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.
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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.
Home for sale near Cashiers, NC
In western North Carolina, the typical “buying season” starts sometime around March, peaks in the summer and fall, and begins winding down after Thanksgiving. If you have been considering buying real estate in this area, you may find the winter months a better time of year to be looking. This is especially true if you are looking for land. During the fall and winter months, it’s cooler and the leaves are down making it much easier to see the surroundings and the lay of the land. Plus, with few buyers on the scene, it may make it easier to bargain with sellers.
But whether you are looking for a year-round home, a vacation home, or land where you can build your own dream house, it’s important to stay up to date on the market conditions. It’s true what “they” say about real estate – it’s regional. What is happening in Michigan or California is not necessarily true in other parts of the country. Here in the area around Brevard, North Carolina, the average home is under $300,000 and homes still sell for somewhere around 90-92% of the listing price. Land sales have fallen significantly over the last few years and the average price has dropped accordingly.
Each month we provide a market update and here’s where things stood in November. In November, there were 21 residential closings in Transylvania County compared to 27 closings in October. The average listing price for the month was $594,283 and the average selling price was $539,929, or roughly 91% of asking. Overall, those numbers are significantly higher than October because of the number of homes in the $500+ range that closed this month. There were six properties closed at over $500K and of those, 4 were well over $1M.
For more information about homes and land for sale in Brevard, North Carolina and the surrounding communities of Lake Toxaway, Hendersonville, Pisgah Forest, and others, visit the Clay Team online or call us at 828-551-6291 or 828-551-6290.