Home sales for the year peak in October
November 11, 2019, 7:21am
The busy summer selling season has yet to end for local Realtors, with sales in October at a 14-month high.
It was the third consecutive month of near-record sales for members of the High Country Association of Realtors, which represents real estate professionals in Alleghany, Ashe, Avery and Watauga counties. They sold more homes in August, September and October than all but one other month since 2005.
The median sold price in each of those three months - the price point at which half of all homes sold above or below - was above $240,000. That’s according to the High Country Multiple Listing Service (MLS).
Going back to May, local Realtors have sold more than 200 homes each month, peaking in October when they sold 290 residential and multi-family homes worth $86.12 million. Dating back to 2005, only in August 2018 have Realtors sold as many homes in a month (295).
The October activity followed 277 and 285 homes sold in August and September, respectively.
The median sold price for October was $244,450.
The year-long trend of seven-figure home sales continued, with nine homes selling for more than $1 million. It brought to 69 the number of million dollar homes sold this year. There were 39 all of last year.
Overall, with two months remaining in the calendar year, local Realtors have sold 2,163 homes worth $573 million. The median sold price was $239,000, an increase of 5 percent compared to last year.
As of November 7, there were 1,500 residential listings active on the High Country MLS. That is down from 1,650 a month prior. There were approximately 1,800 active listings a year ago at this time.
LAND SALES. Land sales followed the trend of home sales, with 75 tracts selling for $5.8 million in the four-county area. That was the second most sales in a month since 2005. Only the month prior, September 2019, had more sales, when 80 sold for $9.2 million.
Most of the land sales last month originated within Watauga County, with 34 tracts sold for $2.5 million. There were 15 worth $639,000 sold in Ashe County and 11 worth $1.16 million sold in Avery County. There were three land sales in Alleghany for $62,428.
There were four commercial transactions in the area for October. The total value was $1.3 million.
ALLEGHANY COUNTY. Realtors sold 18 homes worth $3.36 million in October. The median sold price was $172,500.
Realtors have sold 146 homes worth $29.9 million since January, an increase of 28 percent compared to last year (114).
ASHE COUNTY. Sales hit a two-year high in Ashe County, with 47 homes sold for $10.86 million during the month. The median sold price was $218,000. That was the most homes sold in the county by Realtors since July 2017 (48).
Realtors have sold 337 homes so far this year, an increase of 8 percent from last year.
AVERY COUNTY. Realtors sold the most homes in October than they have in any month since at least 2005. There were 78 listings sold for $21.32 million. The median sold price was 185,000.
Realtor sales for the year in the county are up 19 percent, from 377 to 449. Of those, 28 were for more than a $1 million.
The median sold price for the year is $182,000.
WATAUGA COUNTY. There were 132 homes worth $47.99 million sold in October. That was one fewer than the 133 homes sold in August, which was a 14-year high for the county. The median sold price was $316,131.
Sales are up 5 percent compared to last year, from 984 to 1,035. Of the homes sold, 33 were for more than $1 million.
INTEREST RATES. The average 30-year fixed mortgage rate increased week to week throughout October, but dropped in early November.
According to loan giant Freddie Mac, the average 30-year fixed rate was 3.57 percent as of October. It increased for four consecutive weeks before falling to 3.69 percent as of November 7.
The average 5-year fixed rate was 3.13 percent. A year ago the 30-year and 15-year fixed rates were 4.94 percent and 4.33 percent, respectively.