Wow! It’s hard to believe that it’s October already! There are so many things going on in the world of real estate right now – which is great! It seems like it’s been forever since the last Bi-Weekly update. Since we began this column in Murphy’s newspaper – The Cherokee Scout – it threw a curve ball in the “release” of our update. We’re working on getting that in sync now, so please pardon the delay.
October brings several wonderful things! Be sure to remember The RE/MAX Client Appreciation Picnic is next Saturday from 4-8! BE SURE TO COME!!! If you think you can make it and haven’t confirmed already, please let us know – we’d love to have you!
Fall appears as its going to be early this year, so be sure to enjoy while its here!
On to real estate! September was a tremendous month. It proved to be the best September in the past 3 years. An astounding 63 properties sold in a one month period – and by anyones calculations – two per day is phenomenal! Also not reflected in these sold properties, United Community Bank (UCB) did an online auction that yielded quite a few sold properties – lots sold from a mere $2,000 to $8,000 in several instances.
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| SOLD Home Statistics in Murphy NC for September (40 listings) |
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| Low | High | Average | Median | Total | |
| List Price | $40,000 | $299,900 | $172,424 | $165,000 | $6,896,950 |
| Selling Price | $40,000 | $300,000 | $152,836 | $143,500 | $6,113,432 |
| List/Sold(%) | 59.93% | 100.09% | 88.44% | 89.78% | — |
| Price/SqFt ($) | $0.00 | $146.34 | $43.22 | $0.00 | — |
| Days on Market | 16 | 701 | 233 | 175 | — |
| SOLD Land in Murphy NC Statistics (23 listings) |
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| Low | High | Average | Median | Total | |
| List Price | $12,500 | $215,000 | $60,691 | $39,900 | $1,395,900 |
| Selling Price | $10,000 | $185,000 | $51,447 | $29,100 | $1,183,270 |
| List/Sold(%) | 37.93% | 209.80% | 83.63% | 81.08% | — |
| Days on Market | 113 | 648 | 301 | 190 | — |
Note the interesting phenomena on the lowest SOLD percentage of list price – Land reached as low as 38% of list and homes as low as 60% indicating some steep discounts (or high overpricing) on homes sold. There’s a direct relation between over pricing a home in today’s market and an extreme high time on market. In fact, the high time on market was an astonishing 701 days! If you don’t want to have an extended time on market like this, ensuring your home is priced competitively in the market is of the utmost importance. If you want a review of your property to see if any adjustments are necessary, give us a call or email and we’ll do the work for you.
We have seen a lot of offers thrown out there – in fact The Poltrock Team alone closed 13 transaction sides in September. We’re still seeing some of the Offers to Purchase come in extremely low and did not fly – we had offers as low as 33% of listing price. This was what I call a “Vulture” offer – folks offering ridiculous offers to see what they could get away with. Even with this happening, most of our buyers realize value even today, and that is perfectly indicative of the market. In fact the highest list to sell ratio was 100.09% of asking price – this means someone paid slightly more than asking price to ensure they bought the property.
Real estate is currently on the rise! Keep your fingers crossed and say your prayers for consumer confidence to continue to rise and for people to buy homes and land in the mountains of Murphy, NC!
As always, we thank you for the opportunity to work for you. We work hard every day and work 60+ hours per week for our clients and would love to work for you and your real estate referrals.
If you have any questions or anything we can do for you, please CONTACT US! Thank you for your business and trust. If you know of anyone looking to buy or sell real estate anywhere in the United States, please give us their name and number and we will take care of them to make certain they get the best service no matter where they are.
Written By: John Poltrock, Certified Residential Specialist – www.MyMurphy.com – The POLTROCK TEAM at REMAX Mountain Properties – Murphy’s #1 Real Estate Team – Contact us Today Toll Free 1-866-687-7496
Read previous editions of our Murphy NC Real Estate Market Update and Report.