NC High Country Real Estate: Third Monday - High County Market Update

Good Evening,

The year continues to show signs of increased sales, but a recent conversation with a long time local brought to light the reality of the current sales flux. Our market continues to show signs of great strides forward, but looking through the 200 properties Under Contract, it seems very consistent that many of the properties Under Contract are properties that are Short Sales or Foreclosures. This may be due to the media coverage of these "distressed properties" over the last few years, but we are seeing buyers becoming more aware of a distressed home (which is usually not maintained well) and a normal home for sale, where the owner takes pride in their home. Here is a quick snap-shot of the market in a Press Release from our MLS data:

High Country Housing Improves So Far in 2012, Written by Steve Frank

Monday, 16 July 2012

Halfway through 2012 there is continued evidence the High Country real estate market is recovering. Listings sold are up 31 percent compared to this time last year, and more than 42 percent compared to the first six months of 2010. The average time for homes to be on the market is declining. Inventory is staying strong. And the dollar value of sold properties continues to slowly increase. The boom is due in great part to buyers' market conditions, as recorded by the High Country Multiple Listing Service (MLS) which tracks Realtor-assisted sales in Ashe, Avery and Watauga counties. The median price of a listing sold this year was $199,900, which is below the median price sold in 2008, at $230,500. With more buyers exploring the market, prices should begin to rise.

"Parades and festivals attract many visitors to the High Country during this time of year as people escape the heat and head for the mountains" said Laurie Phillips, executive officer of High Country Association of Realtors. "It's also a busy time for our local Realtors taking calls and showing properties to those visitors who want a place of their own in the mountains."

In the first six months of 2012, there were 543 Realtor-assisted sales in the High Country worth $135.3 million. Both figures are four-year highs and significantly higher than 2010, when only 381 listings worth just $93.98 million were sold, yet well short of 2008 levels.

"After a high in 2006 and a low in 2010, the real estate market in the High Country is recovering nicely," said Laurie Phillips. "Come visit Boone, Blowing Rock or West Jefferson and see what the High Country is all about!"

The average time on the market for a listing was 248 days, the lowest such mark since 2006. Meanwhile, 2,079 new listings have been added to the MLS this year.

Here's a breakdown of sales figures for the first half of the year, since 2008. (Note, Ashe County joined the High Country MLS in 2011. Data prior to that year includes just Avery and Watauga counties.)

· 2012 - 543 listings sold worth $135.3 million; median price $199,900

· 2011 - 414 listings sold worth $107.3 million; median price $212,875

· 2010 - 381 listings sold worth $93.98 million; median price $195,000

· 2009 - 394 listings sold worth $106.3 million; median price $200,000

· 2008 - 614 listings sold worth $186.5 million; median price $230,500

The trend month-to-month is up. There were 114 listings sold in June, matching the year-high set in March. Sales were worth $26.2 million, second highest for 2012.

The median price of a listing sold last month was $181,000, the lowest such monthly figure recorded since February 2011. (Note from Marc: This is all properties, not a specific area or type of property)