Market Reports

July 2016 Market Report

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3400 East Fork Road – Home, guest apartment, and 21 acres. Click here for details.

 

We saw a significant jump in residential home sales in Transylvania County during the month of July.  A total of 63 single family homes/condos sold this month compared to 55 this same time last year.

The “sweet spot” of our market continues to be the $150,000-$250,000 price range. Last month, 24 of the total sales were found in that range, followed by 13 sales under $150,000 and 12 over $250,000.  The market continues to be on track for record breaking numbers. So far, we are already roughly 10% ahead of the sales in the prior year.

Land sales were up by only one sale, but year-to-date, sales are still lagging behind last year.

For more information about the real estate market in our area, give us a call at 828-551-6290 or 828-551-6291.

April Real Estate News

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The news this month is all about the Brevard/Pisgah Forest market and the current “buying” season. One of the indicators that we consider when we talk about how the market is doing is how long it takes for homes to sell. You’ll see that number indicated in listings as CDOM (cumulative days on market). The contrast between this year and last year is startling.  In the Brevard/Pisgah Forest area last April, the average days on market was 386.  April this year, that number dropped dramatically to 170.  We are seeing the most activity in that ever-popular price range $150,000 to $250,000 price range. It’s back to being a seller’s market in that price point with multiple offers and very few days on market.  There were 36 residential properties sold in Transylvania County last month and 25 of them were under $250,000.

In April 2015 homes were selling for 95.2% of the list price. This year, that number is down slightly to 93.5%.

Land sales held stable from the previous month but are still lagging behind over last year.

If you are considering buying or selling a home in the Brevard, North Carolina area, give us a call at 828-551-6291 or 828-551-6290.

February Market Update

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The year is off to a stable start with residential sales.  February sales were only one more than last year, but land sales actually exceeded this time last year.  In February, 10 homes sold in the under $150,000 range,  7 were sold in the $150,000-$250,000 range, and 9 sold in $250,000-$350,000.  The average days on market is still hovering around 255 days and properties are still selling for roughly 97.5% of the list price.

For a free monthly e-newsletter with more details about the market here in western North Carolina, drop us an email at carol@clayteamrealestate.com.

 

 

December 2105 Market Update

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Welcome to the new year! What are your plans for the next 12 months? If they include buying or selling a home or a parcel of land, we would welcome the opportunity to help. We are actively seeking new sellers to meet the ever-growing buyer demand so if you, or someone you know, has a home they’d like to sell, please pass our name along or let us know and we’ll follow up.

The year 2015 ended on a high note for us, for our firm, and for the market. The market did well in 2015 with residential sales up 15% over 2014.  Land sales are still slow, but that means there are a lot of good deals out there. In fact, if you are thinking about investing in some land, this is the time of year to do it…when the leaves are down and you can see the surrounding area better.

Looking Glass Realty finished the year in the number 2 position for total sales in our Brevard market. Only one other firm sold more than than we did, but our small, seasoned group of brokers had more sales per agent than any of the other firm.  As brokers, the Clay Team took the 6th position out of 109 agents in the Brevard area.
We are excited about 2016 and look forward to helping more sellers get their homes sold….and to helping more buyers find their new home in the mountains.

March Market Update

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SI Exif
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.

February Market Report

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SI ExifBy 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.

If you would like more information about the Transylvania County market, sign up for our monthly e-newsletter. For more information about the neighboring markets of Henderson and Buncombe, just give us a call.

October Market Update

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Everyone has their favorite season. For us, that season is fall.  Usually towards the end of August I start thinking about the fall colors, the cooler temperatures, and the corduroy pants that are waiting to come out of storage.  By September, I’m mentally willing fall to get here and relieve us of the last signs of summer. I’m happy to say that fall is officially here.  There have been mornings when a sweater was called for and some nights where an extra blanket was needed. Pumpkins, mums, and corn husks are everywhere and just the other day I caught a whiff of the first wood smoke of the season coming from a neighbor’s fireplace. The big show, the changing leaves that people come to see, has started and for the next month or so, the colors throughout western North Carolina will be at their best.  Reports vary, but the middle of October is expected to be the peak. It’s been our experience, though, that weather permitting, we will enjoy the colors through Thanksgiving.

In terms of real estate, the year is winding down, but it’s far from over.  In fact, for anyone who is thinking about buying land, fall is the ideal time of year to look. As the leaves are falling, it makes it easier to see the topography of the land and what’s around it. Plus, the cooler temperatures makes hiking around more fun than during the warmer months.  The land market is coming back slowly but it hasn’t seen the recovery that home sales has. That means land prices will continue to be accessible for just about any budget.

Here is a look at home and land sales for the month of September in Transylvania County. You’ll notice that home sales have had a nice increase, even in the higher brackets. Research is showing that home sales will continue to do well. In fact, just this week, I found myself in a “bidding war” on a home that was priced higher than the comps and had only been on the market 22 days.

If you have any questions about this report feel free to give us a call at 828-551-6290 or drop by our website at BrevardNCProperty.com for a closer look at specific properties.

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How is the Transylvania Residential market doing? 
Total Residential Properties Sold in September 2014 –  48 Total Residential Properties Sold in September 2013  – 37
Total sales year to date 2014 – 361
Total sales year to date 2013 – 317
Prices
 Sept. 2014 Sept. 2013 # Currently on the market
$0 – $150,000
 17 11 118
$150,001 -$250,000
 11 10 200
$250,001 – $350,000
 5 6 154
$350,001 – $450,000
 6 5 88
$450,001 – $600,000
 7 3 83
$600,001 – $1M
 1 1 90
$1M +
 1 1 67
 
How is the Transylvania Land market doing? 
Total Residential Properties Sold in September 2014 –  10 Total Residential Properties Sold in September 2013  – 13
Total sales year to date 2014 – 80
Total sales year to date 2013 – 71
Prices
 Sept. 2014 Sept. 2013 # Currently on the market
$0 – $25,000
 2 5 164
$25,001 -$50,000
 2 3 180
$50,001 – $75,000
 0 1 116
$75,001 – $100,000
 1 1 108
$100,001 – $250,000
 3 1 195
$250,001 – $500,000 1 2 84
$500,001 – $1M
 1 0 25
$1M +
 0 0 21

September Market Update

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Homes and land sales continue to be higher than the same time last year, especially homes. In 2013 280 properties sold compared to 313 this year and we attribute that to two things – great mortgage rates and price adjustments. In 2013, a look at homes listed year to date show a median price of $314,500. During the same time this year, the median price range had dropped to $279,000. (Note: any average or median price range can vary significantly due to very high end properties in our market) The greatest number of homes sales continue to fall where they have the last several years and that is under the $350,000 price range. Land sales are also slightly ahead of last year and prices continue to adjust. As we go into the fall months, if you are considering buying land, this is a good time of year to do it. The temperatures will be cooler and as the leaves start falling, it’s much easier to see the land and surrounding properties.

For a complete breakdown of the market and a more detailed looked at the various price ranges, sign up to receive our FREE e-newsletter. It’s chock full of information about the Brevard NC area as well as the most up to date information about our market. Sign up today!

 

 

 

July Market Update

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The headwaters of the East Fork River

Whether it is the mild summer we’re having or the price adjustments we’re seeing from sellers, the market here in the Brevard, NC area saw a nice rebound in home sales in July with across the board sales increases in all price categories. In July of 2014, 50 homes were sold in Transylvania County compared to 33 the same time last year. The bulk of the homes continue to sell in the $150,000 – $250,000 price range but we also saw an uptick in the number of homes sold in the $600,00+ range.

Land sales are up slightly over last year. The majority of the properties sold were in the range of $25,000-$50,000. If you are considering buying land in western North Carolina, your time is coming. We advise buyers to wait until the fall and early winter months to look at land for several reasons. It’s cooler which makes it more fun, but more importantly, once the leaves are down, it’s easier to see the terrain and the surroundings.

Aside from being one of the busiest real estate seasons we’ve had in a while, this summer has been all about the weather. After living in Florida for over 30 years, we clearly remember those hot humid days when it never seemed to get below 85 degrees even at 11 at night. In August, I rarely left the house unless I had to and the thought of living without air conditioning was out of the question. The sweltering heat and humidity of Florida is just one of the many reasons we relocated to the mountains of western North Carolina. By comparison, during the last week of July here in the mountains the average temperature during the day was in the high 70’s and the nights were in the 50’s. We haven’t had our air conditioning on for a month now. Friends who live in higher elevations even fired up their fireplaces on a few rainy days.

If you’d like to receive our monthly e- newsletter with more information about the Brevard, NC area and a more detailed market report, drop me a line at carol@clayteamrealestate.com and I’ll be glad to add you to our mailing list.

2011 Market Report – Brevard, NC Real Estate

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2011 is now just a vision in our rear view mirror but before we get too far down the road and into a new year, we wanted to give you a brief look back at the local real estate market here in the Brevard, NC area and the various ups and downs that happened during this past year.  There is so much on the news about real estate (and don’t we all wish for a speedy and full recovery!) but real estate is a regional, even local issue so here is what has happened here in our back yard.

So which way did the market go? The good news is the number of residential sales in our area was up for the second year in a row. There were 308 single family homes sold in the Brevard area during 2011, up by 20 over 2010 and up by 66 over 2009. The average list price was $281,000 which is about a 4.5% decrease compared to 2010 and the average selling price was $247,000 or roughly a 7% drop. The bulk of sales for the last two years has consistently been in the $100K-$300K price range.  We are still a long way off from the “rock and roll” days of 2006, and we may never get back to those days, but at least these are encouraging signs and hopefully indicative of good things to come.

When the housing industry began it’s decline, it took over a year for us to feel the real effect here. And when it did reach us, the adjustments needed have not been as great as they have been in other parts of our country, primarily because our market was not grossly overpriced and “bloated” like other markets.

The one area that has not shown signs of snapping back quickly is in land sales. That segment of the market is dramatically different than it was back in 2006. As such, it’s a difficult time for sellers, but a very good opportunity for buyers who are interested in buying land, even if it’s to hold onto for the future.

For a closer look at all the numbers, visit us at BrevardNCProperty.com, or give us a call at 828-551-6291.