Buyers Need More Sellers…
Realtors® in the High Country are certainly working hard for both buyers and sellers in the area, however the low levels of housing inventory compared to the high number of interested Buyers, is proving to be a tricky juggling act that Realtors® are contending with currently.
INVENTORY: The High Country MLS recorded 504 residential properties and 2,297 land listings at the first of September. October began with a few more homes on the market, showing 517 listed as of October 7th. MLS records for this year show the housing supply levels fluctuating from a low of 350, recorded in April, to a high of 576 recorded in August, although most months we see around 500 properties available. Last September we did see more homes in the MLS, with 730 homes listed. High Country MLS President, Shy Fecteau, states that “while inventory levels may be lower compared to this time last year, the good news for buyers is that there are plenty of new listings coming on the market every week. And the good news for sellers, or those considering listing their property, is that there are multitudes of buyers still looking for mountain homes & land”.
RESIDENTIAL: The High County MLS recorded 301 residential properties sold this September. This is a decrease compared to the 440 sold homes that were recorded in September 2020. Residential sales totaled $136,817,000 this September, which is a reduction compared to $175,013,080 last September. The median price of homes sold was recorded at $360,000, which is an increase compared to the $319,000 median last September.
ALLEGHANY COUNTY: September 2021 - Alleghany County Realtors® sold 24 homes for over $5.8 million. The median sold price for those properties was $172,900. Sold properties recorded September 2021 reduced from the 35 homes sold last September for over $8 million. The median sold price also decreased from the $195,000 recorded last September.
ASHE COUNTY: September 2021 - Ashe County Realtors® sold 58 residential properties totaling over $18.6 million. The median sold price was $320,500. Recorded homes sales declined compared to last September, which saw 62 homes sold. However, the total sold value, which was $17.7 million, and the median price, which was $272,000, both increased this September.
AVERY COUNTY: September 2021 - Avery County Realtors® sold 78 homes which totaled over $40 million. The median sales price for those properties was $338,100. Last September, Avery County Realtors® recorded more sales, 117 homes, which sold for a total of over $48 million, with the median sold price recorded at $305,608.
WATAUGA COUNTY: Watauga County Realtors® recorded 116 residential properties selling for over $63.6 million. The median sold price was $429,500, an increase from the median $376,250 recorded last September. September 2020 saw 188 homes sell for a little over $86 million, which surpasses this year’s numbers.
THIRD QUARTER COMPARISSON: As for our MLS’s third quarter for 2021, the sales records show 879 homes have sold from July 1st to September 30th. The sold price median is $355,000 and the sales value total is over $397 million. The third quarter of 2020 recorded 305 more homes sold than this year’s, which was a total of 1134 residential properties. The sales value total was also higher in 2020, which recorded $440 million from the residential properties sold. However, the sold price median was lower in 2020, coming in at $305,000.
LAND: High Country Realtors® sold 132 land listings in September 2021, which totaled over $17.7 million, an increase from the $13 million recorded last September. ALLEGHANY COUNTY: Realtors® sold 9 land listings for $780,000. ASHE COUNTY Realtors® sold 35 properties totaling over $2.9 million. AVERY COUNTY: Realtors® sold 21 land listings which totaled over $4.7 million. WATAUGA COUNTY: Realtors® recorded 52 properties selling for over $7.6 million.
COMMERCIAL: High Country Realtors® sold a total of 7 commercial properties, totaling over $3.8 million in September 2021. ALLEGHANY COUNTY: Realtors® sold 1 property for $200,000. ASHE COUNTY: Realtors® sold 1 commercial property totaling $235,000. AVERY COUNTY: Realtors® sold 1 property which totaled $729,000. WATAUGA COUNTY: Realtors® sold 4 commercial properties totaling $2.7 million.
INTEREST RATES: Mortgage rates are holding steady around three percent. Freddie Mac now predicts mortgage rates, along with home prices, to rise into the remainder of the year. The mortgage enterprise reports 30-year Fixed Rate mortgages have increased slightly to 2.99 percent as of October 7, 2021.
Disclaimer: Figures based on information from High Country Multiple Listing Service. Data is for informational purposes only and may not be completely accurate due to MLS reporting processes. This data reflects a specific point in time and cannot be used in perpetuity due to the fluctuating nature of markets.