes all available market data; all information is subject to change. Users of this information are advised to consult with their financial experts about the interpretation and usefulness of information contained herein. It is unlawful to duplicate or distribute the information contained in these reports. For more information or to consider listing your home with an agent or buying a home CLICK HERE.

    Real Estate Market Report – June 2015

    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)
    Home sales in Highlands/Cashiers area
    Recent Homes and Land Sold

     

    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:

    Sales comps for Jackson County, NC

    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.

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    LAND SALES

    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.

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    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.

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    DISCLAIMER

    This material is based upon work performed by Rick Creel, Broker. It is intended to provide an overall view of the real estate market for Highlands, Cashiers and surrounding areas of the Highlands/Cashiers Board of Realtors. It is composed of data from the HCBOR and NAR for this MLS only. Any opinions, findings, conclusions, or recommendations are those of the author and do not reflect the views of any others. There can be no assurance that this information is complete, accurate, or includes all available market data; all information is subject to change. Users of this information are advised to consult with their financial experts about the interpretation and usefulness of information contained herein. It is unlawful to duplicate or distribute the information contained in these reports. For more information or to consider listing your home with an agent or buying a home CLICK HERE.

    Real Estate Market Report – April 2015 -Highlands/Cashiers MLS Area

    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
    Current Real Estate Market for Highlnads Cashiers
    Home Sales in Highlands Cashiers Area

     

    SINGLE FAMILY HOME 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.

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    LAND SALES

    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.

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    Overall Market View:

    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).

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    DISCLAIMER

    This material is based upon work performed by Rick Creel, Broker. It is intended to provide an overall view of the real estate market for Highlands, Cashiers and surrounding areas of the Highlands/Cashiers Board of Realtors. It is comprised of data from the HCBOR and NAR for this MLS. Any opinions, findings, conclusions, or recommendations are those of the author and do not reflect the views of any others. There can be no assurance that this information is complete, accurate, or includes all available market data; all information is subject to change. Users of this information are advised to consult with their financial experts about the interpretation and usefulness of information contained herein. It is unlawful to duplicate or distribute the information contained in these reports. For more information or to consider listing your home with an agent CLICK HERE. A top listing agent will show you the facts.