Cherokee County and Murphy NC Real Estate Market Report – State of the Market Address

Posted by I Love Murphy on

It’s been a while since the last market report, and its time for a new one! The market has remained incredibly stable with little to no changes in numbers. We’ll have a quick uptick followed by a leveling back to previous transaction amounts. There are some outstanding values in homes on the market right now, and watching them on the market has been quite interesting.

As far as straight numbers for the Cherokee County marketplace across the Mountain Lakes Board of Realtors, here they are:

Residential

  • 15 Homes have sold in the last month – that’s one every other day!
  • There are an astounding 908 opportunities to buy a home on the market currently
  • $165,247 is the average sales price over the past month
  • 94.5% is the average list to sell ratio (think: on average, if you have a $100,000 house, it would sell for $94,500.)
  • $300,000 is the highest sales price in the past month
  • 212 Days on market – the current average time to sell your home in Murphy, NC

Land

  • 10 Parcels of land have sold int he past month
  • 2,669 total opportunities to buy land on the market currently 
  • $42,700 is the average selling price of land
  • 85.47% is the average list to sell ratio
  • 413 days is the average time on the market for land

Land has been a particularly interesting case because there are usually 50% more transactions than homes, yet now, it’s that much lower. Quite the switch! Based on the research I’ve done, it largely seems due to the great home values on the market. Many people are skipping the building process and going straight for buying a home because they can buy now for less money than they can build.

Are you considering selling your home and want to find what all this means to you? Find the value of your home in Murphy, NC by completing this form and we will evaluate your home for free!

Want to find all the great home values we’re talking about? Let us find your dream home in Murphy, NC for you! You’re also welcome to email me.

John Poltrock, your Murphy NC Certified Residential Specialist

Call Toll-Free 1-866-687-7496 and demand The POLTROCK TEAM!!  www.MyMurphy.com – Homes and Land for Sale in the Mountains of Murphy, NC – RE/MAX Mountain Properties

You can read our Previous "State of the Market Addresses" Murphy NC Real Estate Market Reports by clicking the link.

State of the Market Address – Cherokee County Market Report

Posted by I Love Murphy on

So far this year, we have been in the seasonal slow-down that affects our market mostly in January, February, March, and the beginning of April. With that said, sales traditionally drop to half or less of what the normal season is.

This year is no different than any other. The sales in all of Cherokee County (including Murphy, Andrews, Ranger, Hiwassee Dam, Hanging Dog, Marble, and other communities in Cherokee) have taken a toll, but have seen a 31% increase since the beginning of January – not bad when it’s 31 degrees outside today! 

Here are some market numbers that you would want to know. If you have any questions as to the meaning of these numbers, please feel free to ask.

  • These numbers are over the past month
    • 21 Homes have closed
    • $60,000 – Lowest residential sale
    • $155,000 – Average residential sale
    • 245,000 – Highest residential sale
    • 90.15% – Average list to sell ratio
    • 203 – Average days on the market
  • These number are averaged out over the past 4 months to show a "trailing" average
    • 26.5 Homes have closed
    • $187,020 – Average Residential Sale
    • 93.28% – Average list to sell ratio
    • 219 – Average days on market
  • These numbers are for land over the past month – this includes everything from lots to large acreage
    • 21 Land tracts have closed
    • $74,805 – Average land sale
    • 79.9% Average list to sale ratio
    • 213 – Average days on market

These numbers will become more and more useful – especially when they are reviewed from a quarterly and greater basis.

How does this relate to you, your property, and your plans? Ask! Tell us your situation and we will be happy to translate these raw numbers to what they will mean in your particular situation. Then when you’re ready, list with the best and you’ll sell before the rest!

John and Jessica Poltrock – The POLTROCK TEAM at RE/MAX of Murphy NC – Real Estate in the mountains of Murphy, NC – www.MyMurphy.com – JohnPoltrock@gmail.com – Call (877) 837-3002 and demand the POLTROCK TEAM!

The State of the Market Address – May 2007

Posted by I Love Murphy on

The President is required to give a State of the Union Address, and it’s interesting to think that even something as local as a real estate market deserves such an "address."

Murphy, North Carolina has long been a second home market and will continue to be so. With amazing natural beauty, more than 93,000 acres of US Forest Service, mountain views, and much more, it’s allure runs nationwide. There’s property owners from here all the way to California.

Cherokee County saw 140 transactions in May, all of which came with some monetary consideration. This figure does not include inheritances, give-a-ways, or any of the such. Of that 140, 47 were houses and 94 were land. That’s a great figure averaging out to 1.51 houses and 3 land sales per day. 32 of the homes and 28 pieces of land were handled through the Mountain Lakes Board of Realtors.

Great! Now what does all that mean? Just like the Dow Jones, our transactions vary from month to month. We see a positive uptrend of 9.4% from the month of April.

As the first installment of the "State of the Market," we hope to continue this service and give you valueable data of our market. As financial planning majors, trends mean a lot to us and we’d like to bring them straight to you!