Happy Fall from the mountains of Murphy, North Carolina! The leaves are now showing off their brilliant colors and marks an excellent time for folks to come to the mountains, both for leisure and to buy real estate! If you’re not already here and want to enjoy the Fall colors, I recommend you arrive to the mountains soon as the colors look like they will change quite quickly. This would be a great weekend to come! The picture below is one I took Tuesday for you to enjoy 🙂 It’s a panorama, so may want to make your screen as large as possible.
SOLD REAL ESTATE UPDATE
So far, this year’s real estate sales have been wonderful and sporadic. We have seen some of the best months we have seen in many years and while some fell to 2011 records. Despite mixed results, this year has continued to show incredible stability in one of the most important parts to sellers – pricing. We have not noticed any major indicators pointing toward lower prices for about a year and a half. On the flip side, we have not noticed any rising prices as of yet either. This is a strong positive considering the rapidly declining prices we have seen in years past. It takes stability first to have rising prices!
RE/MAX Has 44% Market Share in Cherokee County
Here are some useful facts about our current HOUSING market:
- Both August and September yielded higher monthly volume than the past 5 years
- Total house sales volume is down 10.3% (2013 sold 321 to end of Q3 and 2013 sold 288)
- The Absorption Rate of Homes is steadily improving. We’re at a 12.9 month supply of homes – an incredible improvement! In 2008, we had reached an astonishing 54 month supply of homes! The lower this number is, the better for sellers.
- There are 620 homes currently for sale in Cherokee County.
- List to Sell Ratio continues to hold steady at 93%. That means sellers take an average of 93% of their asking price. The lowest we saw was 84%. The higher this number is, the better for sellers.
- An average of 45 homes sold each month in the third quarter! That’s incredibly strong – especially if you look at the attached Monthly Volume, you’ll see what I mean!
- Days on Market – aka. time for a home to sell – is continuing to improve! Last month it took an average of 188 days to sell a home. 209 days is the annual average which is one full month faster than past!
Here are some useful facts about our current LAND market:
- Land sales volumes continue to hold steady – low teens is the average monthly volume consistently and has been for several years now.
- Large tract acreage prices tends to average $2,000-3,000
- List to Sell Ratio has averaged 81-85% for this year
- There is a 73 month supply of land available for sale
- There are 977 Parcels of land for sale in Cherokee County
The next 45 days on the market are crucial. We’re able to capitalize on some of the busiest time of the year. Make sure you’re prepared for it and making the most of the activity we’re going to have moving forward.
Looking to the future, we can expect sales are going to continue to be great. We’ll see seasonality kick in and sales drop off once we get to about 2 weeks before Christmas. Once that hits, we’ll have a lull of approximately 30 days. We’ll then see buyers begin to come back into the marketplace yielding a great February and March. It’s contrary to many folk’s popular belief, but it is the case. In today’s world of communication, buyers are still able to search and find the property they’ve been dreaming of no matter the weather or time of year. If you’re thinking, “nothing’s going to happen in the winter,” you can be very wrong.
And if you’re a subscriber, you’ll also be able to get our market statistics included! Join on the link above to see Cherokee County’s Market Absorption Report, Average Market Price, Monthly, Volume, and more!
We thank you for the opportunity to serve you and work for you. Any time you need us, we’re no more than a phone call away. Give us a call and let us know what we can do to help! We’re here for you.