Tag Archives: recent home sales

Temps Drop, Snow Falls, Real Estate Rising

Best Snow – Best Real Estate Sales

This first snow of the year was a whopper! So were real estate sales for the month of November! Each year for the past 4 years has seen a rise in home sales for Highlands, Cashiers and Glenville area. What could be coming?

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November Sales Highest Since 2014!

Many people seem to thing that real estate sales drop in the winter months. This is true. However, sales still continue. As this past November shows we had an increase in home sales of 11.8%. In fact, we’ve seen an increase in home sales for every November since 2014, a 35% increase to be more precise.

Single Family Home Sales Statistics
Land Sales Statistics
Overall Market View

While it is true that sales do drop off for the winter months, so does the inventory. While that may not seem that significant to some, it can often serve as a great advantage to those that have considered selling their home. How so?

Consider: June 2017 saw 1253 homes on the market. November 2017 saw 1045 homes on market. That’s a 16% decrease in inventory. Did we sell more homes in November than July? No. However, many people decide to take their homes off market, thinking it will not sell during the winter. This is good news for my Sellers as they now have approximately 16% less homes for which they would have to compete with.

After considering the foregoing, where do you think you have a better chance of selling? Do you want more competition or less competition? The answer is simple. When choosing a broker, make sure you find one that understands the dynamics of this market.

Housing Starts

It has been observed by some that there seems to be more housing starts. One may be correct in that assumption. However, this does not translate into more “land” sales.

Many new homes being built are on existing land. The homes are those of individuals that have had the land and now decided to build and of spec homes. The spec home market my be good in that many of the homes on the market are older homes. Newer homes seem to be what many buyers are looking for. They don’t want to purchase something and then have to put a lot into it, unless the price is reasonable enough to allow such modifications.

 

November 2017 Statistics for the HCBOR:

RECENT HOME SALES:

Total homes listed in Highlands/Cashiers MLS: 1045

Homes Sold This Month: 77 This is the 4th November in a row with an increase of homes sold.

Home comps highlands cashiers glenville
Home Sales Comparison

Average Unit Sales per Month/1 Year Average: 57 – Overall home sales for the year have had a positive affect on this number.

YOY Inventory: 20 months – This is still a high inventory. High inventory keeps prices low.

Average DOM: 373 This is for November Only.

Average DOM (YOY): 393

Median Sales Price: $409,500 . This is another positive sign of our housing market. Buyers are buying more homes near this price range.

Average List/Sell Ratio: 93.19% – Many Sellers seem to think they should price high and then negotiate. Unfortunately, this can be a bad strategy. If priced too high, you don’t get the views you need. Homes priced correctly are selling and seem to have fewer Days On Market.

Synopsis: Positive signs are being seen. This is a unique market area, unlike most. Home sales continue year round, even in winter months. While signs of the market are improving to some degree, one may want to carefully consider their pricing.

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RECENT LAND SALES

Land Units Sold: 19. The land market continues to remain somewhat stable, that is unchanged.

Total listed in all MLS: 1077

Inventory: 56 months.

Synopsis: With over 4 years worth of “stock” one should not expect to see a huge return in land prices any time soon. However, some lands have seen an increase of price. At one point prices were down to about $1,500/acre. Prices have crept back to $6,000- $10,000/acre. Much of this depends on location, proximity to town, amenities, etc.

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Overall Market View:

  • 36.4% of home sales ranged from $200,000 to $499,999.
  • 15.5% of home sales ranged from $500,000 – $749,999.
  • 11.7% of home sales ranged from $750,000 – $1,000,000.
  • 19.5% of sales were above $1,000,000.

Sales for homes nearer the $400,000 mark have seen an increase. Buyers confidence seems to be returning to a level where such prices for second homes are now acceptable.

BUYERS:  With an overall improvement in the market, opportunities on bargains may start to wane. An improving market means prices will begin to hold steady and then perhaps start to creep back up. Negotiations may be less attractive with more homes selling on the market.

SELLERS: While it is good to see some return in growth to home sales, one should not be hasty and expect their home to suddenly increase in value. If your homes been on the market for a while, chances are good you may now be closer to a sell than ever. Still, you need to consider pricing correctly so as to attract Buyers. Remember, you have competition with so many homes on the market. Consider, what makes your home worth as much or more than others that are available.

CONCLUSION: Positive trends are encouraging news. Sales are expected to slow in the winter, but sales will continue. As 2017 narrows down to the end, it may prove to be the best year we’ve had in some time. Real Estate is tough in this area. This market is not like the majority elsewhere. It could be in your best interest to find a broker that is from the area and understands this market to get a clear picture of how things are moving.


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.

Real Estate Market Holding Steady

Single Family Home Sales Statistics
Land Sales Statistics
Overall Market View

 

No Extraordinary Sales Expected

While the Highlands/Cashiers area real estate market is coming back into its busy season, statistics show the market as status-quo.  In layering the sales data from 2014 until March of 2016, we see no major changes in the market. In fact, we see 2016 starting a little slower than 2015. What does this mean?

For Buyers, this is still a great time to buy a home in the mountains. It also means that buyers are in the drivers seat.

For Sellers, it means that expectations to sell their home should not be set too high. High expectations can result in homes staying on the market for longer periods of time (DOM or Days On Market).

Recent homes sales Macon and Jackson Counties
Market Outlook for Real Estate – Click for LARGER IMAGE.

HOW CAN I GET MY HOME SOLD?

Be reasonable. Look at the chart below. This shows the number of homes sold in March 2016 as compared to the inventory available. You might say, the blue area is your competition.

Inventory of homes in Highlands, Cashiers, Macon County
Price Competitively to Sell – Click for LARGER IMAGE

Now realize that the ORANGE SLIVER represents the 32 homes that did sell. So, divide the ORANGE SLIVER into 32 equal pieces. That one small section you end up with of the 32 is equal to your home. So, how do you compete? How do you  plan to get your home sold?

Believe it or not, your Broker wants the same thing you do; To sell your home for the most money they can get. However, your Broker is in the best position to tell you what the Market is doing. They watch the Market continually to offer you advise. While it is true you may “feel” your property is worth more or that you may have paid more for it or put a lot improvements into it, COST ≠ VALUE (Cost does not equal Value).

Be “IN” the Market, Not “On” the Market

While Market Data will state that homes sold for 90% of there List price, this does not paint a real picture.  This percentage is based upon the List price at the time it sold. In reviewing the “Original” List price, we find these homes sold for about 69% of the “Original” list price. Take a look at this graph to see what that looks like:

List to Sell Ration
Original List Price vs. Sold Price – Click for LARGER IMAGE

After many Days On Market (DOM) Sellers were forced to reduce their prices to get their homes sold. The mentality of many is, “The buyers are going to beat us up on price, so we’re going to price high so we can give a little,” is not a good strategy. Why not?

If you are overpriced, buyers are not going to look at your property. They will go look at properties that are closer to their budget. For example, if you’re priced at $495,000, buyers looking in the $400,000 – $450,000 range may never see your listing. If your home is not “In the Market” for what they are looking for, you are overpriced. The competition for the Market is tough and you have to be priced right to sell. Buyers know the market and they simple will not consider properties that are priced to high.

If you’re not getting many views on your home, chances are good you are priced too high. If you want your home sold during this upcoming selling season, you need to develop a strategy now.

 

RECENT HOME SALES (MARCH 2016):

Total homes listed in Highlands/Cashiers MLS: 1159 – This number is expected to rise as many Sellers desire to take advantage of the selling season. This number is expected to rise to around 1500.

Homes Sold This Month: 32-Less than the 2015 model, as seen in chart at top.

Average Sales per Month 1 Year Average: 47 (Unchanged)

Inventory: 24 months – This is determined using the Average Sales Per Month, as this market is very seasonal. Remember, a healthy market inventory is considered to be 6 months or less.

DOM: 533

Average DOM (YOY): 460

Median Sales Price: $243,500– This is a more significant number than “Average Selling Price.” This helps us to see where the middle of the market is selling.

Average List/Sell Ratio: 90.03% -Take into consideration this is not the “Original” List Price, as mentioned earlier. This continues to show that homes are overpriced. Sellers need to be aggressive in pricing to stir competition for their home. Pricing aggressively is what creates more lookers and more offers.

Synopsis: As we are coming into our Selling Season, Sellers should want to take advantage and be aggressive. As we go further into the season, if there is a lack of lookers, Sellers should want to consider their pricing and adjust accordingly before the season wanes.

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RECENT LAND SALES (MARCH 2016)

Land Units Sold: 8

Total listed in all MLS: 1188-This number should continue to increase, which is not good for Sellers.

Inventory: 84 months. That’s 7 years of inventory. Some sellers have given their land away if the buyer covered the closing fee’s. Land is moving, but there is no real demand.

Synopsis: No demand means prices for land remain very low, compared to former pricing.

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Overall Market View:

31% of home sales ranged from $200,000 to $499,999. This is the major portion of market sales.
15% of home sales ranged from $500,000 – $749,999. This was a significant rise in homes in this price range.
12% of sales were above $1,000,000. Unchanged.

Sellers, you should not expect top dollar for your home. If this is what you desire, you may want to remove your home from the market, temporarily.

Buyers, as we head into our busy season, good buys don’t last long. You need to be on top of any listings that pique your interest and be ready to move on them.

 

 

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.