It’s the first week of January 2015. For the most part, holiday decorations have been stored until next year and people are moving on and into the new year. Before we get too far into this new year though, I’d like to take a look back at 2014 and what happened in our area this past year in the way of real estate.
Residential sales ended the year on a high note, showing a 19.4% increase in sales over 2013. A total 486 homes sold in 2014 over 407 in 2013. December itself was very active all on its own. In 2014, there were 51 homes sold compared to only 26 homes in 2013.
Look a little closer at the data and we find that the average list price in 2014 was $298,916 and the average selling price was $264,325. That tells us that homes sold for about 88% of the asking price. They were also on the market for an average of 253 days. Unlike previous years, we saw more cases of homes selling quickly when they were priced appropriately and we also found ourselves in several situations where there were multiple offers. In 2013, the numbers were a little different. That year, the average list price was $255,556 and the average selling price was $234,011 which calculates to about 91% of the asking price. But homes last year were also on the market 10 days longer than this year. Are prices going up? It’s hard to say because our MLS includes the Lake Toxaway area where it is common to see million dollar or more price tags. When those homes sell, and there have been a number that sold this year, it drives the overall average up. Even so, the lions share of the homes that sold in Transylvania County this year continue to be $350,000 and less.
Land sales also saw a nice uptick this year. In 2014, 121 parcels sold compared to 112 the year before. The average list price this year was $117,072 with a selling price of $97,316 or 83% of asking. In 2013 the average list price was $145,947 and the selling price was $120,551 for about the same 83%. Land listings are staying on the market longer which I believe is reflected in the lower average listing prices as sellers get more and more motivated. In 2014 a listing was on the market an average of 480 days compared to 423 days in 2013.
So what’s ahead for us in lending? According to Gina Breedlove, Mortgage Specialist at United Community Bank in Brevard, interest rates are predicted to stay low until the 4th quarter of this year and then predicted to go into the 5% range. At the moment, a 30-year fixed rate loan with no origination fee is only 3.875% at UCBI.
If you would like more information about the Transylvania County market, or details about the Henderson or Buncombe county markets, just drop us a line at email@example.com or visit us online at BrevardNCProperty.com.