By the time March rolls around, I’m ready for spring. I love winter and this year it was milder than expected even though we managed to have enough snow for a week or two to make it interesting and feel like winter. But now, I’m ready to see some daffodils and budding trees. I’m also ready to gear up for the buying and selling season.
The February real estate report brings us a good uptick in residential sales over the same time last year. In February 2015 there were 27 homes sold in Transylvania County compared to 19 the year before. That puts us only 2 homes ahead for the year, but we’re just beginning the traditional season for buying and selling so all indications are that we will have a great year.
While it may sound like a broken record, our “sweet spot” continues to be in the under $300,000 price range. Last month the lions share of homes sold in the $150,000 to $250,000 range. During that same time last year, the majority of homes sold in the $150,000 and under range.
As a general rule, we are seeing a settling out in prices. Sellers have adjusted to the fact that they may not be able to sell their homes for as much as they would like and buyers are beginning to realize that most sellers are not desperate and homes are priced fairly. For buyers, homes are selling somewhere in the range of 95-97% of the listing. To further reinforce the strength of our market, homes that are priced properly as selling more quickly and multiple offers have once again become part of the landscape.
Land continues to lag behind home sales. There were only 12 properties sold in February compared to 15 in 2014. There are plenty of fantastic opportunities for anyone wanting to buy land. The catch is the cost of building and the holding costs for the land.
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