This month’s real estate update should be rather enlightening, especially since we are applying new approach to tracking the market. We hope that in addition to traditional statistics, this method will help us identify trends and find “holes” in the markets. To top it off, we’ve been working to have our Bi-Weekly Update published in the Cherokee Scout, Murphy’s leading newspaper. We hope to have this edition published in next week’s paper, so keep an eye out for it!

             The real estate market here in Murphy NC has been showing some strong underlying fundamentals while some elements many people consider “important” have declined. Here’s what that means: most people look to prices and volume of real estate to determine how strong a market is. While both are very important elements, others are equally important and never discussed. When the market began to shift, one of the key indicators it was happening were the Days on Market. Days on market for homes has evidently peaked out spiking as high as 309 days this year alone. Those have been trending downward significantly and have entered the 100 day range several times this year – in fact, this past month’s average has been a mere 177 days to sell a home.

            Volume has been holding steady with first quarter average sales being 17 sales per month and second quarter bringing 21 per month. During this third quarter, we’re currently at 19 sales per month, so the market is continuing to hold ground on volume. This is a great sign! It indicates we’re leveling off and buyers are continuing to hold faith – and they should!

            Price is often one of the most important issues people deal with in the real estate market. Although very important to buyers and sellers alike, it is not a key issue statistically as supply and demand reign supreme and ultimately determines the price of a home. It is of the utmost importance for your property when selling it to pay attention to the laws of supply and demand. It determines the amount of showing activity which in turn can determine contract activity. Generally, you should be averaging between 8-12 showings in a 45-60 day period, and if you’re not, the market is likely indicating your property is overpriced. If you feel your property might be experiencing this issue, please let us know and we will tackle this issue head on to find out what the concern is and correct it. 

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We continue to work harder than ever to get your property the proper exposure and get it sold. We’ve found more success and sales even in this market because we strive to expose your property to the world so buyers can find it and to make you the most appealing and competitive property in the market. We are thankful for the opportunity to serve you and are there to help you in any way we can! Please email or call us if you have any questions or if we can do something to help you.

 With that said, we wish you a wonderful weekend. If we can help you or someone you know with their real estate needs, it will be a privilege for us to serve them. We’d love to take great care of them and thank you for all your referrals.