2016 Jackson County Property Tax
Winter finally came to the Highlands-Cashiers Plateau. While we received between 14″-18″ of snow, there was another “chilling” prospect to begin the new year. Property Tax re-assessment. Follow this link to better understand the property tax in Jackson County, NC. You can also watch this report on WLOS-TV13 in Asheville, NC.
What effect will the new tax assessment have on sales? Only time will tell. However, we should be able to see the tax assessment aligning more evenly with recent sales (see chart below).
While Real Estate Agents/Brokers are trying to get prices near their “assessed” values, we see that the majority of homes are closing for considerably less. This should help homeowners to see that buyers drive the market and determine the fair value of a home.
Total homes listed in Highlands/Cashiers MLS: 1138 – The Year Over Year (YOY) average inventory is 1339 homes. Many homes come “Off Market” during winter months then return in the spring.
Homes Sold This Month: 21
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 is a huge inventory. Healthy markets are considered 6 months or less.
DOM: 474 – This is a slight decrease, but still needs to move lower. Sellers may expect their homes to be listed for long periods of time unless they are willing to make adjustments in pricing.
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: $308,500– This number has been hovering around this mark for a few months, up from the $250,000 range that was previously held for some time.
Average List/Sell Ratio: 87.21% -In other words, if you had a home listed at $100,000, it most likely closed at $87,210. Listing a property that will sell for less may not be in the best interest of the seller. “Motivated” sellers need to talk with their agent to get realistic pricing.
Synopsis: We are entering a slower time in home sales, as is expected for the season. While we do expect an increase beginning around May, homes should be on the market in March to close by May. Correct pricing can mean the difference between a quick sale and a home that may be on the market for a longer period.
Land Units Sold: 7 – This is about 1/2 of the number of units sold in January of 2014 or 2015. It is the least number of land sales for compared to any month in 2015. This continues to show there is no real demand for land.
Total listed in all MLS: 1099
Average Sales per Month YOY: 14
Inventory: 78 months. That’s 6.5 years of inventory.
Average List/Sell Price Ratio: 45.14% In other words, land sold for less than 1/2 of what it was listed for.
Synopsis: While land sales continue, sellers should not expect top dollar for land. Little is moving as there is no real demand for land, at present. The huge inventory means buyers have plenty to choose from.
52% of home sales ranged from $200,000 to $499,999.
19% of home sales ranged from $500,000 – $749,999.
Sellers, you should get with you broker on the new Tax Assessment for Jackson County. Look over your data and make sure you are positioned correctly to sell your home.
Buyers, your opportunity to own a Mountain Home may not be better. 2015 showed an increase in home sales compared with 2014. As home sales increase, no doubt Brokers will be trying to get more for their clients.
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.