State of the Market Address for Cherokee County and Murphy North Carolina

The real estate market is still one of the most talked about things in our country today. Every time you hear the sky is falling, but many of the nay sayers and media moguls don’t mention hard numbers to tell you what the market is doing. That’s what we’re here for! We want you to be an informed consumer, whether you’re buying or selling.

Here’s some hard numbers. The below chart represents four month trailing data for the Cherokee County Housing Market. It does not represent land. Trailing data is great because it averages out the most recent transactions to give you the most stable data. If you’re not sure what some of the abbreviations are below, see the key at the bottom of this article.

Current Market Data Powered by the Poltrock Team at REMAX of Murphy North Carolina

Price Range Transactions/mo. DOM Short DOM Average DOM Long L/S Ratio
Market 31.5 19 195 958 94.44%
150-200k 9.5 19 175 406 95.15%
200-250k 3.5 33 230 700 97.22%
250-300k 4.25 46 197 448 92.07%
300-350k 2 57 199 364 94.1%
350-400k .75 53 138 191 93.75%
400+ 1.75 33 114 186 92.49%

Now here’s something quite interesting. Here’s the data for the past month only:

Transactions/mo. DOM Short DOM Average DOM Long L/S Ratio
Market 43 37 232 958 93.17%

The variance in the 4 month trailing versus the 1 month numbers indicate we’re seeing more property move for the last month. That’s obvious. What is interesting is the DOM is much higher indicating we’re going to see that continue to get longer. Also, the List to sell ratio is over a full point lower. That generally shows me that more buyers are “fishing” for good deals (why transactions are up) and in some cases are getting it (which is why the L/S ratio is lower).

Either way, numbers are power! Want to know how this applies to your property or one that you are considering buying? Call us or email and we would be happy to provide you a free consultation to translate all this information to your situation. Happy buying and selling!

John Michael Poltrock – REMAX Mountain Properties – Real Estate in Murphy North Carolina, NC – – (877) 837-3002 – Copyright 2007