This August, High Country Realtors® saw a slight stagnation in the four districts compared to July. The High Country MLS reports that of the 205 sales closed, the most expensive on the market was listed at $2,916,500 and the least expensive at $63,,000 with a median of $400,000 overall. As per the trend of inflation, home prices have significantly increased, greatly affecting the affordability of residential homes not only in western Carolina, but all throughout the nation. This can be seen compared to last August, as there was a 6.7% increase in median sales price; although, there was still an upward trend of 5.1% in sales. This increase can be partially explained by Sam Khater, a chief economist at Freddie Mac, “The increase in mortgage rates is coming at a particularly vulnerable time for the housing market as sellers are recalibrating their pricing due to lower purchase demand, likely resulting in continued price growth deceleration.” In terms of days on the market, there is a 0% change from 2021.
Inventory: Looking at inventory, MLS High Country Counties 472 homes were listed as active and the most could be found in Watauga County at a whopping 237 while the least could be located in Avery County at a low 85.
Alleghany County: REALTORS® Sold 20 homes with a median sales price of $281,000 totaling a combined price of $6.4 Million overall.
Ashe County: REALTORS® Sold 48 homes with a median sales price of $307,500 totaling a combined price of $16.8 million overall.
Avery County: REALTORS® Sold 39 homes with a median sales price of $315,000 totaling a combined price of $19.3 million.
Watauga County: REALTORS® Sold 98 homes with a median sales price of $202,305 totaling a combined price of $65.6 million.
Land Sales: REALTORS® recorded 103 land sales in Allegheny, Ashe, Avery, and Watauga in total for the month of August equaling $12.7 million. With the minimum being $6,000, average being $124,150, and maximum being $965,000. Of the 103 sales, the average sale price to list price ratio is 84.5%.
Commercial Sales: In August, there were a total of four commercial sales with 1 in Avery, 1 in Ashe, and 2 in Watauga; all totaling a combined $3 million overall. Of all four sales, the average of sale price to list price ratio was 93.5%
Interest Rates: Rates recorded as of September 1st, 2022 continue to move up, according to online source, Freddie Mac. “The market’s renewed perception of a more aggressive monetary policy stance has driven mortgage rates up to almost double what they were a year ago. The increase in mortgage rates is coming at a particularly vulnerable time for the housing market as sellers are recalibrating their pricing due to lower purchase demand, likely resulting in continued price growth deceleration.” Adding to this, the “30-year fixed-rate mortgage averaged 5.66 percent with an average 0.8 point as of September 1, 2022, up from last week when it averaged 5.55 percent. A year ago at this time, the 30-year FRM averaged 2.87 percent. 15-year fixed-rate mortgage averaged 4.98 percent with an average 0.8 point, up from last week when it averaged 4.85 percent. A year ago at this time, the 15-year FRM averaged 2.18 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 4.51 percent with an average 0.4 point, up from last week when it averaged 4.36 percent. A year ago at this time, the 5-year ARM averaged 2.43 percent.”
Disclaimer: Figures are based on information from High Country Multiple Listing Service. Data is for informational purposes only and may not be completely accurate due to the 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.