March Market Update

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Along with blooming daffodils and tulips, spring signals the start of the real estate season here in western North Carolina. Memorial Day is when the starting gun fires, but in the month or so leading up to that is when we start seeing the activity starting to shift. Based on what I’m reading and the drum beat I hear among my fellow Realtors, 2015 is going to be a good year.  Prices have stablilized, inventory is good, and mortgage rates are predicted to stay low.

This part of western North Carolina has seen a steady uptick for the last several years and it is still pretty much a buyer’s market. We have also seen more and more multiple offers on homes that are priced right and are good values which tells us that there is more competition among buyers.

So how did last month shape up? For home sales, March was a great month.  Sales were almost double what they were in March of 2014.  The bulk of sales occurred at $350,000 and under which is a trend that has not really changed in the last 3-5 years.  Here are some more fun facts for you.  In 2014 the average residential selling price was $229,240 at an average of 94.2% of the asking price.  This year, the average selling price was $227,494  and 95.7% of the asking price.  What this all means for buyers is that you may expect to be paying a little bit more as our recovery continues and you’ll likely pay closer to the asking price.  It’s always difficult to explain to some buyers that the Transylvania County market isn’t languishing and this is no longer 2008 but we let the numbers speak for themselves.

While this sounds like a lot of good news for sellers, it’s important to remember that there is still ample inventory and that the competition is still strong.   It’s just as important as ever that a home be priced for today’s market and that it be in the best repair for the price.

Land sales are still lagging behind.  March was no different.  There were only five sales last month and with the exception of one property, all sold for under $75,000.  For buyers who are looking for good deals…you are in luck!

If you would like the complete Transylvania County Market Update, sign up for our FREE monthly e-newsletter here….or contact me at Carol@ClayTeamRealEstate.com.

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