March 2022 High Country MLS Market Report
March 2022 MLS REPORT:
Through the first three months of 2022, local REALTORS® sold 573 homes worth $287.2 million. That’s a decrease in unit sales of 17% percent compared to the first quarter of 2021 when REALTORS® sold 696 homes worth $299 million.
The number of million-dollar homes being sold increased from the previous year’s quarter, there were 51 homes sold for $1 million or more since January this year versus 42 during the first quarter of 2021, which correlates to the increase we see in the median. The median sold price for the first quarter of 2022 was $369,700, an increase of 8 percent from last year ($340,000).
Last month REALTORS® in the High Country MLS sold 200 homes for $99.8 million. The median sold price for March was $353,900, 4 percent higher than March of 2021 ($340,000).
Sales continue to outpace new supply. The MLS recorded an average inventory of 250 for the month of March. As of April 11th, there were 245 homes listed for sale in the four-county area. Homes that sold during March were on the market for a median of only 47 days.
LAND SALES. REALTORS® have sold 368 tracts of land worth $54.4 million during the first quarter of this year, which is relatable to the activity they recorded last year when they sold 369 tracts for $34.6 million. High Country REALTORS® in our four-county region sold 121 land listings in March 2022, which totaled over $18 million. ALLEGHANY COUNTY: In March REALTORS® sold 17 land listings for $1.7 million. ASHE COUNTY Realtors® sold 34 properties totaling over $3.6 million. AVERY COUNTY: Realtors® sold 30 land listings which totaled over $5.5 million. WATAUGA COUNTY: Realtors® recorded 40 properties selling for over $7.2 million total in the month of March.
COMMERCIAL SALES. REALTORS® in Alleghany, Ashe, Avery, and Watauga have sold 10 commercial listings for $5.7 million in the first quarter of this year. 2 Commercial sales were recorded in March totaling $1.3 million, which were sold in Ashe and Watauga counties.
ALLEGHANY COUNTY. REALTORS® sold 39 homes worth $12.2 million through the first quarter of the year, a 37 percent decrease in sales volume from 2021 ($19.4 million). In March of this year 13 homes were sold for $3.94 million. The median sold price was $294,000, a 5 percent increase from last year($280,000).
ASHE COUNTY. There were 105 homes worth $36.2 million sold in the first quarter, a 17 percent decrease in unit sales compared to last year. In March REALTORS® sold 37 homes worth $13.3 million. The median sold price for the month of March, which was $310,000, recorded a 5 percent increase versus March of 2021 ($294,000).
AVERY COUNTY. REALTORS® sold 125 homes worth $70.6 million in the first quarter, up 24 percent from a year ago ($57 million). In March there were 44 homes sold for $29 million. The median sold price was $285,000.
WATAUGA COUNTY. There were 235 homes worth $141 million sold in the first quarter, a unit sales decrease of 24 percent compared to last year. In March there were 76 homes sold for $41.8 million. The median sold price was $490,500, a 24 percent increase.
INTEREST RATES. The average 30-year fixed rate is on the rise, hitting 3.18 percent as of April 7. The information posted online per Freddie Mac indicates “Mortgage rates have increased 1.5 percentage points over the last three months alone, the fastest three-month rise since May of 1994. The increase in mortgage rates has softened purchase activity such that the monthly payment for those looking to buy a home has risen by at least 20 percent from a year ago.”
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.
Report graphics generated from Domus Analytics pulled from the HCAR RETS feed. HCAR Realtor® members can access these detailed and customizable reports and graphics for professional use by logging into the HCAR dashboard - Info Hub and clicking on the Resources tab, then the HCAR stats link. A public graphic is available on our website homepage at highcountryrealtors.org.